Johns Manville Endorses Proposed SAVE Act: Bill Would Spur Energy Efficiency, Job Growth in Colorado
Posted on October 19, 2011 at 16:00 PM EDT
Johns Manville, a global manufacturer of an extensive line of energy-efficient building products, today joined U.S. Senators Michael Bennet and Johnny Isakson in Washington, D.C., to applaud the introduction of the SAVE (Sensible Accounting to Value Energy) Act, a bipartisan bill aimed at encouraging greater investment in insulation and other forms of home energy efficiency. Todd Raba, CEO of Johns Manville, spoke at the Capitol Hill event to endorse the bill.
The Bennet-Isakson SAVE Act would direct federal mortgage agencies and the Department of Housing and Urban Development (HUD) to create a new mortgage underwriting and realty appraisal process that reflects actual homeowner energy costs, thereby stimulating greater demand for energy efficient homes. The market-driven proposal is designed to promote cost-effective investments in home energy efficiency while strengthening federally insured mortgages and creating as many as 83,000 jobs nationally in the construction, manufacturing and home renovation sectors.
“On behalf of the thousands of Coloradans whose jobs depend on vibrant insulation and energy efficiency industries, JM would like to salute Senators Bennet and Isakson for their leadership on this bill,” said Raba. “Incorporating energy efficiency calculations into federal mortgage underwriting is a smart and budget-neutral way of creating real jobs and stimulating widespread economic activity.”
The average homeowner spends more than $2,000 each year on energy costs — more than on either real estate taxes or home insurance, both of which are regularly considered during mortgage underwriting. The SAVE Act would give loan agencies a more complete picture of the costs of home ownership and borrower’s capacity to service debt.
The SAVE Act is supported by a broad-based coalition including the U.S. Chamber of Commerce, the Council of the North American Insulation Manufacturers Association (CNAIMA), the Alliance to Save Energy, the U.S. Appraisal Institute, homebuilders, environmental groups, green building advocates, and other champions of energy efficiency.
“Energy efficiency truly is a ‘win-win-win.’ Homebuyers are able to lower their monthly utility bills, the economy benefits from job creation, and the country as a whole saves energy,” said Raba. “Considering that 45 million U.S. homes are under-insulated, there’s a significant opportunity to make American homes more energy efficient and America more energy secure.”
Johns Manville operates two Colorado facilities that employ more than 600 people, many of which are devoted to insulation product design, research and development, and building science. Additionally, the company operates two manufacturing facilities in Georgia that employ over 300 people. The company is recognized for its complete line of certified Formaldehyde-free™ fiber glass building insulation and cool roof membranes, in addition to other energy efficient building products.
About Johns Manville
Johns Manville, a Berkshire Hathaway company (NYSE: BRK.A, BRK.B), is a leading manufacturer and marketer of premium-quality products for building insulation, mechanical insulation, commercial roofing, and roof insulation, as well as fibers and nonwovens for commercial, industrial and residential applications. JM serves markets that include aerospace, automotive and transportation, air handling, appliance, HVAC, pipe and equipment, filtration, waterproofing, building, flooring, interiors and wind energy. In business since 1858, the Denver-based company has annual sales of approximately $2 billion and holds leadership positions in all of the key markets that it serves. JM employs approximately 6,500 people and operates 41 manufacturing facilities in North America, Europe and China. Additional information can be found at www.jm.com.
Melody Dunbar, 303-978-2350
Tim Streeb, 303-951-2560
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