[Congressional Record Volume 155, Number 59 (Wednesday, April 22, 2009)]
[Senate]
[Page S4576]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. COLLINS (for herself and Ms. Klobuchar):
  S. 855. A bill to establish an Energy Assistance Fund to guarantee 
low-interest loans for the purchase and installation of qualifying 
energy efficient property, idling reduction and advanced insulation for 
heavy trucks, and alternative refueling stations, and for other 
purposes; to the Committee on Energy and Natural Resources.
  Ms. COLLINS. Mr. President, today I introduce the Energy Assistance 
Fund Act of 2009, legislation which will assist people who want to 
invest in energy conservation and alternative energy technologies and 
help set us on a path toward energy independence.
  As I visit communities around the State of Maine, I hear time and 
again that the costs of energy create hardship for many of our 
citizens. Unpredictable, and often increasing, prices for home heating 
oil, gasoline and diesel fuel are a huge burden for many families, 
truckers, and small businesses.
  I am concerned that in a difficult economy, investments in energy 
conservation and alternative energy improvements are simply too costly 
for many American families and small businesses. For example, under the 
present code, taxpayers who install energy efficient windows and 
skylights or solar water heating systems receive a 30 percent tax 
credit. In both instances, the investment which must be made by the 
taxpayer far exceeds the credit amount. In the current economic 
climate, most families and small businesses are already scrimping and 
saving to make ends meet, and they do not have the money to finance the 
gap between the tax credit we provide and the cost of the investment.
  The legislation I am introducing today calls for additional loan 
authority to support current Federal programs that help families and 
small businesses finance energy efficiency improvements. The loan 
authority I am proposing would expand existing Federal programs that 
make low-interest loans to individuals and small businesses for energy 
efficiency improvements. This new loan authority would be made 
available through a new energy assistance revolving loan fund within 
the Treasury Department. Individuals who make less than 115 percent of 
the national average median income would be able to apply for low-
interest loans to cover the difference between the tax credits 
available for energy efficiency improvements and up to 90 percent of 
the cost of those improvements. The Federal agencies can make these 
loans through their lender networks.
  USDA, HUD, and other Federal agencies already have programs that can 
make loans of this kind to individuals. Small businesses can seek low-
interest loans for energy efficiency improvements under existing loan 
programs such as the SBA's 7(a) program. The revolving loan fund called 
for by my bill will enable these agencies to offer more loans to the 
individuals and small businesses we have asked them to serve.
  I urge my colleagues to work together in a bipartisan way so that we 
can help Americans overcome the challenge of our dependence on foreign 
oil and restore and strengthen our Nation's economy.
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