The $5 billion “cash for caulkers” program, which would give rebates to homeowners who make their residences more energy efficient, was initially going to be part of the small business legislation that’s before the Senate this week. When that deal came undone, we heard whispers in Washington that HomeStar might not make it at all. But yesterday, the Senate majority leader Harry Reid released a draft of the Clean Energy Jobs and Oil Company Accountability Act (pdf) that includes HomeStar.

The legislation is a pared-down version of the comprehensive energy bill that died last week in the Senate. In addition to paying for HomeStar, it will do the following:

• Remove the current $75 million liability cap on economic damages from an oil spill.
• Assist the Department of the Interior in restructuring its drilling oversight mechanisms.
• Increase the per-barrel oil tax that feeds the Oil Spill Liability Trust Fund, which can pay for economic damages resulting from an oil spill.
• Incentivize the production of electric and natural gas vehicles.

Even if this new energy bill passes the Senate, HomeStar will have to go back to the House for re-approval since some of the details differ. Still, there’s hope that you will be able to take advantage of the rebates this year. In the meantime, read “Energy tax credits at a glance” to learn about givebacks that are available now.

—Daniel DiClerico