Cash for Caulkers

With a winter chill in the air, President Barack Obama on Wednesday announced his much-discussed plan to spend billions helping people make their homes more energy efficient.

Dubbed "Cash for Caulkers," the new program would "provide incentives for consumers who retrofit their homes to become more energy-efficient, which we know creates jobs, saves money for families and reduces the pollution that threatens our environment," the president said at his address on job creation at the Brookings Institution in Washington.

Here's how the program might work: homeowners would hire private contractors to conduct home energy audits and buy and install the necessary gear, ranging from insulation and windows to energy efficient appliances like air conditioners and refrigerators. Homeowners could then apply for a rebate from the federal government that would pay for half the cost.