The audit includes an assessment of the R-value of the attic insulation, the percentage of air leakage through the duct system, the number of windows with direct sunlight for at least an hour a day, and the energy-efficiency rating of the air-conditioning equipment. It also includes suggestions for improving the home’s energy efficiency. Audits are expected to cost $200 to $300 for a typical single-family home of 1,800 square feet or smaller with a single air-conditioning system. Auditors set their own prices, which depend on the size of the home.
There is no requirement to make improvements based on the audit - you just have to give the results to the person buying the house. If you are thinking of improving your home's energy efficiency, check Austin Energy's rebate programs.

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Readers should be aware of the City of Austin's goal for creating these mandatory audits. The City of Austin hopes to reduce electricity demand by improving residential energy efficiency and therefore avoid the need to build another expensive and polluting power plant.
The rebates available from Austin Energy are some of the country's best. Visit http://www.austinauditors.com and click the "governmental rebates" tab for exact info on the available rebates.