Administration Makes Major Advances in Energy Efficiency Access
The Obama Administration announced on June 26 that 36 new members have joined the Better Buildings Challenge. These new commitments, from four states—Delaware, Maryland, Massachusetts, and North Carolina—local governments, and school districts, total nearly 300 million square feet in job-creating building energy upgrades, which is equivalent to more than 130 Empire State Buildings. In addition, new public tax guidance issued at the same time by the U.S. Department of the Treasury will make it easier for state and local governments to access more than $2 billion in existing low-cost financing to fund energy efficiency and renewable energy projects through qualified energy conservation bonds. These bonds (QECBs) provide state and local governments with access to low-cost financing to fund energy efficiency and renewable energy programs.
The challenge is part of the Better Buildings Initiative launched in February 2011 to support job creation by catalyzing private sector investment in commercial and industrial building energy upgrades. The initiative is spearheaded by former President Clinton and the President's Council on Jobs and Competitiveness with the goal of making U.S. buildings 20% more efficient over the next decade, which will help reduce U.S. energy costs by nearly $40 billion. Last year, commercial buildings consumed roughly 20% of all the energy used by the U.S. economy. See the Energy Department press release and the Better Buildings Challenge website.