Retrofits Could Yield $1T in Energy Savings in US in a Decade
March 2, 2012
By Leslie Guevarra of GreenBiz.com: Savvy investments in energy efficiency retrofits for buildings could yield more than three times their value, mounting to about $1 trillion in energy savings in a decade, says new research from Deutsche Bank and The Rockefeller Foundation.
The study released today said that yield would be just one of the returns if $279 billion were spent for retrofits of residential, commercial and institutional buildings in the United States.
In addition to saving about 30 percent of the United States’ entire energy spend during the course of a year, completion of the energy efficiency retrofits could reduce greenhouse gas emissions in the country by 10 percent and create 3.3 million job years — which means the projects could create an estimated 3.3 million cumulative years of employment — the study said.
Researchers in the building and sustainability fields have been touting the robust returns and benefits produced by energy efficiency retrofits for several years. In 2010, a study forecast that such projects could result in savings of as much as $41 billion a year in the U.S. And market leaders in business and real estate have made a point of spotlighting their successes, one of the most prominent being the Empire State Building retrofit. The New York City icon also serves as an example of green leasing program, a further strategy to achieve energy efficiency in commercial property. Read more