Better Buildings Challenge by President Obama

- First 14 Partners announced by Secretary Chu
- Analysis Job Creation Potential describes Retrofit Industry with 114,000 new Jobs
- LUXADD aims to play important Role in commercial and residential Retrofitting Market

In February of this year, President Obama announced the Better Buildings Initiative to make commercial buildings nationwide 20% more energy efficient by 2020 and encourage private sector investments in energy efficiency. Secretary Chu announced the first 14 “Better Buildings Challenge” Partners during the Clinton Global Initiative America Conference in Chicago in June.

The initiative intends to support President Obama’s aim save companies about $40 billion a year. A recent report also shows the Better Building Challenge could create a “new retrofit industry” providing about 114,000 new jobs.

The “Better Buildings Challenge” explains that in 2010, commercial and residential buildings used about 40% of the energy in the U.S. economy at a price tag of over $400 billion. Through improvements (i.e. energy efficient lighting), better information and access to financing buildings should be made more energy efficient while creating jobs and supporting the economy.

The Strategies for Better Buildings

Better Buildings Challenge

Heads in the private and public sectors and others are challenged to commit their organizations to lead in saving energy and share their results. The partners will receive public recognition and technical assistance.

Better Information

Investors, building owners and operators will be supported by the Department of Energy (DOE) and the Appraisers Foundation with information on the latest technologies in energy efficiency.

Better Tax Incentives

Congress and DOE are redesigning the current tax deduction for commercial building upgrades and retrofits. The results could drastically increase commercial retrofitting and leverage job-creating investments.

Better Financing

DOE in conjunction with the Small Business Administration is requesting legislative authority to grant up to $2 billion in loan guarantees for commercial building energy efficiency efforts.

Better Workforce

DOE is partnering with the National Institute of Standards and Technology to improve education for the energy efficiency workforce.

Better State and Local Policies

President Obama’s Race to Green grant program is requesting $100 million for competitive grants to state and local governments for updating building codes and adopt programs that attract private sector investment in commercial building energy efficiency efforts

300 million square feet of energy efficient building space

The partners of the Better Buildings Challenge aim to make more than 300 million square feet of building space more energy efficient. Several financial organizations have demonstrated their commitment by providing more than $500 million to finance energy efficiency projects.

Among the recently announced partners are:

Portfolio Partners

• Lend Lease will improve 65.3 million square feet for military families.
• Transwestern will reduce energy consumption in 78 million property square feet

Financial Allies

• Citi agreed to provide $250+ million in financing over the next 18 months
• Transcend Equity committed to $75+ million in financing over the next 18 months

Community Partners

• City of Los Angeles set a minimum goal of 20 percent savings by 2020
• Seattle plans that 23 million feet of downtown buildings will meet or exceed Better Building Challenge goals by 2030

The conclusion is simple: Saving energy saves money and is good for the environment and our country. We strongly believe that the LUXADD Express T5 Retrofit Kit series with its revolutionary labor-free conversion technology can play an important role in reaching the goals of the “Better Building Challenge”.