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Energy Retrofits Could Save the U.S., $41 Billion a Year.
Posted under: Going Green
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July 26, 2010 7:21 PM |
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Energy Retrofits Could Save $41 Billion a Year
A new Pike Research report states that if all the commercial buildings in the United States that currently exist were retrofitted to be more energy efficient, the country as a whole would save over $41.1 billion a year in energy bills.
Titled "Energy Efficiency Retrofits for Commercial and Public Buildings," the study estimates that property owners would collectively have to spend about $22.5 billion a year in upgrades over the next decade in order for that savings to be achieved. That would entail energy-retrofitting roughly 79 billion square feet of commercial real estate.
"The current financial crisis has had a significant dampening effect on property owners' investments in their properties. Financing for such projects is scarce, and the limited investment in building efficiency is not keeping pace with the growing national demand for energy," says Pike Research's managing director Clint Wheelock.
While some major companies have invested in green updates for their properties it's yet to really catch on. Pike Research believes this is about to change and that energy retrofitting for commercial properties will become a strong growth market through 2014 and beyond.
"In addition to cost savings, energy retrofits are attractive for purposes of greenhouse gas reductions, energy independence, green branding, property valuation, and productivity," according to the Pike Research report.
Source: CNet, Candace Lombardi (07/22/10) and RealtorMag
A new Pike Research report states that if all the commercial buildings in the United States that currently exist were retrofitted to be more energy efficient, the country as a whole would save over $41.1 billion a year in energy bills.
Titled "Energy Efficiency Retrofits for Commercial and Public Buildings," the study estimates that property owners would collectively have to spend about $22.5 billion a year in upgrades over the next decade in order for that savings to be achieved. That would entail energy-retrofitting roughly 79 billion square feet of commercial real estate.
"The current financial crisis has had a significant dampening effect on property owners' investments in their properties. Financing for such projects is scarce, and the limited investment in building efficiency is not keeping pace with the growing national demand for energy," says Pike Research's managing director Clint Wheelock.
While some major companies have invested in green updates for their properties it's yet to really catch on. Pike Research believes this is about to change and that energy retrofitting for commercial properties will become a strong growth market through 2014 and beyond.
"In addition to cost savings, energy retrofits are attractive for purposes of greenhouse gas reductions, energy independence, green branding, property valuation, and productivity," according to the Pike Research report.
Source: CNet, Candace Lombardi (07/22/10) and RealtorMag
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