Bill Would Spur Commercial Building Renovation, Spark Job Creation
03/05/2010
The Building Star legislation, which would provide rebates and low interest loans, is similar to the Home Star program that offers energy efficiency assistance to homeowners.
In addition to rebates to reduce the cost of energy-saving measures such as high-efficiency heating and improved insulation, Building Star will also extend low-interest financing options to small businesses and other building owners. Such financing arrangements help building owners with the upfront cost of a building renovation by letting them pay off the cost out of the savings on their energy bill.
Sponsors are Oregon Senator Jeff Merkley and Senator Mark Pryor of Arkansas.
In addition to rebates to reduce the cost of energy-saving measures such as high-efficiency heating and improved insulation, "Building Star" will also extend low-interest financing options to small businesses and other building owners. Such financing arrangements help building owners with the upfront cost of a building renovation by letting them pay off the cost out of the savings on their energy bill.
"Clean energy is not only the next great growth industry, but it's an engine for job creation today," Senator Merkley said in a press statement. "Energy-efficiency programs like `Building Star' will put Americans to work in construction and manufacturing and save small businesses money as we strive for American energy independence."
"Buildings represent 40 percent of the energy used in the United States, and many have old equipment that waste energy and money," Senator Pryor said.
The Senators said the legislation is aimed at also rejuvenating the economy.
The lawmakers said the program could create as 150,000 jobs in some of the economy's hardest-hit sectors including construction, manufacturing, and distribution over the next two years.
In addition, "Building Star" is expected to save building owners more than $3 billion on their energy bills annually by reducing enough peak electricity demand to avoid the need for thirty-three 300-megawatt power plants. It will also reduce the pollution that contributes to climate change by 21 million metric tons, or the equivalent of nearly 4 million cars' emissions each year, according to the American Council for an Energy-Efficient Economy.
Project Announcements
Republic Airways Holdings Plans Tuskegee, Alabama, Training Operations
04/18/2024
South Africa-Based Radel Plans Winston-Salem, North Carolina, Operations
04/18/2024
Firestone Industrial Products Expands Dyersburg, Tennessee, Operations
04/18/2024
Samsung Electronics Expands Taylor, Texas, Chip-Manufacturing Operations
04/18/2024
OMCO Solar Plans Huntsville, Alabama, Production Operations
04/18/2024
Martco-RoyOMartin Upgrades Allen Parish, Louisiana, Operations
04/18/2024
Most Read
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
38th Annual Corporate Survey: Are Unrealized Predictions of an Economic Slump Leading Small to Mid-Size Companies to Put Off Expansion Plans?
Q1 2024
-
Manufacturing Momentum Is Building
Q1 2024
-
Making Hybrid More Human in 2024
Q1 2024
-
20th Annual Consultants Survey: Clients Prioritize Access to Skilled Labor, Responsive State & Local Government
Q1 2024
-
Public-Private Partnerships Incentivize Industrial Development
Q1 2024