Strategies and Incentives for Retrofitting Commercial Buildings to Reduce Energy Consumption
Rising electricity prices, climate change and a sagging economy are driving institutions to focus on energy efficiency in the built environment. Businesses today are trying to find ways to lower their energy related expenditures, realizing that innovative solutions can reduce energy consumption by 25 to 40 percent. According to the Energy Information Administration, buildings in the U.S. consume 42 percent of energy generated, making investing in energy efficiency a critical piece of efforts to reduce our unsustainable energy needs. Why then aren’t building owners rushing to retrofit their structures if it means saving money, improving employee comfort and property values, not to mention saving the planet?
The reason lies in the inconvenient truth that you have to spend money to save money. For many building owners, capital costs are the primary barrier to investing in building retrofits and without incentives and financing, large-scale adoption of energy saving retrofits will remain a challenge.