With more and more people becoming increasingly concerned about climate change and energy efficiency, companies worldwide are brainstorming ideas for “greener” methods of doing just about everything. As reported by the New York Times, a net of businesses that include Lockheed Martin, Barclays Bank, Energi, and Hannover Re, will invest nearly $650 million over the next few years in an effort to decrease the amount of energy used in older buildings across California and Florida. Perhaps the most exciting aspect of this business venture is that no money would be needed from Washington. This is exciting news considering the benefits of this program, most notably, cutting energy bills by more than 30% at each property, without spending obscene amounts of money to do so.
This business plan was created by the Carbon War Room, a nonprofit environmental group founded by Richard Branson, which seeks to combat environmental problems at a low cost. Environmental groups and policy makers are ecstatic considering that such an initiative could create billions of dollars in investments, lower carbon dioxide emissions, and eventually maybe even shut down coal plants across the United States.
The Ygrene Energy Fund will lead this venture by offering energy upgrades to a particular community. These upgrades will include anything from better insulation, to new windows, as well as energy saving electric and mechanical systems. In order to pay for the upgrades, building owners will pay a surcharge on their property-tax bills, which will still end up being less than how much money is being saved overall. Barclays Bank will give short-term loans to pay for the upgrades and contractors at each property will offer a warranty to ensure that building owners receive the energy savings they were promised.
Although some people fear that contractors won’t keep all their promises, numerous environmental groups are praising this plan as a giant step forward. With so much momentum, it seems there is no way this initiative couldn’t be successful.
