GLRPPR Sector Resource: Valuing Energy Efficiency: Beyond the Empire State Building
Valuing Energy Efficiency: Beyond the Empire State Building
Nearly five years ago the large-scale energy efficiency renovation of the Empire State Building in New York City captured the imagination of both energy efficiency advocates and the building industry. The $1 billion project was projected to save 38 percent of the iconic building's energy and $4.4 million in energy costs annually. The first three years of monitoring and verification of the installed energy efficiency measures, however, indicate that the project is already tracking ahead of those targets.
A flagship project that garnered noteworthy attention across the country, the success of the Empire State Building's energy efficiency retrofit invited others to replicate the significant energy cost savings--which was, in fact, one of the project's main goals. In the years that have followed, many large-scale energy efficiency retrofits have been completed or are now underway across the U.S., and this market is only expected to grow. Much of the attention around these retrofits, however, has been focused on Class A offices in a central business district, hospitals, and other large public buildings. This could lead some investors and building owners to conclude that energy efficiency retrofits are only economically viable in these building types, given their size, market presence, and access to funding and technical expertise--and that these efforts may not be as worthwhile in other buildings types, which make up the majority of the country's existing building stock.
Valuing Energy Efficiency, a new package of case studies from the Institute for Market Transformation (IMT), breaks down this misconception by examining the financial outlay and impact of energy efficient retrofits on a range of building types across the U.S., to show that building owners do not need a billion dollar budget or a large floorplan to reap all the benefits of energy efficiency. The six buildings presented--including affordable multifamily housing, Class B office buildings, small manufacturing plants, and an old university laboratory--represent the true depth of existing buildings across America.
This summary paper provides an overview of the six projects highilghted in this new case study series.
Institute for Market Transformation
Case study/success story
Date of Publication:
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