Obama Commits to $2B in Energy Upgrades to Federal Buildings
December 2, 2011
The White House is placing a $2 billion mark down to improve the energy efficiency of federal buildings. President Barack Obama Thursday announced a commitment by the federal government to enter into Energy Savings Performance Contracts over the next 24 months as part of his broader effort to create jobs.
The President signed a memo directing agencies to commit to at least $2 billion worth of projects over the next two years.
Jeff Zients, the Office of Management and Budget's deputy director for management and the chief performance officer, said Thursday in a conference call with reporters the Energy Savings Performance Contracts (ESPCs) will cost the government nothing and result in millions of dollars in savings over the long term.
"The federal government works with private sector energy service companies to develop energy upgrade projects that are guaranteed to save at least enough energy to pay for the cost of the project over the term of project," he said. "Once the project costs are covered, the rest goes to the federal government."