Energy efficiency is becoming more important than ever for local businesses. St. Louis’ Board of Alderman approved a Building Energy Awareness bill requiring energy monitoring for commercial and residential properties 50,000 square feet or larger.
The City Energy Project Benchmarking and Funding
St. Louis recently received a national grant focusing on energy efficiency in large buildings, known as the City Energy Project. As part of the initiative, the city will receive technical support and funding for energy efficiency benchmarking and improvements. The project will provide information about building energy use to help businesses reduce waste, and also align financial incentives for energy efficiency upgrades. Utility rebate programs and Property Assessed Clean Energy (PACE) financing will be offered to buildings for energy efficiency opportunities.
The City Energy Project is a joint initiative of the Natural Resources Defense Council (NRDC) and the Institute for Market Transformation (IMT). St. Louis is one of 20 cities across the country selected for the City Energy Project energy initiative, including San Jose, Atlanta and Kansas City.
Complying with the City Energy Project
The City Energy Project will affect approximately 900 buildings throughout the community. Participating buildings will be phased in, starting in 2017 with municipally-owned buildings and expanding to large commercial and multifamily residential buildings in 2018. Building owners will have more than a year to comply with the benchmarking reporting requirements.
By 2025, the ordinance is expected to save almost $8 million a year in energy costs for local businesses and residents, and reduce 15,000 cars-worth of greenhouse gas pollution, according to the City Energy Project and the Natural Resources Defense Council.
Be Proactive with Energy Efficiency Financing
Businesses can get ahead of the curve with credits and financing for upgrades now, such as the 179D credit for energy efficient property. Commercial Property Assessed Clean Energy (C-PACE) is another way to pay for energy efficiency upgrades, on-site renewable energy projects and water conservation measures for your company. Contact an Anders advisor to learn how your business can take advantage of these financial incentives. Read the full Building Energy Awareness bill for more information.All Insights