Innovative Energy Efficiency Program Press Conference
October 5, 2011
State Treasurer Rob McCord visited Drexel University to promote an innovative financing opportunity that will help Pennsylvania colleges and universities cut utility costs through job-creating energy efficiency improvements that will also contribute to a cleaner environment. The Campus Energy Efficiency Fund is a first-of-its-kind investment that can generate as much as $45 million in improvements at as many as 12 schools through projects creating more than 700 new jobs. Over the 20-year useful life of these projects, schools are expected to save $150 million in utility costs and reduce their carbon dioxide footprint by 1.4 million tons – or the equivalent annual emissions of 250,000 cars.
Drexel University is the inaugural participant in the Campus Energy Efficiency Fund, which Treasury developed in partnership with Philadelphia-based Blue Hill Partners. Drexel University will undertake upgrades at six buildings on campus. The improvements are expected to reduce Drexel’s annual energy consumption more than 7 percent, which will save it between $500,000 and $600,000 annually – all with no negative impact to the institution’s balance sheet.