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.