Spending on energy-related building equipment can stimulate regional economic activity and new business development, according to results from regional studies conducted by Economic Development Research Group and Siemens.
For instance, investing in smarter building technologies and energy efficiency upgrades on the University of Louisville campus in Kentucky helped directly and indirectly support millions of dollars in new business sales and hundreds of jobs – including new jobs that are supported by the savings achieved through the project’s implementation.
The University of Louisville spent $45 million to make numerous energy efficiency upgrades in buildings across its campuses that are conserving water, electricity and natural gas. The implementation of the two phases of these projects directly and indirectly supported local impacts estimated at over 600 jobs and $26 million in business sales. After project completion, the savings achieved – beyond the cost of debt service for the project – were then reinvested back into overall university operations and additional energy efficiency projects. This reinvestment has supported the creation of 70 jobs and an additional $9.3 million in business sales in the Louisville area over a three-year period – beyond the more than 600 jobs initially supported through project implementation.