Pennsylvania Treasurer unveils innovative energy efficiency program for colleges
Pennsylvania State Treasurer Rob McCord visited Drexel University to unveil an innovative financing opportunity for local colleges and universities, according to a government release.
The Campus Energy Efficiency Fund could be worth up to $45 million and could provide as many as 12 schools with projects that would work to reduce the carbon footprint of these institutions, as well as create new jobs in the sector.
"The Campus Energy Efficiency Fund is exactly the type of investment I look for as State Treasurer," McCord said during the visit. "It generates positive returns for the people of Pennsylvania and helps cut costs at schools while also cutting carbon emissions."
According to Joyce Farris of Blue Hill, the managing partner for the fund, the idea is to finance projects on college campuses that will generate energy savings, reported the Philadelphia Business Journal.
Drexel will be the first school to use the fund, and it will work to have six buildings on its campus upgraded to produce an annual savings of up to $600,000 on energy costs, according to the news source.
Pennsylvania is home to several green projects that hope to reduce the carbon footprint in the area through strategic innovation. The Greater Philadelphia Innovation Cluster for Energy-Efficient Buildings project (GPIC) was selected by the Department of Energy to serve as a living laboratory for the design and development of energy efficient buildings and technology.