The building design and construction industry has been guided and encouraged by Federal legislation and private programs to reduce energy consumption in new buildings and major renovations with initiatives such as EPACT 2005 and USGBC’s LEED®. But what about existing buildings not slated for significant capital improvements? Considering the poor investment choices we have today with low interest rates and the unsteady dollar, investing in building infrastructure upgrades can pay dividends while providing a hedge against rising commodity prices.
According to the organization Architecture 2030, there was approximately 275 billion sq ft of building stock in the U.S. as of 2010. They estimate that on an annual basis, roughly 1.75 billion sq ft is torn down, 5 billion sq ft is renovated, and 5 billion sq ft is newly constructed. Using these approximations, it can be reasoned that perhaps 70% of our building stock will still be standing 20 years from now, affording us a great opportunity to reduce energy consumption. Fortunately, the EPA has existing buildings covered as well through the Energy Star Program’s Portfolio Manager. Using the Portfolio Manager is a recommended first step when embarking on an energy conservation program, since it will tell you how your building compares to other similar buildings in a process known as benchmarking.