Energy Efficiency in Apartments Could Save $3.4 Billion

Forbes reports on a study showing how improved energy efficiency in apartments could mean $3.4 billion in annual savings nationwide:

The estimate includes $2.03 billion in potential electricity savings and $1.34 billion in potential natural-gas savings from retrofits such as more efficient lighting, appliances and air- and water-heating systems.

These types of measures couldslash utility bills for multifamily buildings – in this case, defined as those with at least five rental units – by 15-30 percent, the study finds. That could be welcome news for apartment-building owners, who often get squeezed when energy prices rise.

Multifamily buildings racked up energy bills totaling approximately $18.03 billion in 2005, according to the report, and that number has likely grown alongside overall residential energy use since then. Multifamily buildings accounted for 15 percent of U.S. energy consumption in 2005, the latest year for which this data is available from the U.S. Department of Energy.