The 2030 Challenge Stimulus Plan
Thursday, December 18th, 2008Because investing in energy efficiency in buildings is the most effective way to create jobs and revive the economy (see Justification), Architecture 2030 recommends an investment of $171.72 billion ($85.86 billion each year for two years) in a plan that integrates a housing mortgage buy-down and an accelerated-depreciation program for commercial buildings with energy efficiency in buildings, specifically with the widely adopted energy reduction plan called the 2030 Challenge1. This investment will create 3.75 million direct jobs in the Building Sector, as well as 4.34 million indirect and induced jobs and over 350,000 jobs from consumer spending.
Of special note, tying the mortgage buy-down and accelerated depreciation to achieving specific energy reductions immediately creates the opportunity for a $1.6 trillion renovation market that does not currently exist. The immediacy and magnitude of this opportunity can turn the tide for the construction industry, as well as the nation.
The plan, called the 2030 Challenge Stimulus Plan (‘Plan’), would save consumers $142.33 billion to $200.88 billion2 in energy costs and mortgage payments over a five-year period, significantly reducing the risk of mortgage failure while increasing disposable income. Because the 2030 Challenge calls for buildings to be renovated or designed to reduce their fossil-fuel, GHG-emitting energy consumption in a range from 30% below that required by the IECC 2006 and ASHRAE 90.1-2004 code standards to carbon neutral3, the Plan will also reduce CO2 emissions by 481.13 MMT and energy consumption by 6.17 QBtu over the same five-year period.