Revolving Fund Yields Large Municipal Savings
"Auckland is using a revolving fund to finance energy efficiency upgrades in city-owned or managed buildings. The fund was first granted $700,000 in 2013 to invest in innovation and improvements of public-owned buildings; the savings achieved by the gains in efficiency have been reinvested in additional projects. To date, the retrofit of the Auckland Council Headquarters led to a 39% decrease in energy use and annual savings of $377,000. Additionally, the city’s outfitting of 40,000 streetlights with LEDs, and the addition of a tele-management system, will result in a total net savings of $30 million over 20 years.
As the Council has 1,816 buildings under its jurisdiction, Auckland has a wide scope to scale up improvements and achieve important savings via the revolving fund. In addition to addressing the climate-proofing needs of city-owned buildings, the project demonstrates the viability of energy efficiency investments and can act as a guide for building owners and the entire building industry across New Zealand."