April 5, 2017
IREM is a strong supporter of voluntary energy conservation programs, including the ENERGY STAR buildings program that is administered by the U.S. Environmental Protection Agency. ENERGY STAR is a voluntary program that encourages conservation through partnerships with private organizations. The program was created in 1992 and has saved businesses and families over $430 billion in utility bills. In addition, nearly 30,000 properties are ENERGY STAR certified, representing 4.34 billion square feet of space. Properties that are ENERGY STAR certified are attractive to certain investors who view the mark as an indication of profitability and sustainability. In the president’s recently published budget blueprint, ENERGY STAR program funding would be cut.
IREM has been a long-standing supporter and partner of ENERGY STAR and its voluntary nature. IREM strongly encourages continued funding of this important non-regulatory program. On March 30, a coalition of several real estate industry stakeholders including The Real Estate Roundtable, National Multifamily Housing Council, National Apartment Association, and others sent a letter to members of the U.S. House and Senate Appropriations Committees asking for continued funding of the ENERGY STAR program. Although the program cuts are a proposal and not legislation, IREM urges congress to consider the importance of this program and its voluntary nature. Please see the full letter for more information about ENERGY STAR.