Investing Climate Revenues in Subsidized Housing Energy Efficiency Would Cut Emissions and Lower Federal Costs — Center on Budget and Policy Priorities

Investing Climate Revenues in Subsidized Housing Energy Efficiency Would Cut Emissions and Lower Federal Costs — Center on Budget and Policy Priorities: "The federal government spends more than $3 billion per year on utility costs in public housing and privately owned subsidized housing. Investments that increase energy efficiency in subsidized developments can lower those expenditures and generate long-term federal savings that would offset much of the up-front cost. Those same investments would also cut greenhouse gas emissions significantly and benefit the vulnerable families, senior citizens, and people with disabilities who live in subsidized housing. For these reasons, subsidized developments should receive a high priority in the allocation of federal energy efficiency resources. The climate change legislation that the House of Representatives passed on June 26 (H.R. 2454) requires states to use revenues from auctioning some emission allowances to improve energy efficiency in subsidized housing. This requirement, which was added on the House floor, is an important positive step. It would meet just a fraction of the need for efficiency investments in subsidized housing, however, because it sets aside only a very small share of emission allowances: 0.05 percent (five one-hundredths of 1 percent) in the first four years the bill is in effect and even lower percentages in subsequent years."