The energy retrofit of Miramar Towers, an affordable housing property for the elderly and disabled in L.A., will save residents a total of $16,000 annually and reduce building operating costs by $42,000 annually, while contributing to the city’s overall carbon emissions reduction goal. Funding for the retrofit is provided through the state’s Low Income Weatherization Program (LIWP). A report commissioned by the California Energy Efficiency for All Coalition, Affordable Homes First: A Green New Deal for Renters, finds that expanding retrofit programs like LIWP to better serve renters is economically and environmentally sound. Even by the most conservative estimates, analyses commissioned by NRDC show that the following significant benefits are attainable through 2030—and will provide a 200% return on investment:
- Financial Savings: $68 million in annual utility bill savings for participating residents, or approximately $207 per participating household each year;
- Reduced Energy Consumption: Up to 300 gigawatt-hours (GWh) in electricity savings and 22 million therms in gas savings, enough to fully power 50,000 households;
- Emissions Reductions: 220,000 metric tons of carbon avoided—comparable to the annual pollution from 42,000 passenger vehicles; and
- Job Creation: 3,000 long-term, high-quality jobs installing energy-efficiency improvements.