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How Financial Innovation Is Giving Cities Jobs, Wealth, and Health

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Ever since President Jimmy Carter put solar panels on the White House in 1979, innovators and green-minded politicians have been trying to unlock the enormous benefits of energy efficiency across America. But those benefits have remained illusive for two reasons, says BlocPower founder Donnel Baird: financial constraints and engineering complexities. Aged infrastructure like power plants cost us a lot, financially and environmentally. Our best shot at efficiency is by "greening" existing buildings so they can create power locally, rather than burning fossil fuels at a plant and transmitting electricity over long distances, wasting much of it along the way. The problem is that greening isn't cheap: it needs building analysis, and some money to make the initial changes, which not all building owners have. Baird's startup BlocPower has developed technology to lower the cost of building analysis by a huge 95 percent, and matches investors with building owners—it turns out greening buildings is a very profitable investment. Here, Baird explains the details of how updating infrastructure can bring health and wealth to a city: "We know that energy efficiency is going to reduce energy costs for building owners. It’s going to create local jobs. It’s going to reduce our dependence and reliance on foreign oil. And it’s just going to be awesome all around for the environment."
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