Monday, June 29, 2009 at 3:57:31 PM - by Tom Staples

President Obama and Energy Secretary Steven Chu have announced a new initiative to cut pollution and energy bills in buildings across the nation.

On Monday, Obama announced the new initiative, which will be paid for with $346 million from the federal stimulus legislation. The plan will use a mix of energy efficiency and clean power sources like solar energy to save consumers as much as $4 billion on their power bills by 2042 while also preventing 594 million tons of carbon emissions.

"By bringing more energy efficient technologies to American homes and businesses, we won't just significantly reduce our energy demand; we'll put more money back in the pockets of hardworking Americans," said Obama.

Noting that 7 percent of all energy in the U.S. is used for lighting, the White House laid out a plan that will fund new research into advanced building techniques while also providing funds for energy retrofits on existing commercial buildings.

According to the White House, about 75 percent of the nation's 81 million buildings were constructed before 1979, further highlighting the importance of improving their efficiency.