City's Green Proposal Could save $750 Million a Year

On this Earth Day, elected officials in New York City want older buildings to green up their act, through energy efficiency upgrades.

Mayor Bloomberg and City Council Speaker Christine Quinn say their proposals would end up saving property ownres $750 million a year in heating, cooling, and lighting costs.

Under the initiative, building improvements would only be mandatory if energy audits showed the cost of upgrades could be recouped through savings on energy bills within five years. Building owners and managers are opposed to the plan's required energy audits, and mandatory upgrades.