The Obama Administration announced today a new effort that could generate millions dollars in energy savings for American families and cut millions of tons of CO2 from out atmosphere:

Building on the action by the U.S. House of Representatives in passing historic legislation that will pave the way for the transition to a clean energy economy, President Barack Obama and U.S. Energy Secretary Steven Chu today announced aggressive actions to promote energy efficiency and save American consumers billions of dollars per year. Today's announcement underscores how the clean energy revolution not only makes environmental sense, but it also makes economic sense - creating jobs and saving money.

"One of the fastest, easiest, and cheapest ways to make our economy stronger and cleaner is to make our economy more energy efficient," said President Obama. "That's why we made energy efficiency investments a focal point of the Recovery Act. And that's why today's announcements are so important. 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."

"When it comes to saving money and growing our economy, energy efficiency isn't just low hanging fruit; it's fruit laying on the ground," said Secretary Chu. "The most prosperous, competitive economies of the 21st century will be those that use energy efficiently. It's time for America to lead the way."

The initiative includes a major revision of energy consumption standards for lighting equipment, and $346 million investment from the American Recovery and Reinvestment Act to expand and accelerate the development, deployment, and use of energy efficient technologies in all major types of commercial buildings as well as new and existing homes. The announcement comes on the heels of last Friday's passage of the American Clean Energy and Security Act (ACES) by the House of Representatives, which Obama called in his weekly address

...a historic piece of legislation that will open the door to a clean energy economy and a better future for America.

Here's the video of the President's address: