The Obama administration is building off its energy conservation efforts within the commercial building space by launching a program that hopes to foster energy conservation initiatives at apartment buildings and condominiums.

The Better Buildings Accelerators program expands an initiative launched by the Departments of Housing and Urban Development and Energy to enhance the energy efficiency of commercial buildings. That particular program — The Better Buildings Challenge — has already obtained $2 billion in financing commitments from the private sector to enhance energy initatives within commercial buildings.

The latest initiative aims to support state and local government-led efforts to cut energy waste and eliminate market and technical barriers to greater building efficiency, the departments said in a press release.  

In addition, the Obama Administration said it will challenge federal agencies to further expand their use of performance-based contracts through 2016 to upgrade the energy efficiency of federal buildings.

"Over the last two years, President Obama’s Better Buildings Challenge has helped drive greater energy efficiency further and faster, save families money and give U.S. businesses an edge in the global market," said Energy Secretary Ernest Moniz.