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The President's Performance Contracting Challenge has successfully led over 20 federal agencies to upgrade their buildings at no cost to taxpayers. Initiated by President Obama, the goal was to invest $4 billion in performance contracts by 2016, which has been surpassed, with a total investment of over $4.2 billion in 340 new projects. The Federal Energy Management Program facilitated this effort, financing upgrades such as new HVAC systems, LED lighting, and solar panels through performance contracts. These contracts allow agencies to use long-term energy savings to cover upfront costs, resulting in an expected reduction in federal energy spending by $8 billion over 18 years and a cut in carbon emissions by 1.4 million metric tons.