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President Obama yesterday announced the launch of a new program that would make commercial buildings 20 percent more energy efficient during the next 10 years.

The program is called the and could save nearly $40 billion in energy costs. Obama announced the plan at Penn State University on Thursday.

“Making our buildings more energy-efficient is one of the fastest, easiest and cheapest ways to save money, combat pollution and create jobs right here in the United States of America,” Obama said to the crowd at Penn State.

Here are some parts of the plan:

• Tax incentives: A new tax incentive for energy efficiency upgrades would be more generous, the White House said, than the current tax deduction for the same type of upgrades, which would be phased out.
• More lending: As part of the plan, the Small Business Administration will encourage lenders to shell out for energy efficiency upgrades. The lenders will be able to take advantage of recently increased loan size limits outlined in Obama’s 2012 budget proposal.
• Grant competition: A grant program called Race to Green would pit municipalities and states against each other for funds to pay for energy efficiency projects.

The plan also encourages universities and private businesses to commit to energy efficiency upgrades, which will make them eligible for certain benefits. Obama also plans to provide more workforce training in areas like energy auditing and building operations.