A generalized modeling framework to value Public Benefit Fund (PBF) programs is developed. The potential economic and environmental impact associated with PBF programs at the state-level is described through a simulation model that values energy savings and emissions reduction and an input-output model that estimates the total economic benefit of the program. The valuation strategy is based on publicly-available data and infer results under a reasonable assumption set. The methodology is illustrated through a case study for a proposed PBF program targeted for Louisiana across the residential and commercial sector. (C) 2003 Elsevier Science Ltd. All rights reserved.