This study analyzes effects of the government-funded energy conservation technology research program using a simple calculation-based valuation method. Energy conservation amounts by 50 commercialized technologies are calculated and then transformed to energy conservation effect and pollution reduction effect. Export and import-substitution effects are also calculated. Empirical results show that effectiveness of the research program has been increasing rapidly after 1996 while research fund has not. We suggest rapid increase of government support of this program so that the goal of the research program can be reached.