In this paper we introduce the status of BPS in the U.S. and provide an overview of the best practices from states and cities with these policies already in place. We discuss the policy drivers behind BPS, introduce the technical issues that have impacted the existing BPS policies, and provide jurisdictions with the necessary technical knowledge for the development of an informed BPS policy that can have long-term success. We consider the advantages and limitations of different performance metrics and targets, the technical, financial, and equity challenges for policy development and implementation, and opportunities for ASHRAE members to support building owners in compliance. The paper concludes with recommendations for core program components and how to connect a BPS to codes that regulate energy performance in new construction and existing building renovations, enabling both new and existing buildings of all covered types to meet performance targets consistently and predictably. We will also preview ASHRAE's efforts to develop a Technical Resource Guide to be published in 2022.