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Electric utility efficiency programs saved 155 terawatt-hours of electricity in 2014, enough to power 14.7 million homes for one year, according to a study by the Institute for Electric Innovation.
The study, “Summary of Electric Utility Customer-Funded Electric Efficiency Savings, Expenditures, and Budgets (2014),” also revealed that energy efficiency expenditures totaled nearly $7.3 billion in 2014, a 13-percent increase from 2013 levels.
“Electric utilities continue to make increased investments in electric efficiency, and we expect this trend to continue,” said Lisa Wood, IEI Executive Director and Edison Foundation Vice President. “Utilities are really leading the way, making up 90 percent of the total customer-funded electric efficiency expenditures in 2014.”
“We believe that with the right regulatory environment, one that supports and rewards utility investments in energy efficiency, annual budgets will most likely exceed $14 billion by 2025, up from $7.3 billion in 2014,” added Wood. “In addition, the electric power sector sees energy efficiency programs as an essential part of an ever-expanding set of service offerings, including high-efficiency lighting, smart thermostats, dynamic rates, renewable power options, storage, and more.”
This report used U.S. Energy Information Administration (EIA) data on customer-funded electric efficiency program savings and expenditures for 2014, which was collected from 574 utility and non-utility program administrators in the United States.