VIDEO: Electric utilities boosting energy efficiency programs

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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.

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