Energy efficiency benefits households, businesses and government facilities like schools and hospitals by lowering utility bills, raising revenues, lowering operating costs and decreasing reliance on fossil fuels that produce harmful emissions that contribute to climate change.
Non-energy benefits of energy efficiency projects are vitally important, as they can gain support among stakeholders for implementation. Learn how to identify, quantify and communicate these non-energy benefits effectively.
Save Money
Energy efficiency can lower household electric costs and help increase disposable income, enabling more spending on products and services.
There are countless inexpensive ways to save energy, such as switching to LED lightbulbs, line drying clothes instead of tumble drying them and switching off home electronics when not being used. Even small changes such as these can have a dramatic effect on how much electricity is being consumed while simultaneously decreasing greenhouse gas emissions and electricity bills.
Investment in energy efficient products can often be less costly than spending on new generation and transmission infrastructure, while increasing energy efficiency also helps lower baseload demand and decrease volatility in the power market.
Energy efficiency can play an essential role in increasing grid reliability and supporting the transition towards renewable sources of power. Furthermore, it can decrease water consumption and dependence on fossil fuels – helping mitigate climate change while protecting the environment.
Save the Environment
Energy efficiency is one of the lowest cost and most readily accessible ways to combat climate pollution, making it vital for meeting emissions reduction targets to limit global warming to 1.5 degrees Celsius.
Altering appliances and equipment to be more energy-efficient can significantly lower carbon dioxide emissions, particularly by replacing old incandescent light bulbs with LEDs or purchasing a refrigerator that requires less electricity than its older model. Even small changes like these can have an immense effect on emissions reduction.
Energy-efficient practices are also beneficial to creating a cleaner environment, including maintaining indoor air health. Energy efficiency practices can prevent the buildup of radon levels that are particularly detrimental for people suffering from breathing conditions like asthma or lung disease, and prevent mold growth – common in damp spaces with poor ventilation – from occurring. Energy efficiency also can enhance a company’s image as being socially responsible corporate citizens – particularly among millennials, who place great value in corporate cultures and social awareness initiatives.
Increase Productivity
Energy efficiency improves productivity by decreasing the amount of energy it requires to complete tasks. For instance, installing efficient motors requiring 35 percent less energy consumption enables factories to produce as much while using far less power than before.
At a national level, energy conservation reduces energy use and emissions while simultaneously improving local economies, lowering natural gas prices, bringing down electricity rates and volatility, as well as forestalling costly supply investments which keep future energy costs low.
Family energy security is also enhanced through efficiency. Households with heavy energy burdens – those spending a substantial portion of their income on utilities – may find relief through lower monthly energy bills due to efficiency efforts; in this way, families with energy burdens can keep food on the table more easily. Furthermore, companies that prioritize energy efficiency attract and retain employees who prioritize environmental stewardship as part of their job searches; this also benefits companies who prioritize these practices within their workforces.
Increase Value
Energy efficiency increases value for building owners, homebuyers, or appliance users by decreasing operating costs and stress caused by high utility bills. Energy-efficient buildings cost less to heat and cool; appliances use less energy; manufacturing plants can cut fuel costs and emissions significantly more easily with efficient operations.
Many consumers are keen on investing in energy efficiency upgrades as it saves them money and improves quality of life, but market failures such as misinformation, price signals, or principal-agent problems prevent them from making the most cost-efficient decisions.
Energy Star-certified homes and apartments sell faster because they present buyers with an exceptional value proposition. Furthermore, builders and remodelers offering energy-efficient homes can differentiate themselves in a competitive housing market by offering these energy-saving properties and drawing new clients and increasing bottom lines through energy efficiency improvements that also increase resale values of existing properties.