Mission possible: delivering $336.3 million in energy savings
by Jim Merriam, Director of Efficiency Vermont
Our new marching orders for the next three years recently came from the Vermont Public Service Board. We need to deliver $336.3 million in energy savings to Vermont homes and businesses. Based on Efficiency Vermont’s budget this means we need to deliver about $2 in energy savings for every $1 we invest in energy efficiency. It’s a tall order, but we are up to the challenge. And, we think Vermonters are as well.
Vermont has long been a leader in energy efficiency. Recent national studies from WalletHub and the American Council for an Energy Efficient Economy ranked us #1 and #3 in the nation, respectively. Part of this success is because we set aggressive goals to save money and energy, and then we as a state go out and achieve them.
The financial benefits of Vermont’s energy efficiency investments are significant. Eliminating spending on energy frees up resources for other uses, like job creation and investment in the local economy.
There are indirect benefits as well: an independent study commissioned by the Vermont Public Service Department found that every dollar invested in energy efficiency generated five dollars in economic benefits for the state. This takes into account not only the direct value of reduced energy costs, but also the indirect value of recycling those savings into the local economy.
Producing these deep energy savings calls for partnerships with thousands of Vermont families, businesses, and communities; Vermonters that recognize the common sense of energy efficiency investments. These investments will add up to the $336.3 million worth of economic benefits we will achieve as a state over the next three years.
Efficiency Vermont has hosted five community forums across the state and we have three more in December. We are using these forums to get ideas from the public for how we should be working to get these savings over the next three years. We have been getting some great input already, and would love to hear from you as well. You can find out more by visiting www.efficiencyvermont.com/communityforums.
The Public Service Board has set an ambitious goal for us to meet over the next three years. We are up for the challenge, and think Vermonters are as well.