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Energy Saving: Offering a Cheaper Option for Utilities and Consumers

It is the primary responsibility of electricity utilities to ensure customers have constant light. To achieve this, utilities have a wide array of options to choose from. They may decide to create power plants that will help them generate energy from fusil fuels, or opt for sources of renewable energy like solar and wind. On the other hand, they can consult their customers on practical ways of minimizing energy use; emphasizing on energy saving rather than energy generation.
According to a report conducted by The American Council for an Energy-Efficient Economy (ACEEE), there is a remarkable result from the management of electricity in the electric industry. Report reveals that, the energy efficiency is currently the third major electricity resource in the United States’, as it provides better support to the country’s grid than nuclear energy. Besides, it has been a major resources, it is unarguably the most cost-efficient approach to addressing the energy needs of energy consumers.
Lazards recently released some recent data on levelized rates of electricity supply resources. The report which was released in November 2017 shows that when electric utilities help consumers set up low-energy-consuming appliances, build insulation as well as refine maintenance and operations practices; they are indirectly investing in cost-efficient energy options.
Electric utilities spend between two to five cents for each kilowatt per hour (3 cents on the average) of investment on energy efficiency, which aims at saving energy. However, generating similar energy from sources like fossil fuels would be double or triple that cost. Hence, it then becomes a clear reason why energy saving is the most affordable energy resource. The ACEEE conducted a recent research study which reveals that, some electric utilities have made remarkable success in electric savings through efficiency and saved energy cost has remained relatively low over time. Interestingly, Lawrence Berkeley National Laboratory (LBNL) also conducted a research and reported same.
Energy efficiency investment is very rewarding. Between 1990 till date, the total investments made in saving energy, saved us the cost of establishing about 313 mega power plants. In addition, we have, over this period, delivered a total of about $790 billion savings to our customers.
The benefits of energy efficiency are inexhaustible. It’s pure, always available, and trustworthy. It can improve the comfort in homes and commercial places, as well as boost economic activities in urban areas. Utilities have keyed into the potentials of energy efficiency investments because it is more economical for their operations. But, in the end, everyone is a beneficiary.