Energy efficient utilities could save Wyoming consumers $900 million, based on a new Southwest Energy Efficiency Project study.
The $20 Billion Bonanza: Best Practice Utility Energy Efficiency Programs and Their Benefits for the Southwest study showcases the financial interest of going green. In fact, the money saved through the use of efficient services doubles what is initially invested. For every dollar spent, more than two dollars are saved on home and business utility bills.
Wyoming will not be the only state benefited. Other Southwestern states across the nation could save even more. States include Nevada with $3.4 billion, Utah and New Mexico saving $1.7 billion respectively, Colorado with $4.8 billion, and Arizona saving $7.3 billion.
The initial investment of the energy efficiency program adds up to approximately $17 billion dollars. However, the end result of the program could save $37 billion resulting in a net savings of $20 billion. That is $2,650 for every household in the Southwestern region.
While the energy efficiency program has not been thoroughly overviewed, the general idea is it would educate consumers on energy efficiency, offer technical assistance, and put financial incentives into place.
Many Southwestern states already have fairly efficient utilities in homes and businesses. However, the $20 Billion Bonanza report suggests that policies should take it a step further. Some of the report’s major ideas include creating certain energy saving goals or requirements and having utilities earn a profit if they implement energy efficiency programs for consumers.
“By scaling up energy efficiency programs, utilities serving Wyoming can avoid spending more than $1.5 billion constructing and operating power plants,” Howard Geller, the Executive Director of SWEEP and principal author of the report, said.
Other benefits of the program include opening up potentially 28,000 jobs across the Southwest, the closing of up to 32 power plants, significantly reducing CO2 emissions, and saving 1.8 billion gallons of water annually.
These benefits are all potentials and will only arise if the program successfully reaches out to consumers in these regions. While there are incentives for business and home owners alike, there is no guarantee that every individual will have the time or interest in participating.
The report was presented to the Colorado Legislature, policy officials, and the media Oct. 9. The Southwest Energy Efficiency Project has been presenting the $20 Billion Bonanza study to various states across the region this and last week and is in the starting stages of getting nationwide support.
