Michigan homes, businesses, and industries could save nearly $7 billion on their electricity and natural gas bills over the next five years – and a whopping $13 billion over the next decade – by taking advantage of cost-effective, energy-saving opportunities, a new analysis shows.
That’s huge. In fact, it would translate to $1,315 in savings over the next 10 years for every man, woman, and child in the Great Lakes State. What’s more, Michigan utility customers would save $2.55 for every $1 invested in their many energy efficiency options. That’s better than a 2-to-1 return!
The analysis performed by GDS Associates found that technically Michiganders could run their homes and businesses using nearly 40 percent less electricity by making improvements to their building’s performance through upgrades in areas such as lighting, heating, cooling, insulation, and windows.heating, cooling, insulation, and windows.
When that technical potential was narrowed to take into account real-world barriers to embracing cost-effective energy efficiency measures over the next 10 years such as market penetration, the researchers concluded that lowering electricity use by 17% would be achievable, and would save customers $2.55 for every dollar spent on energy efficiency programs. The benefits for customers add up to $13 billion.