Despite efforts to curb demand, energy consumption continues to grow rapidly in North America. Electric utilities must either build new power plants or reduce demand in order to meet their customers’ needs. While building new power plants is very expensive, saving one kilowatt-hour through energy efficiency improvements is one-third the cost of any new source of electricity supply making. These significant cost savings have enticed many utilities to develop rebate programs for customers who reduce their electrical usage. The programs have become more popular over the years and according to the Consortium for Energy Efficiency, $9.4 billion dollars were available for energy efficiency programs in 2015. That’s a 109% increase over the 2008 budgets.
The rebate and incentive programs can cover a wide variety of energy efficient equipment from HVAC systems and motors to refrigerators and kitchen equipment. The most popular target for utilities looking to reduce energy demand is lighting since it consumes 20% of all electricity in the world and is used by almost all customers. The incentives lower the initial costs and makes the payback period of the investment much more attractive.
By taking advantage of these programs, you can…
- Reduce the initial project cost.
- Save money on your electric bills.
- Help the environment by reducing hazardous emissions from electricity generation.
- Help your company with local legislation and federal requirements