Energy efficiency programs pay back nearly $4 for every $1Michigan Radio, November 29, 2014
The Michigan Public Service Commission says there was a nearly four-fold return on utilities’ energy efficiency programs in 2013.
State natural gas and electricity providers spent $253 million on programs to weatherize homes and replace inefficient water heaters, HVAC systems, and boilers with efficient models.
The MPSC report says that will save customers $948 million over the life cycle of the replacements and upgrades.
Electric utilities are required to spend 1% of retail sales on energy efficiency programs, and natural gas providers, .75%.
The report says providers met a combined average of 132% of their electric energy savings targets and 121% of their natural gas energy savings targets last year.
The energy efficiency targets are part of the state’s renewable energy law, which requires utilities to use renewable sources of energy for 10% of the state’s electricity requirements by 2015.