Portman, Shaheen: New ACEEE Analysis Shows Energy Efficiency Bill Will Save Consumers Money, Reduce Emissions, and Create Jobs
ACEEE Analysis Shows Bipartisan Bill Will Save Consumers $51 Billion & Avoid 1.3 Billion Tons of Carbon Dioxide Emissions
WASHINGTON, DC – U.S. Senators Rob Portman (R-OH) and Jeanne Shaheen (D-NH) announced the release of a new economic and environmental impact analysis by the policy experts at the American Council for an Energy-Efficient Economy (ACEEE) of their legislation, the Energy Savings and Industrial Competitiveness Act (S. 2137). The legislation was approved by the Senate Energy and Natural Resources Committee with bipartisan support in September. Companion legislation has been introduced in the House by Representatives Peter Welch (D-VT) and David McKinley (R-WV). A summary of the bill is here and the bill text is here. This legislation has been praised by a broad range of stakeholders, from efficiency experts to industry leaders.
ACCEE’s analysis found that, over the lifetime of the legislation through 2050, the legislation will:
- Save consumers $51 billion on their energy bills;
- Reduce carbon dioxide emissions by 1.3 billion tons, which is the equivalent of taking nearly 280 million cars off the road for one year; and
- Save 32 quadrillion Btu of energy, which is nearly the total energy use of all U.S. industry in one year.
A previous study from ACEEE also estimated that the legislation will add more than 100,000 jobs to the economy.
“As this new analysis shows, this bill is a win-win that will lower energy costs for consumers, protect the environment by reducing our carbon emissions and create new jobs for our economy This legislation is good news for American taxpayers as well, because it will make the federal government practice what it preaches and use energy more efficiently. By saving consumers billions in lower energy costs, this common-sense legislation will help reduce the cost of living and ensure hard-working Americans have a few dollars extra at the end of each month. I want to thank ACEEE for conducting this analysis and look forward to working with my colleagues to get this bipartisan legislation signed into law,” said Portman.
“Energy efficiency is the cheapest and fastest way to address our energy challenges in New Hampshire and around the country. This ACEEE study reaffirms that fact and also underscores how the Energy Savings and Industrial Competitiveness Act will create thousands of new jobs, save American homes and businesses billions of dollars in energy costs and greatly reduce our carbon footprint,” said Shaheen. “That’s why it’s no surprise our bill has such broad bipartisan support. It’s a common-sense step forward to promote a cleaner, more energy-efficient future that strengthens our economy and reduces pollution. I’ll keep working with Senator Portman to push this important legislation through Congress.”
The Energy Savings and Industrial Competitiveness Act will improve energy efficiency in three key sectors – buildings, industrial, and the federal government. According to the U.S. Energy Information Administration, residential and commercial buildings accounted for about 40 percent of total U.S. energy consumption in 2018. In addition, reports from the U.S. Department of Energy have found that the federal government is the largest single energy consumer in the country. By improving energy efficiency in these three key sectors, the ACEEE analysis shows that this legislation will reduce emissions, protect the environment, and create jobs.