Energy efficiency regulations endorsed, saving consumers billions

A review of the Australian program for regulating minimum levels of energy efficiency of appliances and equipment as well as energy rating labelling finds that it will save the community between $3.3 billion to $7.3 billion from 2014 to 2020.  According to the review undertaken by Data Build – a policy research and evaluation firm – the program delivers around $1.70 to $5.20 in energy saving benefits for every $1 incurred in extra costs. According to the review the majority of the savings have been delivered by the minimum regulatory standards, with labelling delivering smaller benefits.

In response to the review, the council of state and federal energy ministers have endorsed the program noting that, “Appliance standards and labelling is one of the most cost effective ways of improving energy productivity and as a result, saving consumers money and reducing greenhouse gas emissions”.

They have also asked government officials in charge of the program to indentify opportunities to strengthen existing minimum standards and also expand the use of standards to new energy consuming products, noting, “Due to its very cost-effective nature the Program is well placed to make a significant contribution to delivering Australia’s energy productivity targets and greenhouse abatement”.

Read more at: http://www.businessspectator.com.au/news/2015/7/30/smart-energy/energy-efficiency-regulations-endorsed-saving-consumers-billions