A new analysis by Rewiring America shows that transitioning to 100% clean energy through electrification would save Vermont as much as $973 million in energy costs each year while dramatically reducing economy-wide greenhouse gas emissions. The Rewiring America Report, “No Place Like Home: Vermont. Saving money and creating jobs by electrifying America’s households,” by Dr. Saul Griffith and Dr. Sam Calisch, finds that savings would mean up to $3,603 per year in savings to each Vermont household’s energy bills.
The report builds on an earlier analysis by Rewiring America that shows that clean energy electrification could create 25 million new jobs and save Americans $321 billion in total. Every zip code in the state would see employment gains and it would create a total of 22,792 jobs in Vermont.
Today, the average Vermont household spends approximately $5,759 per year on heating and cooling the home, generating hot water, and driving cars. Transitioning away from fossil fuels and electrifying the Vermont economy – replacing old fossil fuel-based machines with electric versions at every opportunity, and switching electricity generation from dirty sources such as coal to clean ones such as rooftop solar – would provide significant savings to every Vermonter.
“As Vermonters continue to struggle to make ends meet, this analysis provides an exciting and desperately needed roadmap for a brighter future,” said Adam Zurofsky, executive director of Rewiring America. “If we do it right, electrifying the Vermont household presents a unique opportunity to create jobs, save families money, and dramatically slash harmful emissions in the process.”
The report from Rewiring America analyzes what upgrades would cost households in each state and under what circumstances folks could expect to save money.
Key findings of the report:
Vermonters as a whole would annually save $973 million.
The benefits laid out in the report are strictly economic, independent of additional benefits electrification would bring in terms of health, climate, reduced maintenance costs, and more consistent performance.
Massive industrial growth will be necessary to meet increased demand for electric machines and bring about lower costs over the longer term.
New jobs would be created in every zip code in Vermont.
Rewiring America is a coalition of engineers, entrepreneurs, and volunteers focused on rejuvenating the economy and addressing climate change by electrifying everything. It’s a relatively new nonprofit “dedicated to demonstrating that solving climate change is both technically possible and economically beneficial,” according to the company’s statement. The reports produced by Rewiring America transparently include the data they used to reach their conclusions as well as provide high-level analysis of the U.S. energy economy. To read the full report and it’s background data visit rewiringamerica.org.