3 December 2018
Australia’s failure to realise energy efficiency’s potential has hit the country hard. Individuals and businesses are struggling to deal with the rising energy bills and global temperatures are spiraling out of control.
While energy news and debate over energy policy continue to dominate the media, energy efficiency has been a blip on the radar despite it being one of the most effective energy solutions to slashing bills, reducing demand and combating climate change.
Renewable energy has been getting more attention as energy alternatives but plain old efficiency has as much potential to deliver a rapid carbon-cutting wallop and a distributed, responsive energy system.
According to the International Energy Agency (IEA) Energy Efficiency 2018 Report, “the world is missing opportunities to improve energy efficiency and today’s policies are not delivering the full potential gains that are cost-effective and use current technology.”
Energy efficiency investments can be expensive and it takes time to quantify return on investment but the report finds that efficiency gains alone could double the economic value of the energy it uses today.
“Adopting efficiency measures would cut energy bills by more than $500 billion dollars per year, lower energy imports and cut air pollution in cities – a key issue for many countries.”
Opportunities abound through improved efficiencies. According to Luke Menzel, CEO of the Energy Efficiency Council, “Germany, the global leader on energy efficiency, has cut the average German household’s energy bill by 30 per cent – and that has meant $509 back in the pocket of families every single year.”
"Energy efficiency could deliver significant economic, social and environmental benefits if only governments take greater policy action."
Recently, the Federal Government announced that the proliferation of commercial renewable and energy efficiency projects could lead to 7,100 new jobs for electricians by 2023. Read more about the top benefits of energy efficiency in businesses here.
Therefore, with all that said, it is about time to put energy efficiency back on the radar. We need to unlock efficiency’s great potential.
Click here to find out what the world will look like if between now and 2040 countries implemented energy efficiency.
The Energy Efficiency Council has released a new flagship document: Navigating a dynamic energy landscape: A briefing for Australian businesses. It is a practical, up-to-date briefing for Australian businesses getting on with the energy transformation. Click here to read the document.