EFG recently published the report Cost Savings and CO2 Emissions Reductions of Residential Electrification in Peoples Gas Territory, prepared for the Natural Resources Defense Council. Our analysis includes both the incremental capital costs of installing new electric appliances and the resulting changes in energy bills over the next twenty years. It addresses both new construction and existing buildings, as well as both full electrification and partial electrification (e.g., just heating or just water heating). We conclude electrification significantly lowers total 20-year household energy costs in all scenarios. Moreover, there are significant energy bill savings in the very first year. Though tax credits and rebates that are about to become available under the recently-passed federal Inflation Reduction Act are not necessary to make electrification investments economic, they – along with other incentives such as those offered by Commonwealth Edison, the local electric utility – will likely be vitally important to helping households (particularly low-income households) overcome initial capital cost barriers.
EFG Report Concludes Electrification of Gas-Heated Homes in Chicago Will Lower Both Energy Costs and CO2 Emissions
Published On - November 20, 2022
