100% Clean Energy Electrification Could Save American Households $321 Billion and Create 25 Million Jobs
New Detailed Analysis Shows Clean Energy Electrification Would Save Average U.S. Household $2500/Year, Create Jobs in Every Zip Code Across the Country
Washington D.C. October 22, 2020 - A new analysis by Rewiring America shows that transitioning to 100% clean energy would save Americans as much as $321 billion in energy costs each year while dramatically reducing economy-wide greenhouse gas emissions. The Rewiring America Report, "No Place Like Home: Fighting Climate Change (and Saving Money) by Electrifying America's Households" by Drs. Saul Griffith and Sam Calisch, finds that savings would mean up to $2,585 per year in savings to each American 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. Every zip code in the country would see employment gains.
"As Americans 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 American household presents a unique opportunity to create millions of jobs, save families thousands of dollars a year, and dramatically slash our carbon emissions in the process."
"Rapid electrification with renewable resources of all energy use is a critical element to beating back the existential threat we face from global climate disruption. Rewiring America shows us how to make that happen here in the U.S. while actually saving consumers money and creating jobs," Jon Wellinghoff, former FERC Chairman & CEO of Grid Policy Consulting.
This report from Rewiring America analyzes what these upgrades would cost households in each state and under what circumstances they could expect to save money.
Key findings of the report:
• With the right policies, the average household in every state would be better off economically by electrifying. Annual savings would average between $1,050 to $2,585.
• The U.S. as a whole would annually save between $130 billion and $321 billion.
• 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 every state in the country.
About Rewiring America
Rewiring America is a coalition of engineers, entrepreneurs, and volunteers focused on rejuvenating the economy and addressing climate change by electrifying everything. The new, innovative nonprofit is dedicated to demonstrating that solving climate change is both technically possible and economically beneficial. The reports produced by Rewiring America are deeply rooted in data and provide high-level analysis of the U.S. energy economy. www.rewiringamerica.org/