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E3 Impact Projections report released

21Mar

E3 Impact Projections report released

Topic: General

Abstract

Drawing on the best available data from impact evaluation studies, regulatory impact statements and product profiles, the E3 Impact Projections Report estimates the historical and projected impacts of the Equipment Energy Efficiency (E3 Program) on energy use and greenhouse gas emissions in Australia. It also estimates the value of energy saved, and compares this to the costs imposed by the Program. This is the fifth Impacts study completed for the E3 Program, with the previous study being the 2009 publication, Prevention is Cheaper than Cure.

This report finds that:

  • The E3 program will save 2,021 PJ of end-use energy between 2014 and 2030;
  • The discounted value of net benefits of the Program is over $57 billion for this period;
  • For every $1 of expenditure on the program (including costs to consumers), $4.60 worth of savings is achieved;
  • The E3 program will save 129 million tonnes of CO2-equivalent emissions between 2014 and 2020, and 433 million tonnes between 2014 and 2030;
  • The cost per tonne of CO2-equivalent emissions avoided is -$118, meaning that for every tonne of emissions avoided, there is an economic benefit to Australia of $118;
  • About 79% of energy savings to 2030 come from measures already regulated, 16% from measures in train but not yet implemented, and 5% from new measures for which impacts can be quantified; and
  • Demand response programs, which reduce peak electricity demand, account for about 47% of the net monetary benefit of new projects and measures in train.