New research shows transitioning to 100% clean energy could save US households $321B

A new analysis by Rewiring
America — a grant-funded non-profit — shows that transitioning to 100% clean
energy would save Americans as much as $321 billion in energy costs. The report,
No Place Like
Home: Fighting Climate Change (and Saving Money) by Electrifying America’s
Households^[1] by Drs. Saul Griffith and Sam Calisch, finds that the 100%
clean energy transition would be mean up to $2,585 ​per year​ in savings to
each American household’s energy bills. The report builds on an earlier analysis^[2] 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. 

Today the average American
household spends approximately $4,470 per year on heating and cooling the home,
generating hot water, and driving cars, according to the report. Transitioning
away from fossil fuels and electrifying the U.S. economy – replacing fossil
fuel-based machines with electric versions at every opportunity, and switching
our electricity generation from dirty sources such as coal to clean ones such
as rooftop solar – would provide significant savings to every American.

“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.