Report: 100% electrification could save Vermont households $973 million and create 22,792 Jobs

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Report: 100% electrification could save Vermont households $973 million and create 22,792 Jobs

Thu, 12/17/2020 - 3:34am -- tim

New Detailed Analysis Shows Clean Energy Electrification Would Save Average Vermont Household $3,603/Year, Create Jobs in Every Zip Code Across the State

Vermont Business Magazine A new analysis by Rewiring America shows that transitioning to 100% clean energy through electrification would save Vermont as much as $973 Million in energy costs each year while dramatically reducing economy-wide greenhouse gas emissions. The Rewiring America Report, “No Place Like Home: Vermont. Saving money and creating jobs by electrifying America’s households,” by Doctors Saul Griffith and Sam Calisch, finds that savings would mean up to $3,603 ​per year​ in savings to each Vermont 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 and save Americans $321 Billion in total. Every zip code in the state would see employment gains and it would create a total of 22,792 jobs in Vermont. See Technical white paper HERE with data points.

Today the average Vermont household spends approximately $5,759 per year on heating and cooling the home, generating hot water, and driving cars. Transitioning away from fossil fuels and electrifying the Vermont economy – replacing old 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 Vermonter. 

“As Vermonters 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 Vermont household presents a unique opportunity to create jobs, save families money, and dramatically slash harmful emissions in the process.”

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: 

  • Vermonters as a whole would annually save $973 Million.

  • 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 Vermont. 

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/

Source: Montpelier, VT, December 10, 2020 – Rewiring America