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The purpose of this study is to analyze the economic effects of federally mandated energy efficiency standards on the market for appliances. The analytical focal point of this thesis centers on representative studies and Congressional testimony supplemented by current articles and data. The benefits and costs of energy efficiency standard implementation are examined. Economic assumptions and key determinant factors that drive results such as discount rate selection, provide the basis for objective comparison. The findings of this study support the need for Federal intervention in the home appliance market to alleviate economic market failures.
This study estimated energy, environmental and consumer economic impacts of U.S. Federal residential energy efficiency standards that became effective in the 1988-2006 period, and of energy efficiency standards for fluorescent lamp ballasts and distribution transformers. These standards have been the subject of in-depth analyses conducted as part of DOE's standards rulemaking process. This study drew on those analyses, but updated certain data and developed a common framework and assumptions for all of the products in order to estimate realized impacts and to update projected impacts. It also performed new analysis for the first (1990) fluorescent ballast standards, which had been introduced in the NAECA legislation without a rulemaking. We estimate that the considered standards will reduce residential/ commercial primary energy consumption and carbon dioxide emissions in 2030 by 4percent compared to the levels expected without any standards. The reduction for the residential sector is larger, at 8percent. The estimated cumulative energy savings from the standards amount to 39 quads by 2020, and 63 quads by 2030. The standards will also reduce emissions of carbon dioxide by considerable amounts. The estimated cumulative net present value of consumer benefit amounts to $241 billion by 2030, and grows to $269 billion by 2045. The overall ratio of consumer benefits to costs (in present value terms) in the 1987-2050 period is 2.7 to 1. Although the estimates made in this study are subject to a fair degree of uncertainty, we believe they provide a reasonable approximation of the national benefits resulting from Federal appliance efficiency standards.
This study estimated energy, environmental and consumer economic impacts of U.S. Federal residential energy efficiency standards that became effective in the 1988-2001 period or will take effect by the end of 2007. These standards have been the subject of in-depth analyses conducted as part of DOE's standards rulemaking process. This study drew on those analyses, but updated certain data and developed a common framework and assumptions for all of the products. We estimate that the considered standards will reduce residential primary energy consumption and CO2 emissions in 2020 by 8-9% compared to the levels expected without any standards. They will save a cumulative total of 25-30 quads by the year 2015, and 60 quads by 2030. The estimated cumulative net present value of consumer benefit amounts to nearly $80 billion by 2015, and grows to $130 billion by 2030. The overall benefit/cost ratio of cumulative consumer impacts in the 1987-2050 period is 2.75:1. The cumulative cost of DOE's program to establish and implement the standards is in the range of $200-250 million.
The Energy Policy and Conservation Act (EPCA) mandated that minimum energy efficiency standards be established for classes of refrigerators and refrigerator-freezers, freezers, clothes dryers, water heaters, room air conditioners, home heating equipment, kitchen ranges and ovens, central air conditioners, and furnaces. EPCA requires that standards be designed to achieve the maximum improvement in energy efficiency that is technologically feasible and economically justified. Following the introductory chapter, Chapter Two describes the methodology used in the economic analysis and its relationship to legislative criteria for consumer product efficiency assessment; details how the CPES Value Model systematically compared and evaluated the economic impacts of regulation on the consumer, manufacturer and Nation. Chapter Three briefly displays the results of the analysis and lists the proposed performance standards by product class. Chapter Four describes the reasons for developing a baseline forecast, characterizes the baseline scenario from which regulatory impacts were calculated and summarizes the primary models, data sources and assumptions used in the baseline formulations. Chapter Five summarizes the methodology used to calculate regulatory impacts; describes the impacts of energy performance standards relative to the baseline discussed in Chapter Four. Also discussed are regional standards and other program alternatives to performance standards. Chapter Six describes the procedure for balancing consumer, manufacturer, and national impacts to select standard levels. Details of models and data bases used in the analysis are included in Appendices A through K.
A Manual for the Economic Evaluation of Energy Efficiency and Renewable Energy Technologies provides guidance on economic evaluation approaches, metrics, and levels of detail required, while offering a consistent basis on which analysts can perform analyses using standard assumptions and bases. It not only provides information on the primary economic measures used in economic analyses and the fundamentals of finance but also provides guidance focused on the special considerations required in the economic evaluation of energy efficiency and renewable energy systems.
This study estimated energy, environmental and consumer economic impacts of U.S. federal residential energy efficiency standards that became effective in the 1988-2001 period or will take effect by the end of 2007. These standards have been the subject of in-depth analyses conducted as part of DOE's standards rulemaking process. This study drew on those analyses, but updated certain data and developed a common framework and assumptions for all of the products in order to estimate realized impacts and to update projected impacts. We estimate that the considered standards will reduce residential primary energy consumption and CO2 emissions in 2020 by 8% compared to the levels expected without any standards. They will save a cumulative total of 34 quads by 2020, and 54 quads by 2030. The estimated cumulative net present value of consumer benefit amounts to $93 billion by 2020, and grows to $125 billion by 2030. The overall benefit/cost ratio of cumulative consumer impacts is 2.45 to 1. While the results of this study are subject to a fair degree of uncertainty, we believe that the general conclusions--DOE's energy efficiency standards save significant quantities of energy (and associated carbon emissions) and reduce consumers' net costs--are robust.