One Energy Company Drafts a Plan to Save Maine $450 Million

Energy efficiency becomes a hot topic when the weather gets cold, but one company is putting forth a new plan that could save Mainer’s money.

The Director of Communications at Efficiency Maine, Paul Badeau, said, “We offer various programs for business and homeowners.”

It’s part of Efficiency Maine’s three year plan. The current draft includes initiatives that could cut net electricity costs for homeowners and businesses by over $450 million.

“There are opportunities for businesses to save money and the opportunities for home owners to save money and they’re a little different,” said Dylan Voorhees, Clean Energy Director for the Natural Resources Council of Maine.

Voorhees said businesses tend to focus on electricity efficiency, while homeowners face high oil prices. “Maine people are very dependent on oil. Our homes are old and inefficient. There’s a really big opportunity to help homeowners save energy and cut costs.”

While it isn’t cheap to remodel a home, incentives make these projects affordable. Experts say the money you save will on your energy can pay it back in less than two years.

“If you’re going to weatherize your house, that’s the equivalent of buying oil at a dollar a gallon,” said Voorhees.

The money people save on their bills, can go right back into Maine’s economy.

“So that money re-circulates and produces a much larger kick on income and employment,” said Dr. Thomas Tietenberg, a retired Colby College economist.

Now, this draft must be approved by the Efficiency Maine board, the Public Utilities Commission and the legislature this Fall. If approved, the plan would go into effective in July 2013.

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