Cost-Effectiveness of Electricity Energy Efficiency Programs
研究了1992至2006年间美国电力公用事业资助的能效项目对电力需求的影响，发现这些项目平均每千瓦时节省成本约5美分，长期可减少1.8%的用电量。
We analyze the cost-effectiveness of electric utility ratepayer-fundedpro-grams to promote demand-side management (DSM) and energy efficiency (EE) investments. We specify a model that relates electricity demand to previous EE DSM spending, energy prices, income, weather, and other demand factors. In contrast to previous studies, we allow EE DSM spending to have a potential longterm demand effect and explicitly address possible endogeneity in spending. We find that current period EE DSM expenditures reduce electricity demand and that this effect persists for a number of years. Our findings suggest that ratepayer funded DSM expenditures between 1992 and 2006 produced a central estimate of 0.9 percent savings in electricity consumption over that time period and a 1.8 percent savings over all years. These energy savings came at an expected average cost to utilities of roughly 5 cents per kWh saved when future savings are discounted at a 5 percent rate.