Editor’s note: This commentary is by Tom Torti, who is president of the Lake Champlain Regional Chamber of Commerce.
We are fortunate in Vermont to have a thriving clean energy economy; 14,500 Vermonters are employed full time helping save Vermonters money while reducing our environmental impact.
A major employer in this sector is often overlooked: the Vermont Energy Investment Corp. VEIC is a Vermont-based nonprofit, founded in the 1980s, with a mission “to act with urgency to enhance the economic, environmental, and societal benefits of clean and efficient energy use for all people.” VEIC has grown to an organization with 280 employees in multiple states. About 230 of them are headquartered in Vermont, working on contracts that VEIC operates for clients in Washington, D.C., Ohio, and dozens of other states around the country.
A centerpiece of VEIC’s work is a name that is more familiar to many of us: Efficiency Vermont. VEIC has operated Efficiency Vermont since the energy efficiency utility was created by the Vermont Legislature in 2000. It does so under an “order of appointment” from the Public Utility Commission, which means that Efficiency Vermont is actually a regulated utility responsible for delivering energy efficiency services and benefits across the state.
The success of this program is clear. The energy efficient choices customers have made as a result of Efficiency Vermont’s work will deliver $2.4 billion in energy savings back to customers over the life of those choices. The total amount collected through the energy efficiency charge since 2000 is approximately $600 million, meaning that the investment has paid for itself four times over That includes efficient appliances, industrial equipment, LED lights, and many other choices made available through incentives provided by Efficiency Vermont.
Funded through what was initially a controversial charge on electric bills, the energy efficiency charge is now viewed more as an investment in both monetary savings and environmental sustainability. We have in fact transformed our energy system to such an extent that electricity in now one of the cleanest, cheapest ways to power our modern economy.
Vermont is at a tipping point. We have figured out how to take advantage of cleaner electricity by electrifying the way we heat our buildings and get around. But as more businesses and households electrify, we need to ensure that we’re supporting our existing infrastructure and keeping costs low for all Vermonters. That means being smarter about when we use electricity and how we’re matching these new electric users to growing renewable electricity. It will be a change-management project of large-scale proportion.
Fortunately, what we have learned from our investment in Efficiency Vermont can be applied to our new energy landscape. We can reduce our total energy use (including heating and transportation), take control of when and how we use electricity, keep energy costs down for consumers, and reduce greenhouse gas emissions. Based on their track record of delivering savings for businesses and individuals alike, their statewide reach, and success in partnering with Vermont’s utilities, Efficiency Vermont can play a critical role in helping Vermont transform its energy system to the benefit of all.
This is an exciting time in Vermont. The success we’ve seen in the last 20 years lays a foundation for Vermont to build on; transforming its energy system in ways that make Vermont more affordable and more resilient to the effects of a changing climate. As we continue to experience global climate disruption, we cannot afford to take the slow approach to addressing these issues. Let’s apply what we know, use trusted implementers and move forward.
