Nicole Stika

Electricity Outlook to Decline Through 2040

Nicole Stika |

Residential and commercial electricity usage is expected to decline through 2040, according to a report from the U.S. Energy Information Administration.

This is due in large part to energy efficiency improvements that are expected to exceed demand increases for energy. For example, the report cites that solar energy capacity is expected to grow through 2040. The study also finds that solar energy capital costs will decline through that time period, making such efficiency projects easier to take on.

In fact, along with wind, solar is expected to become the predominant source of energy generation. In addition to the “substantial” cost reductions associated with solar, performance improvements and a permanent 10% investment tax credit support the idea that solar is going to grow in importance as an energy source during the next two decades.

The report also found that energy productivity is expected to be high. In fact in 2040, economic growth will require 37% less energy and 10% fewer carbon emissions.

So, what does this mean for you and your business? It means that now is a good time to begin evaluating your own company’s short- and long-term energy needs. Not sure where to start? Let COSE’s Energy Team perform an audit of your business space and determine the best way to maximize your energy efficiency while minimizing costs. (If you are a FirstEnergy customer with a building between 25,000 and 75,000 square feet, you may receive a free audit). 

And there’s additional reason to embark on an energy efficiency project sooner than later. FirstEnergy Corporation has restarted its Energy Efficiency Rebates to incentivize businesses like yours to reduce electricity use. This rebate will improve the ROI on your project and reduce your utility spend. As with previous rebates, these dollars will go fast so it’s imperative to get started, let COSE line up quotes and get your business in line to access these rebates.

For more information, contact COSE’s Energy Team at 216-592-2205 or via email at energy@cose.org.