RGGI Revenues to Encourage $2 bn in Savings
The Regional Greenhouse Gas Initiative (RGGI) states released a report that claims $700 million in proceeds from CO2 allowance auctions will return more than $2 billion in lifetime energy bill savings to the nine states in the compact.
The report summarizes the lifetime impact of consumer, economic, and environmental investments made from 2009 to 2012 using the auction proceeds. The report analyzed the lifetime impact of RGGI proceed investments made in the nine RGGI states – Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont.
The report, Regional Investment of RGGI CO2 Allowance Proceeds, 2012, estimates that RGGI proceeds spurred investments in energy efficiency, clean and renewable energy, and other strategic energy programs that benefit more than 3 million participating households and more than 12,000 businesses in the region.
States in the region have used more than $700 million of RGGI proceeds to invest in energy efficiency, clean and renewable energy, direct energy bill assistance, and greenhouse gas abatement programs.
These RGGI proceed investments are projected to offset the need for approximately 8.5 million MWh of electricity generation, save more than 37 million mmBTU of fossil fuels, and avoid the release of approximately 8 million short tons of CO2 pollution into the atmosphere over their lifetime.
As detailed in the report, the RGGI states have invested auction proceeds in a wide variety of strategic energy programs, including:
- Connecticut’s Small Business Energy Advantage Program
- The Delaware Weatherization Assistance Program (WAP)
- Efficiency Maine’s Business Incentive Program
- Maryland’s EmPOWERing Clean Communities
- Massachusetts’ Green Communities Designation and Grant Program
- The New Hampshire Pay for Performance Program (NH P4P)
- New York’s Cleaner, Greener Communities
- Rhode Island’s Large Business Revolving Loan Fund
- Efficiency Vermont’s Home Performance with ENERGY STAR®
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