The rapid price reductions are also referenced by several major public statements manufacturers’ and activity. In January 2012, Philips announced price cuts to its LED light bulbs, and its CEO has stated they are aiming for a price point for LED bulbs at below a U.S. “well $10”. Cree, manufacturer, cut the price of outdoor streetlights by 50%. In 2012, Environmental Law & Policy Center staff found only three different brands of indoor LED lights being sold at Home Depot that were priced below $10 per bulb. Now, in 2015, there are at least eight brands of LEDs with sub-$10 offerings. These price drops and consumer acceptance of LEDs is occurring around the Midwest. In Ohio, for example, American Electric Power reported that although only 2% - 3% of bulbs sold were LEDs in 2013, the market share for LEDs rose to 11% in 2014. LEDs are an easily-installed game changing efficiency technology that will significantly reduce electricity use in Chicago and throughout the nation over the next decade. More Energy Efficient Appliances: Game Changing Energy Efficiency Impacts in Reducing Electricity Demand The energy savings potential of more efficient residential and commercial appliances is very large. Federal and state appliance efficiency standards driven by public policies, technological improvements as appliance manufacturers compete on the basis of energy efficiency ratings, and market demand driven by ENERGY STAR ratings and overall consumer awareness are combining to reduce electricity demand. In some cases, European standards have also caused manufacturers to improve their efficiencies for appliances sold in global markets. The Illinois Energy Efficiency Performance Standards program and other Illinois-specific efficiency programs, which provide rebates and other incentives for purchases of more efficient lighting, appliances and other equipment, consumers to adjust their buying patterns to upgrade “nudge” sooner (thereby gaining energy savings sooner) and choose to purchase more efficient products. As of 2011, energy efficiency standards for household appliances reduced total U.S. electricity consumption by 7%. By 2025, existing standards will have reduced electricity consumption by 682 TWh, or 14% relative to usage without standards. That demand reduction is equivalent to 114 1,000-MW coal plants.
The rapid price reductions are also referenced by several major manufacturers’ public statements and activity. In January 2012, Philips announced price cuts to its LED light bulbs, and its CEO has stated they are aiming for a price point for LED bulbs at “well below $10”. Cree, a U.S. manufacturer, cut the price of outdoor streetlights by 50%. In 2012, Environmental Law & Policy Center staff found only three different brands of indoor LED lights being sold at Home Depot that were priced below $10 per bulb. Now, in 2015, there are at least eight brands of LEDs with sub-$10 offerings. These price drops and consumer acceptance of LEDs is occurring around the Midwest. In Ohio, for example, American Electric Power reported that although only 2% - 3% of bulbs sold were LEDs in 2013, the market share for LEDs rose to 11% in 2014. LEDs are an easily-installed game changing efficiency technology that will significantly reduce electricity use in Chicago and throughout the nation over the next decade. More Energy Efficient Appliances: Game Changing Energy Efficiency Impacts in Reducing Electricity Demand The energy savings potential of more efficient residential and commercial appliances is very large. Federal and state appliance efficiency standards driven by public policies, technological improvements as appliance manufacturers compete on the basis of energy efficiency ratings, and market demand driven by ENERGY STAR ratings and overall consumer awareness are combining to reduce electricity demand. In some cases, European standards have also caused manufacturers to improve their efficiencies for appliances sold in global markets. The Illinois Energy Efficiency Performance Standards program and other Illinois-specific efficiency programs, which provide rebates and other incentives for purchases of more efficient lighting, appliances and other equipment, “nudge” consumers to adjust their buying patterns to upgrade sooner (thereby gaining energy savings sooner) and choose to purchase more efficient products. As of 2011, energy efficiency standards for household appliances reduced total U.S. electricity consumption by 7%. By 2025, existing standards will have reduced electricity consumption by 682 TWh, or 14% relative to usage without standards. That demand reduction is equivalent to 114 1,000-MW coal plants.