ENGS 88 Honors Thesis (AB Students)

Degree Program

B.E.

Year of Graduation

2023

Faculty Advisor

Erin N. Mayfield

Document Type

Thesis (Senior Honors)

Publication Date

Spring 6-7-2023

Abstract

This thesis quantifies the financial burden induced by a home energy efficiency and electrification project through a new metric, the real energy burden (REB). REB captures the percentage of income allocated to the annualized capital cost and the annual energy expenditure of an energy efficiency project. To characterize and demonstrate the use of REB, I draw data from the National Renewable Energy Laboratory ResStock Housing Stock tool to simulate a 2023 energy efficiency and electrification project for three Vermont household archetypes: low, moderate, and high incomes. I find that the REB for the low income archetype is above the energy poverty threshold before and after the efficiency and electrification project. I find that the REB for the moderate income group is above the energy poverty threshold after the efficiency and electrification project. The high income archetype avoids any state of energy poverty before or after the project. I also find that the REB is highly sensitive to fuel price volatility, whereby the REB is well above the energy poverty line in the baseline case and after the efficiency and electrification project when fuel prices are high. I also find that high discount rates increase REB for low income households more than for high income households taking on efficiency projects. Lastly, I find that low and moderate income Vermont households do not receive enough financial support from existing public programs to avoid an induced state of energy poverty after taking on an efficiency and electrification project. To achieve net zero goals and promote equitable energy use, Vermont could increase existing efficiency rebates among other policy instruments for low and moderate income households.

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