NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Judson Boomhower

Department of Economics
University of California at San Diego
9500 Gilman Drive #0508
La Jolla, CA 92093

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NBER Program Affiliations: EEE
NBER Affiliation: Faculty Research Fellow
Institutional Affiliation: University of California at San Diego

NBER Working Papers and Publications

January 2017Do Energy Efficiency Investments Deliver at the Right Time?
with Lucas W. Davis: w23097
Electricity cannot be cost-effectively stored even for short periods of time. Consequently, wholesale electricity prices vary widely across hours of the day with peak prices frequently exceeding off-peak prices by a factor of ten or more. Most analyses of energy-efficiency policies ignore this variation, focusing on total energy savings without regard to when those savings occur. In this paper we demonstrate the importance of this distinction using novel evidence from a rebate program for air conditioners in Southern California. We estimate electricity savings using hourly smart-meter data and show that savings tend to occur during hours when the value of electricity is high. This significantly increases the overall value of the program, especially once we account for the large capacity p...
 
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