Efficiency Vermont reached 22% more people in 2024 — and delivered 21% less savings
Electric participants grew from 27,021 to 33,054 while MWh savings fell from 72,579 to 57,355. Savings per participant dropped 35%. The shift: business projects collapsed while retail product participation surged. The $53.5 million program is reaching more Vermonters and delivering less impact per person.
Participants vs. savings (2023 → 2024)
Where the shift happened
Declining: deep projects
Business existing facilities: 5,839 → 2,057 participants (−65%)
Savings per participant: Higher — commercial/industrial projects save more MWh per engagement
Driver: Market activity lower than expected; projects took longer to scope and complete
Decline in savings per participant: 2.686 MWh/participant (2023) → 1.735 MWh (2024). The program is producing less value per engagement even as total participation rises.
$53.5M
Total Efficiency Vermont spending in 2024 (89% of $60M budget). Electric RA: $38.9M. TEPF (thermal): $9.0M. Development & support: $3.4M. Performance award: $1.6M.
112,069
MMBtu of thermal savings in 2024 — essentially flat vs. 2023 (110,825). Thermal programs held steady while electric savings declined. 10,785 cold climate heat pumps rebated.
The cost per annual MWh saved rose to $678/MWh in 2024. Vermont's retail electricity rate is ~$200/MWh. The lifetime cost of saved energy ($50/lifetime MWh) remains favorable, but the annual economics are tightening as the program exhausts cheap measures and shifts toward broader, shallower participation.
Efficiency Vermont 2024 Annual Report, filed December 16, 2025. Cost calculations derived from RA spending ($38.9M) divided by MWh savings (57,355). Realization rates verified by DPS independent evaluator: 99.1% MWh, 100.7% MMBtu.
Sources: 2024 participants (33,054) and savings (57,355 MWh) — EVT 2024 Annual Report, Section 6.9. 2023 participants (27,021) and savings (72,579 MWh) — EVT 2024 Annual Report, prior-year comparison tables. Business existing decline (5,839→2,057) and efficient products growth (17,502→26,503) — EVT Annual Report, detailed market tables. Existing homes and business new construction participant counts are derived by subtraction from verified totals; they sum correctly but are not independently stated in the source. Total spending ($53,461,764) — EVT Annual Report, Section 8. TEPF savings (112,069 MMBtu) — EVT Annual Report, Section 6. Heat pumps (10,785) — EVT Annual Report, midstream rebate data. Realization rates — EVT Annual Report, Section 6.1.