Your estimated total energy savings over years is: $0.00
Understanding the Rewiring America Energy Savings Calculator
The "Rewiring America Energy Savings Calculator" is a tool designed to help homeowners and consumers estimate the potential financial benefits of adopting energy-efficient technologies and practices, aligning with the goals of initiatives like Rewiring America. This calculator focuses on projecting long-term savings based on current energy expenses and anticipated improvements in efficiency.
How It Works: The Underlying Math
The calculator estimates your total savings over a specified period by considering your current monthly electricity bill, the percentage of savings you expect to achieve through upgrades (like solar panels, heat pumps, insulation, or energy-efficient appliances), and factoring in the impact of annual inflation on future energy costs.
The core calculation involves projecting savings year by year, adjusting for inflation, and summing them up.
Annual Savings: (Current Monthly Electricity Bill * 12) * (Estimated Monthly Energy Savings Percentage / 100)
Projected Future Bills (Adjusted for Inflation): Each year's potential bill is estimated by increasing the previous year's bill by the annual inflation rate.
Projected Future Savings (Adjusted for Inflation): The annual savings are then calculated based on these inflated future bills.
Total Savings: The sum of the inflation-adjusted annual savings over the projection period.
Key Inputs Explained:
Average Monthly Electricity Bill ($): This is your baseline cost for electricity per month. The more accurate this figure, the more reliable your savings estimate will be.
Estimated Monthly Energy Savings (%): This represents the reduction in your electricity consumption you anticipate after implementing energy-efficient upgrades. For example, 20% means you expect to use 20% less electricity.
Expected Annual Inflation Rate (%): This accounts for the general increase in the cost of goods and services over time, which also affects energy prices. A higher inflation rate means energy costs are projected to rise more quickly.
Projection Period (Years): The duration over which you want to estimate your total savings. Longer periods generally show more significant cumulative savings, especially when inflation is considered.
Why Use This Calculator?
This calculator provides a tangible financial perspective on energy efficiency investments. By understanding the potential long-term savings, individuals can make more informed decisions about adopting cleaner energy solutions, contributing to both personal financial well-being and broader environmental goals. It helps visualize the return on investment for energy upgrades and reinforces the value proposition of participating in initiatives aimed at electrifying homes and reducing carbon footprints.
function calculateSavings() {
var currentBill = parseFloat(document.getElementById("currentElectricityBill").value);
var savingsPercentage = parseFloat(document.getElementById("estimatedEnergySavingsPercentage").value);
var inflationRate = parseFloat(document.getElementById("annualInflationRate").value) / 100; // Convert percentage to decimal
var yearsToProject = parseInt(document.getElementById("yearsToProject").value);
var totalSavings = 0;
var currentAnnualBill = currentBill * 12;
// Input validation
if (isNaN(currentBill) || isNaN(savingsPercentage) || isNaN(inflationRate) || isNaN(yearsToProject) ||
currentBill < 0 || savingsPercentage 100 || inflationRate < 0 || yearsToProject <= 0) {
document.getElementById("totalSavings").textContent = "Please enter valid positive numbers.";
document.getElementById("projectedYears").textContent = "N/A";
return;
}
var projectedAnnualBill = currentAnnualBill; // Start with the current annual bill
for (var year = 1; year <= yearsToProject; year++) {
// Calculate savings for the current year based on the projected bill
var annualSavings = projectedAnnualBill * (savingsPercentage / 100);
totalSavings += annualSavings;
// Update the projected bill for the next year by adding inflation
projectedAnnualBill *= (1 + inflationRate);
}
// Format total savings to two decimal places
var formattedTotalSavings = totalSavings.toLocaleString(undefined, {
minimumFractionDigits: 2,
maximumFractionDigits: 2
});
document.getElementById("totalSavings").textContent = "$" + formattedTotalSavings;
document.getElementById("projectedYears").textContent = yearsToProject;
}