If the objectives set in the reduction of CO2 emissions are met We will be able to see a considerable reduction in the electricity bill in our homes of up to 55%.
This is due to strong growth in electricity demand, which, derived from the already necessary electrification process to achieve the decarbonization goals, will be able to grant the long-awaited reduction in the electricity rate of a 35% by 2030 and up to 55% in 2050, according to him Monitor Deloitte report.
Similarly, although the main focus for reducing CO2 emissions is the transport sector, the thermal uses used in the home are also key in the process.
Alberto Amores, partner at Monitor Deloitte, said during the presentation of the study:
“It is not only the responsibility of companies or the administration; households must also contribute, given that buildings (residential and service) account for a very significant part of the country's energy consumption and emissions.”
To make it easier to understand, a simple way to explain it is that An average standard home could reduce energy consumption by 40%.
The means to achieve this could include a comprehensive rehabilitation or, alternatively, the use of electric heat pumps, which would result four times cheaper that rehabilitation.
Future scenarios: How to reduce CO2 emissions?
The report cited above establishes up to four different scenarios for the coming years:
- continuationist
- Electrifying the economy
- Conventional reduction
- High electrical efficiency
The most ambitious and effective scenario is the so-called “High electrical efficiency” which, thanks to a very high electrification of the economy and intense actions in energy efficiency, is the only one capable of meeting the decarbonisation goals established in Europe.
One of the great advantages of the “High electrical efficiency” scenario is that, although it requires much higher initial investments than the “Continuity” scenario, in the long term entails significant savings in fossil fuel imports, estimated at approximately 380.000 millones de euros.
The Deloitte Monitor report highlights that, despite higher investments in the sustainable scenario, this could be cheaper in total costs than continuing with the current model.
Specifically, the “High electrical efficiency” scenario is estimated to involve a total investment of 510.000 billion euros between 2017 and 2050, compared to 200.000 billion euros in the business-as-usual scenario.
The impact of the price of CO2 on the electricity bill
CO2 emissions not only have an environmental impact, but also directly influence the price we pay for electricity. This link is due to the penalties established by the European Union based on emissions generated by the use of energy sources such as coal, oil or natural gas.
The use of traditional sources entails an additional cost for countries that continue to use them, as they generate significant amounts of CO2 emissions. This process entails an additional cost that is reflected in consumers' bills.
In recent years, the price per tonne of CO2 exceeded has fluctuated, reaching 45 euros per tonne, which can increase the cost of the bill in 15-17 euros in a month.
The more renewable energy you use, the lower your electricity bill will be., since these sources do not generate the same emissions and are not subject to the same penalties.
Energy sources to reduce CO2 emissions
In the fight against CO2 emissions, the choice of energy sources plays a key role. Renewable sources such as solar, wind and hydroelectric energy have a considerably lower carbon footprint compared to fossil fuels, making them much more sustainable options.
- Solar energy: Generating electricity through solar panels does not emit CO2 during operation, making it one of the most environmentally friendly options.
- Wind power: Like solar, wind power transforms the kinetic energy of the wind into electricity without generating significant emissions.
- Hydroelectric power: Hydroelectric power plants generate electricity by harnessing the energy of water, with a very low environmental impact and emissions.
- Biomass: Controlled combustion of biomass can be carbon neutral, as the materials used absorb CO2 during their growth.
In the field of nuclear energy, although it does not emit CO2 during electricity generation, it poses significant challenges in terms of safety and waste management.
Measures to reduce emissions at home
It is not only businesses and administrations that have a responsibility to reduce CO2 emissions. Households also play a key role in this process and each of us can take steps to improve energy efficiency and reduce our carbon footprint.
Some of the most effective measures include:
- Efficient appliances: Replacing older appliances with newer, more efficient models can significantly reduce energy consumption.
- Thermal isolation: Improving home insulation helps maintain indoor temperatures with less need for heating or air conditioning, which reduces both consumption and emissions.
- Using LED lights: This type of lighting consumes up to 80% less energy than traditional light bulbs and has a much longer lifespan.
- Solar panels: Installing solar panels for self-consumption allows you to generate clean, emission-free electricity with a positive impact on your electricity bill.
The use of electric heat pumps and other advanced thermal technologies can also significantly reduce the environmental impact of a home, allowing consumption to be reduced by more than 40% in many cases.
Sustainable mobility also plays an important role. Wherever possible, it is preferable to opt for public transport or car sharing, which not only reduces emissions but also has a positive impact on the overall energy cost.
The sum of small actions can make a big difference, allowing both savings on the electricity bill and contributing to the reduction of CO2 emissions.
Given the importance of reducing emissions globally, efforts at home are combined with changes in international energy policies to advance towards meeting decarbonisation goals.
The shift to clean, renewable energy is not just a trend, but a necessity to ensure a more sustainable future.