Through demand-side flexibility, the EU and UK can reduce carbon dioxide emissions by 40 million tonnes annually by 2030 and achieve cost savings of €10.5 billion (£9.1bn).
A new report from Danfoss indicates that households can look forward to saving 7% on their electricity bills by 2030, and this savings percentage is expected to increase to 10% by 2050.
Analysts note that in the US, optimising efficiency, demand flexibility and electrification in buildings can result in up to $107 billion (£87bn) in annual power system cost savings and a 91% reduction in carbon dioxide emissions from buildings by 2050.
The report estimates that by 2030, up to 53% of global energy input will be wasted as excess heat, which can be harnessed and reused, particularly through sector integration.
The report’s authors propose that on a global scale, it could be feasible to reclaim 1.228TWh of excess heat by 2050.
This quantity is comparable to nearly two thirds of the current global heat generation from coal, which is the primary source of heat.
