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.