We could save €51 Billion says Philips

Royal Philips Electronics has announced a number of energy efficient lighting solutions which could significantly reduce costs, save energy and cut CO2 emissions.
In view of the rising demand for energy and imminent climate change, Philips believes that by just switching from old to new technology, massive savings could be made: €51 billion in electricity cost per year, 273 million tons of CO2 emissions per year, 800 million barrels of oil, or the output of more than 265 power plants.

In view of this, Philips thinks the time is right and momentum is there to globally prepare for a switch-over from incandescent bulbs to energy saving bulbs, over time. Philips is starting this initiative in Europe by calling for a collective action between the lighting industry, governments and NGOs. Philips thinks the switch-over in Europe could happen within a time frame of 10 years.

“Light consumes about 19% of electricity, and the majority of light bulbs are based on old, energy inefficient technology,” says Theo van Deursen, CEO of Philips Lighting. “We are increasingly seeing new lighting solutions being installed in road lighting and office buildings, and we now want to take the lead in accelerating the switch in the home by calling for collective action. Today we start this initiative in Europe, where we think the switch-over could take place within 10 years, and we will follow up with other regions taking into account regional differences and developments.”

The traditional, incandescent light bulbs are very energy inefficient because 95% of the energy consumed is wasted as heat. As approximately 80% of all lighting in the home is still using incandescent light bulbs, the collective energy waste is enormous. By switching to new technology, an indirect CO2 reduction of 20 million tons in Europe alone could be achieved. For the consumers at home, switching from incandescent bulbs to energy saving light bulbs could achieve savings of up to €12 per light bulb per year.