Abstract
We compare the total resource cost and willingness to pay accounting methods of calculating demand-side management benefits and costs. After a review of Massachusetts Electric Company's process evaluation data, we conclude that the total resource cost method more accurately represents actual program results. However, even the total resource cost method may be incomplete, since it fails to account for savings associated with efficient equipment purchased independent of the utility program, but as a direct result of participants' positive, educational experiences in the program.
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