A dismal stock market, terrible bond rates, anemic interest from savings accounts. Is there any place to put money that would pay back something worthwhile? How about an affordable investment in energy efficiency to save $80 million by 2012? A bill before the Legislature Monday would produce those savings for taxpayers and would result in cleaner air. A double return.

LD 1261 builds on a study performed by the Public Advocate’s Office last year that found Maine would save significantly by investing in programs for low-income residents to replace old refrigerators or lighting, offering to everyone rebates for compact fluorescent lamps and establishing a small-business revolving loan fund to help businesses save energy. By raising $19 million a year through adding 0.2 of a cent per kilowatt hour on transmission and distribution utilities, Maine would save $80 million, according to the study. With an additional .1 of a cent, LD 1261 would provide funding to encourage the development of renewable sources of energy. This would reduce, if by a small amount, the state’s dependence on oil while encouraging job growth.

The bill would also set minimum standards for efficiencies for a wide range of appliances – ceiling fans and commercial clothes washers, digital television converter boxes and exit signs. The products weren’t picked haphazardly but are a collection of energy-using devices that were not covered by national standards, like scores of other products, but are having standards set for them by the states. California has already passed these standards and several other states are considering them this year. The standards would be the same from state to state.

Converting to energy-efficient products saves money long term. Maine cannot afford to invest enough to reap a maximum benefit from energy savings, but it can do much more than it has been doing. The state not long ago relieved the utilities from the burden of running efficiency programs and has so far had some success in generating good ideas about making Maine a cleaner and more competitive place through the more careful use of energy.

LD 1261 puts those good ideas into practice and could save Maine residents a lot of money in the next few years.

A sound investment.