Mckinsey Report: Efficiency could save $700 Billion

When surveyed, the average American estimates that "plug loads" represent 13 percent of energy consumption, but the number is more like 35 percent and growing, Ostrowski said.

Standby power alone, sometimes referred to a home's parasitic or vampire load, is 6 percent to 8 percent of the total. Putting in place efficiency standards to cut standby power could result in energy savings equivalent to the annual electricity consumption of the Netherlands, Ostrowski said.

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