Energy efficiency is a well-documented, cost-effective resource that delivers measurable economic and environmental benefits. As a demand-side resource, efficiency enhances electric system reliability and reduces overall energy costs for ratepayers. A substantial body of research confirms energy efficiency’s potential as a least-cost resource, often outperforming supply-side alternatives on a cost-per-kilowatt-hour basis. Despite this demonstrated value, efficiency remains chronically underutilized relative to its technical and economic potential. Realizing this potential requires deliberate policy intervention, including utility program design, regulatory cost-recovery mechanisms, and performance incentives to address persistent market failures and structural barriers.