In the business world, discussions over the proposed climate and energy bill now before the Senate focus on cap-and-trade, the mechanism by which power companies will be rewarded for producing more energy through solar and wind sources and discouraged from continuing to use coal and other sources that release carbon dioxide and other greenhouse gases into the air.

Corporate supporters of the American Clean Energy and Security Act believe the establishment of a market for renewable energy credits is necessary to address the threat of climate change and to avoid other problems associated with oil and coal. Critics say it will drive up electric rates as power companies pass through the increased cost of generating renewable energy to their customers.

But this debate on one aspect of the bill ignores its overarching intent and misses a big opportunity that ACES presents to U.S. businesses. If the bill is about promoting renewable energy, it is even more about catalyzing energy efficiency, a goal likely to save companies far more money than cap-and-trade will cost them. If ACES makes a kilowatt-hour cost more, it also offers ways for companies to use fewer of them. So, while electricity rates may increase modestly, the actual bills that businesses pay will go down.

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