Household energy consumption has been on a downward trend since 2005, partly as a result of energy efficiency measures already in place, according to the report.

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The ultimate in energy efficiency will come when power producers can turn on and off small substations at a moments notice based on real-time data on energy consumption at a household level, and consumers can make power purchasing decision based on real-time metering of their consumption.

FORBES: Gil Perez

With household electricity bills continuing to rise rapidly and global energy consumption increasing, a small LED bulb can have a very big impact.

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Ways of making energy consumption clearer, such as devices that constantly monitor household appliances, could therefore help people make better decisions about how to save energy.

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Low household energy costs dampen demand for energy efficiency and most home-appliance manufacturers have hugely reduced their energy consumption in other ways.

FORBES: Magazine Article