Energy efficiency is recognized as a low-cost, reliable resource, yet investments in efficiency programs lag far behind the level needed to capture all cost-effective efficiency resources. While state utility commissions commonly consider utility system benefits, a full valuation of energy efficiency benefits can support increased investment in efficiency. At the National Home Performance Conference, Janine Migden-Ostrander identified a host of utility system, participant, and societal benefits of energy efficiency—many of which are often undervalued or excluded from consideration—and described opportunities to improve how these benefits are considered in cost-benefit analyses. Recognizing that all programs must be cost-effective, Ms. Migden-Ostrander recommends quantifying all benefits that are quantifiable, establishing reasonable default values for those that are difficult to quantify, moving forward with all measures that pass the total resource cost (TRC) test, and finding partners if cost-effectiveness depends on non-electricity benefits.