Senior advisor Jim Lazar discusses the broad range of benefits garnered from investments in energy efficiency in a presentation at the American Council for an Energy-Efficiency Economy’s Energy Efficiency as a Resource conference. Using a layer cake analogy, Mr. Lazar highlights the three major types of benefits—participant, utility system, and societal—and describes opportunities to improve how these benefits are considered in cost-benefit analyses. State utility commissions can support increased efficiency investments by conducting a full valuation of energy efficiency benefits, which includes measurement of benefits and costs, with detailed economic evaluation of the complete effects.