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Phillips said expanding the tax credit — as well as housing vouchers “and other supply- and demand-side subsidies” — would help, but they will serve fewer people and cost more “if we don’t address the housing scarcity problem.”

Tobin questions the need for more demand-side incentives, suggesting that when interest rates fall, demand will naturally increase.

The item calls for greater transparency from the PUC, including better reporting around what is driving costs, and a review of demand-side management programs that affect customer usage.

She says: "We need to engage more people and more industries in demand-side management, to make sure the flexibility needed in the system is out there to make generation and demand match better during the day and during the night."

Demand-side strategies, such as improving resource efficiency, replacing individual mobility with shared or public transport, reusing or recycling existing materials, and the thermal refurbishment of buildings play a decisive role here.