Does Daylight Saving Time Save Electricity?

The origin of daylight savings is traced back to Benjamin Franklin. He believed that adjusting clocks would conserve candles back in 1784. The U.S. government eventually instituted the idea during the first world war in an effort to preserve energy, and we have been following the practice ever since.

The world has changed a great deal since then. We have more appliances, along with resource-intensive heating and cooling systems that affect energy usage. Given the changed nature of our world, does adjusting for daylight savings still save energy?