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Energy savings certificates (ESCs), also known as white certificates, are tradable credits typically representing one megawatt-hour (MWh) of energy savings. They allow third parties to generate efficiency savings and sell them to utilities to help meet regulatory targets established via Energy Efficiency Resource Standards (EERS) or Renewable Electricity Standards (RES). In the U.S., 21 states have such targets, with Connecticut operating an active market where prices have generally ranged between $20 and $25/MWh. Internationally, programs exist in New South Wales, Italy, Great Britain, and France, with India encouraging a national market. ESCs incentivize efficiency investments by providing an additional revenue stream for commercial and industrial entities.