Absolutely, asynch13! That's what I did. It took over two years, starting with a home energy monitor.
Using a home energy monitor such as [1] or [2], one can get frequent measurements, every six seconds for [1], then identify individual loads by switching them on and off during a period of otherwise steady demand. Other loads silently switch on and off of course;
Then one can start making evaluations and upgrades. Some can be surprising; I was able to reduce my demand by well over 20 KWh / day; details here [3].
After that, a 5KW / 8000+ KWh-per-year grid-tie no-storage solar PV system went in. My utility charges $11 for a month when the PV system produces more than the home consumes during a billig period.
The utility did change out their transformer (to a smaller 25 KW unit feeding 3 other homes) on the power pole in my back yard. But home and location is 40 years old, so I can imagine the old transformer was fully amortized long ago.
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[1] http://currentcost.net [2] http://www.theenergydetective.com/ [3] https://discussions.zoho.com/powersave/topic/how-much-i-ve-b...