"Combined, New Zealand homes and businesses are currently spending around $55 million every day or $20 billion per year on fossil fuels, most of which are imported," says Saul Griffith. "Approximately two-thirds of New Zealand’s total energy needs are met by burning these expensive fossil fuels. But this country is one of the first in the world to cross an ‘electrification tipping point’, where the cost of buying and financing electric machines is cheaper over the long run than using fossil fuels. That leads to savings for individual households and it could lead to huge savings for the country as a whole.”