The U.S. economy has the potential to yield gross energy savings worth more than $1.2 trillion by 2020 if it implements energy efficiency at scale, according to a report from the consulting firm McKinsey & Company.

The nation's economy has the potential to reduce annual non-transportation energy consumption by roughly 23 percent by 2020, the report states. The reduction in energy use would also avoid 1.1 gigatons of greenhouse gas emissions per year, the equivalent of taking off the road the entire fleet of passenger vehicles and light trucks in the U.S.

Energy efficiency offers a vast, low-cost energy resource for the U.S. economy, the consulting firm says in its report.

Solutions to make possible such energy savings include information, education, codes and standards, deployment of resources, incentives and financing. According to McKinsey, the U.S. would need $520 billion through 2020 for upfront investment in efficiency measures, not including program costs.

The McKinsey report reveals new possibilities for energy efficiency, and will be instrumental in engaging consumers, businesses and everyone else to cut energy consumption, reduce harmful emissions, and save money on electricity, Lisa Jackson the administrator of the U.S. Environmental Protection Agency said in a statement Wednesday.

Jackson said the EPA will continue pioneering energy efficiency through programs like Energy Star and partner with the Department of Energy in the National Action Plan for Energy Efficiency, and engage in state and local climate and energy programs.

A series of actions to unlock the energy efficiency potential are described in the report.Unlocking Energy Efficiency in the U.S. Economy.