|How To Upgrade To Energy Efficient Lighting and Pay it Off Fast|
|Tuesday, 30 October 2012 15:53|
Lighting can account for about 45% of your business’ energy bill alone. However, you can lower that energy bill and receive substantial incentives while you do so.
Get a Tax Break
There is not a one size fits all solution to every building and prices vary from case to case, most efficiency upgrades and retrofits will pay for themselves after a reasonable period of time. First, buildings with newly installed devices can receive tax deductions. These deductions can provide up to the entire cost of newly installed energy efficient lighting. The price will be deducted from the owner’s taxes for the year the lighting is installed (capped at $.60/sq.ft.) . All requirements that are listed in ASHRAE/IES Standard 90.1-2001 must be met. Get more info here.
Existing buildings that go through expensive lighting energy efficient upgrades or retrofits may feel that the price is too steep. In order to offset costs many utility companies offer rebates for businesses that initiate energy conservation programs. Rebates are based upon predicted savings, and can be as high as 70% (depending on cost of the project).
Finally, buildings that upgrade their lighting can receive special loans. Businesses can receive between $5,000 and $100,000 with loan periods up to 60 months. Government agencies may qualify for up to $250,000 in loans with 120 month loan period. To qualify for these financing plans the estimated savings must be sufficient to pay off the loan during the loaning period. Learn more here.
On our website you can work with our retrofit calculator and view approximate savings from energy efficient retrofit lighting.