Lighting Industry, News

Lighting suppliers offer funding for upgrades

UK manufacturer Lietcorp has teamed up with a group of private equity investors to set up a £100m funding scheme called Energy Works, which will allows clients to pay for LED lighting out of their energy savings over a 10-year period. Between £100,000 and £10 million is available for large businesses whose existing energy costs for lighting are over £100,000 per year.

Lighting Electricians has helped clients including Chiltern District Council to cut their lighting bills with its own funding scheme, as well as numerous schools up and down the country. It hopes it can save UK organisations more than £1 million on their energy bills over the next two years.

Meanwhile Premium Lighting Solutions (PLS) has launched its new Shared Saving Scheme, using energy savings to pay for upgrades. Keith Wyatt of PLS said: ‘If a customer’s existing lighting system was costing £100 per month in energy bills, but the new efficient system is only costing £70 per month, the customer pays for the new system out of the resulting £30 monthly savings. We are so confident that our technology will generate energy savings that if the customer doesn’t save any energy, they don’t pay.’

Other organisations such as the Carbon Trust and BRE have teamed up with financial backers to provide funding for retrofit projects, and the government’s Green Deal offers another way for building owners to pay for upgrades out of energy savings.