When it comes to renovating the lighting in a small office, industrial setting or commercial environment, whether it is to improve overall quality or increase efficiency, the upfront costs can be a barrier. Although LEDs quickly deliver a solid return on investment and a definite win for the environment, many business owners have to make decisions with more of a basis on the bottom line.
Luckily, there are a wide variety of incentive programs available through utility companies, as well as federal, state and local governments. Using these programs effectively can result in a substantial cost savings. Also, now that there are numerous rebate and incentive programs available, the payback period for retrofitting has been drastically reduced.
In the past, business owners often had to wait for many years or even up to a decade to receive a rebate or a payback from an incentive program. All of that has changed and the waiting period is now less than a year for most applications. Of course, this is all dependent on the size and scope of the lighting project.
The savings are partially due to the fact that many lighting projects are eligible for more than one incentive program. For example, a business owner in Georgia with a 100,000 square foot building might qualify for both state and federal tax credits.
With a Georgia tax credit of $0.60 per square foot and an additional $0.60 per square foot tax deduction available from the federal government for energy-efficient lighting installations, the savings can be substantial. The business owner from this example would receive $120,000 back for doing an energy-efficient lighting retrofit or installation – not too bad!
Considering recent price reductions that affect LED bulbs, as well as the many improvements to LED fixtures, control systems and sensors that have been made over the past few years, the time to invest is now. In fact, LED lighting solutions have actually gotten to the point where it doesn’t make sense to wait for further advancements, because doing so effectively decreases the potential lifetime savings.
Aside from the money that is saved in terms of efficiency, LED light fixtures provide a range of additional benefits, such as:
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