LED Lighting Could Save Property Owners Over $400 Million
Photo: Flickr, pbo31
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While navigating through economic troubles, shifting real estate, and uncertainty for all businesses, commercial property managers and owners have been hard pressed to find cost savings opportunities. Solutions may range from turning off lights at night to reduced landscaping. Cost savings strategies run across the spectrum and can often leave tenants making sacrifices.
One critical area to all office buildings is the emergency exit fire tower staircases. These spaces need to be properly illuminated around the clock. LED Saving Solutions Science and Research Department has determined that property owners are collectively spending about $54 million dollars more than needed to light the stairwells. However, by installing high efficiency, ultra long-life LED tubes, building owners would be able to achieve dramatic savings on these rarely used but always lit portions of the buildings, according to data published by Cushman and Wakefield 2009 United States Office Report and confirmed by a leading commercial real estate professional in the greater Boston metropolitan area.
It is estimated that of the 1.5 billion square feet of central business district (CBD) office inventory, the average floor plate is approximately 25,000 square feet. Because fire code typically requires approximately one fire escape per 10,000, research calculations indicate that there must be approximately 150,000 doors to fire escapes in the nation. With proper illumination, LED Saving Solutions has determined that with an 80% savings using LED tube retrofit bulbs, the nation could save approximately $54 million, spending only $13.5 million per year rather than the $67.5 million necessary for the currently used low-tech fluorescent tubes. Over the term of the LED Saving Solution saving share program, which runs seven to eight years, the total collective savings would reach or exceed $400 million.
Furthermore, a lighting retrofit ensures less maintenance, greater safety, and better illumination for tenants. In all, it’s a winning opportunity for tenants, managers and owners.
Savings Share Program
Because the expense of replacing lighting, particularly in buildings, can be expensive, LED Saving Solutions forged a financing program with financial and lighting partners to make energy efficiency within reach even in an economic downturn.
“Our Energy Savings Share program allows property owners and tenants to retrofit lighting with LED Bulbs that can save 80 percent on lighting costs and last for decades,” Charlie Szoradi, president of LED Saving Solutions said. “Our program includes free lighting energy audits and reports, free demonstrations with sample bulbs on-site at the property, free installation, and arrangements that include zero down and monthly payments that are less than the monthly savings. This structure delivers positive cash flow in the very first month.”