Solid state lighting systems are becoming more mainstream and are replacing traditional incandescent and fluorescent lighting quality. They’re superior not just in terms of the lighting quality, but also energy usage and environmental benefits. Even so, a lot of site owners and developers are still hesitant to switch to this energy efficient LED lighting. The reason for this is the initial outlay and lack of financing availability for such projects.
But what many people don’t know is that innovative and cost-effective financing is now available for such projects. One such financing mechanism is called PACE financing.
How Does PACE Financing For LED Lighting Projects Work?
The property-assessed clean energy (PACE) model allows local or state governments and other interested stakeholders to provide the up-front financing for energy efficiency and renewable energy projects on private property which can be residential as well as commercial. The actual users then repay back the finance provider over time, typically at no extra costs because of the energy savings achieved by the project.
Note that the PACE financing initiative is supported by the federal government, and local governments get funding through the Dept. of Energy and Recovery Act funds.
The repayments are paid by property owners as PACE assessments, with the actual repayments included into their property tax bills. As such, this assessment becomes a transferable debt that goes to the new owner of the property in case it is sold. This entire financing and repayment mechanism facilitated through local governments and taxation is making it easy for property owners to decide whether to replace their old lighting with new and energy efficient LED lighting systems.
It’s a no-brainer – You don’t have to pay anything upfront, and you repay back the cost in installments. The best part is that you start saving on energy costs, and this cost reduction takes care of the installment. So you are getting, in effect, a free LED lighting system without investing anything.
GRE Alpha has been working for many years with leading system integrators and contractors in driving the use of such energy efficient LED lighting solutions for commercial projects. Make your call today and you could soon have constant voltage LED drivers, UL Class 2 LED power supplies, Lighting Dimming Modules and other energy efficient systems installed at your place right away and without any cost.
Filed in: Industry