The UK Green Investment Bank (GIB) is pioneering a package of financial support that will allow British local authorities to replace their lighting stock with low energy lighting.
Street lighting can account for as much as 40% of a local authority’s energy consumption and costs. It estimates that councils could save between 50% and 70% of those costs by moving to low energy lighting (LEDs).
This is because traditional street lights will be used to provide light for up to c.25,000 hours (dependant on lamp type); while an LED replacement will work for anything up to 100,000 hours.
Local authorities will be able to borrow money from the Green Investment Bank, but repay the loan entirely through the money they save by changing their lighting. A number of UK local authorities and international cities have been early adopters to LED street lighting but GIB are looking for more projects to finance.