- April 25, 2018
- Posted by: Nicholas Fitch
- Category: LED Lighting Projects
LEDs, or light-emitting diodes, are nothing new. In 1962, while working for General Electric, Nick Holonyak Jr developed the world’s first visible LED light. However, until recently, LED lighting has been too expensive for wide spread commercial and industrial applications. In recent years, the competition within the LED lighting industry has led to decreased price per lumen, better color rendering, increased efficiency, and better heat dissipation. In the never ending quest to decrease energy consumption, local utility companies and municipalities are providing generous rebates and grants to commercial property owners and businesses that convert their facility lighting to LED. With LED lighting retrofits generating electrical savings of 70-80%, the upfront cost of these LED projects are often the only thing holding business owners back from implementing LED lighting.
In the past few years, an increasing number of banks, leasing companies and other commercial lenders have developed LED lighting financing programs which eliminate the need for businesses to come up with a large chunk of cash upfront. When properly structured, these LED lighting financing and leasing programs generate positive cash-flow from day one. The tremendous savings generated by the efficient LED lighting are more than enough to cover monthly lease/loan payments. Simply put, the savings pay for the project, and the savings overage goes back in the company’s pocket. In addition, utility rebates and grants can either be assigned to the LED lighting manufacturer/seller or flow back to the end-user, further reducing the investment. With some LED lighting lasting some 100,000+ hours, the lighting continues to generate savings that add to the company’s bottom line for years after the lease/loan is paid.
WB Financial is one of the industry’s leading LED financing companies, proving LED retrofit financing and LED leasing programs in both the United States and Canada. By working with reputable LED lighting manufacturers, vendors and contractors, WB Financial is able to provide comprehensive retrofit project financing options that allow businesses and commercial property owners to implement LED lighting and start saving from day one! With funding volume in the LED lighting industry approaching $100MM in 2018, WB Financial has funded LED lighting projects across nearly every industry and application.
Industrial LED Lighting Projects
There are tremendous savings available in commercial and industrial buildings, and facilities managers everywhere are turning to LED lighting as a quick and easy way to decrease operating costs. In warehouses, factories and manufacturing facilities that use high intensity discharge (HID) lamps such as metal halide, or high pressure sodium (HPS) lamps, switching over to LED high bay lighting means big savings on both electricity and maintenance. A facility can replace old lighting that can consume as much as 1000W per fixture, with new LED high bays that consume 225W. That’s an immediate savings of almost 75% on electric costs alone. When dealing with lights that can be 50 feet high, the long life of LED fixtures and low heat output means a big decrease in maintenance costs. Commercial and industrial LED lighting finance programs may include up to 3-months of deferred payments, allowing the lights to be installed and savings to be realized before normal monthly payments begin.
Municipal LED Lighting Projects
Municipalities across the country have been adopting LED lighting technology at a record pace. With some city and county street lighting straight from the 1970’s, street lighting and parking lot lighting have been two key areas that municipalities are focusing on when converting to LED lighting. The city of Los Angeles has already converted more than 75% of its more than 200,000 street lights to LED. Electrical savings are only one part of the equation here. Safety is also a key issue that is improved by LED lights. The higher lumen output and wider coverage area mean that streets, parking lots and building exteriors become more well lit and safer after LED implementation. In addition to street and parking lot lights, cities and government agencies are turning to LED lighting solutions for their office spaces and architectural lighting needs. Municipal LED lighting leasing and financing programs can be custom structured to meet budgetary needs, with terms up to 84-months.
LED Lighting for Gas Stations
Gas stations are another segment that are quickly adopting LED lighting to reduce operating costs. LED canopy lighting for gas stations provide increased light levels, with operational savings associated with electrical and maintenance costs. Many gas stations also feature a convenience store or mini-mart which run lights 24/7. In this type of operation, an LED lighting retrofit can pay back in a very short amount of time. Not to mention, customers feel safer at a well lit gas pump and items on the shelf look better under LED lights. Gas station owners utilize LED financing options to improve cash-flow and eliminate initial out-of-pocket costs. LED lighting is often an important part of the re-branding process when gas stations transfer ownership and are refurbished.
LED Lighting for the Hospitality Industry
There are no shortage of applications for LED lighting within the hospitality industry. From hotel guest rooms, to convention space and exterior lights, LED lighting has the power to transform the look and feel of a hotel like nothing else. With many public areas of a hotel/resort running lights 24 hours/day, monthly electrical savings can be substantial. Many hospitality projects that require financing options include guest rooms, gyms, dining areas, front desk, and conference rooms in addition to exterior and parking lot lighting. Architectural lighting and lighting for tennis courts and pool areas are also commonly financed.
Lighting for Churches, Hospitals and Non-Profits
Non-profit organizations are always looking for ways to minimize operating expenses to better put their budgets to use. LED lighting projects for churches and houses of worship have been increasing in popularity as LED lighting technology has become more reliable and more affordable. In addition to fixtures, churches often finance LED theatrical and stage lighting, as well as moving lights used for performances and events.
LED retrofits and upgrades for hospitals and convalescent homes result in some of the fastest ROIs. With most interior lights run 24/7, and plenty of exterior/outdoor and parking lot lights, the return on investment is substantial. Not to mention, the quality of the lighting produced by LEDs helps to brighten the interior and produce an environment conducive to healing.
LED Lighting Financing Programs
If you are an end-user seeking financing options for your LED upgrade, or an LED manufacturer/vendor seeking finance options for your customers, please give WB Financial a call at 714-703-9400 or contact Nicholas Fitch at email@example.com to discuss your specific needs. We offer industry leading LED leasing and financing options for businesses of all sizes, allowing your company to go green and save money in the process. Get your project started with ZERO down (OAC) and a small one-time documentation fee.