Commercial Real Estate Property Managers want their properties to be safe and secure for their tenants and guests and it is well known that criminals use the absence of light to carry out their work. By utilizing LED lighting in parking garages, Property Managers are able to reduce the element of danger while also allowing their tenants and guest to feel safer through the increase in the quality of light produced by LEDs.
While it is well known that an upgrade to LED lighting can increase the safety and security of your property, it can also pay for itself and increase your cash flow.
By switching from a standard HID parking garage fixture to an LED parking garage fixture, you can decrease your energy usage from 185 watts per fixture to 45 watts per fixture – a 75% reduction. And, assuming that, like most, your parking garage fixtures run 24x7, by switching to LED lighting you could realize an annual reduction of 1,226 kWh per fixture! If your parking garage has 100 fixtures, you could be looking at energy savings of $12,200 annually – that’s an average savings of $122 per fixture per year!
An LED retrofit project of this size could carry a project investment cost of roughly $25,000. However, depending on where the property is located, a utility rebate of up to $10,000 could be available to assist in your decision to upgrade. Efficient Power Tech is a Program Sponsor for many rebate programs offered by local utilities and can assist your organization in securing these funds if they are available for your project.
With a Net Project Investment of +/- $15,000 and projected energy savings of $12,200 annually, your cash-on-cash ROI for an LED lighting upgrade for your parking garage would be around 1.23 Years.
Did we mention that our LED parking garage fixtures have lifespans of 50,000 – 200,000 hours depending on the manufacturer? Our LED parking garage fixtures also come with a minimum 5-year Manufacturer’s warranty. In addition, Efficient Power Tech warrants the quality of labor for the period of 1-year to guarantee the job is done correctly. That means ZERO maintenance fees for the foreseeable future – a sigh of relief to any veteran Property Manager.