Electricity Rates are Going Up:
Here's What You Can Do to Reduce Your Energy Costs
Costs seem to be going up everywhere, and energy bills are no exception. Pennsylvania Electric Company (PECO) recently announced that they will be rolling out an 11% increase in their energy rates. National Grid (energy provider in NY, MA, RI, VT, and NH) has also announced a series of incoming cost hikes. They likely won’t be the only ones passing on rising costs to consumers, so what can you do to reduce your overhead?
If You Don’t Have LED Lighting…
It is time to switch! The cost of waiting to upgrade to more efficient LEDs has never been higher. You may be balking at the idea of having to buy all new fixtures for your space, but the cost can be significantly offset with utility rebates. If your business is in the PECO or PSE&G service area, there is a good chance you could get your new lights for just $1 apiece!
Wondering how? Let’s say you would like to buy this Field-Selectable LED High Bay.
- The cost before a rebate would be $219.88 per light (as of this blog post).
- PECO is currently offering a rebate of up to $220.00 on high bay lights that are >20,000 lumens.
- Since this light meets their requirements, it qualifies for this rebate.
- The cost of the light must be at least a dollar, so that would bring your total cost per light to $1 + tax!
Outside of this service area? There are great commercial lighting rebates available in 74% of the USA! With these super low upfront costs to upgrade, and ever-increasing electricity overhead, now is the ideal time to make the switch to much more efficient LED lights.
Finding eligible lights is also super simple – any product on our website that can qualify for a rebate has a button that says: Find Rebates. It will take you to our easy-to-use Virtual Rebate Assistant and help you find the incentives near you!
If You Have LED Lighting That’s 5+ Years Old…
You should consider upgrading to newer models. The efficiency of LED lights has drastically improved over the last 10 years. In fact, if you installed high bays in your commercial space in 2014, you could see a 30-40% reduction in monthly costs by swapping them out!
While you may be weighing whether it really is worth it to upgrade your LEDs, it’s important to note that many utility companies are also offering incentives for swapping out inefficient LEDs for newer versions. PECO, for example, will provide rebates to these customers as long as the improvement in efficiency is 20% or greater. So, you can get this upgrade for as little as $1 a fixture as well!
Still Not Convinced? Let’s Look at the Potential Savings…
Let’s say you are upgrading to the Field-Selectable High Bay mentioned before, set at the 150W wattage option. These are the savings you’d experience, compared to a 400W Metal Halide and a Legacy 240W LED High Bay – all with an approximate output of 21,000 lumens.
But what about on a larger scale? Let’s say you are planning to update a warehouse with 20 of our 150W LED high bays, replacing those 400W metal halides mentioned before. Making that switch would:
- Save an estimated 24,408 kWH annually
- Reduce your energy bill by over $3,000 per year
- Eliminate energy use equivalent to 17.3 tons of carbon dioxide emissions
Overall, upgrading lighting is a project that’s good for the earth as well as your wallet!
If you are still wondering if upgrading your lighting will be worth it, or if you aren’t completely sold on if utility rebates will be as helpful as they seem, take a look at some of our real-world customer examples!
Want to learn more about some common misconceptions surrounding rebates? Check out our blog about the top rebate myths or watch the video below to get all the facts!
Ready to reduce your energy costs for very little out-of-pocket? Find out if your business is eligible for money-saving lighting rebates or reach out to our team today! Call, email, or text us below to get started with your energy efficiency upgrade.