Low Energy Street Lighting from UK Green Investment Bank
By Anne Lewis-Schneider
There are 7 million street lamps in the UK and together they have a bill that exceeds £300 million each year and accounts for one of the major expenses for local authorities. The main problem is that less than 1 million of those lamps are low energy lamps and are therefore costing a lot more to light than they should if they were energy efficient. This is having an impact on the environment as well as costs and is left over from old technology.
The Green Investment Bank (GIB) has decided to do something about this situation, and have made available low fixed rate loans that will run over a maximum period of 20 years. These loans will be accessible for UK local authorities, and feature energy efficiency projects that have been specifically designed by the GIB. The Green Loan will be repaid from savings that will be available when low energy lighting is installed.
Any local authority that is ready to make the change to low energy street lighting can pay off a loan from GIB in as little as 5 years and will then see a saving of up to 80% on their energy bills. Around 40% of a local authority’s total energy bills can be attributed to street lighting so the saving will be substantial. There will also be significant savings in carbon emissions as at present 1.3 million tonnes of carbon is from UK street lighting, which is the equivalent of 330,000 cars on the road.
The GIB is currently working with the Glasgow City Council who wishes to change the 70,000 lights that illuminate their streets to low energy lighting. GIB has a £3. Billion fund from government to improve the UK to me it greener and more cost effective and the new LED lighting is seen as a big part of this initiative, and at the centre of the low carbon economy.UK GIB has Shaun Kingsbury as its chief executive and he is enthusiastic about the changes that can be achieved by changing to LED lighting, saying that not only is it much safer but will reduce bills by up to 80%, and that it will drastically reduce the carbon footprint left by older less efficient lighting sources. He says that the object of the loans is to allow for local authorities to make the change to LED lighting and repay their loans out of the savings they will accrue. Councils across the UK are being encouraged to take advantage of the GIB loans as is Glasgow, to speed up the change-over to low carbon lighting for their streets. Vince Cable is the business secretary of the GIB and he says that so much has already been done by the GIB which is the first of its kind in the world. The bank has already made investments into energy projects in excess of £750 million and he says that they aim to continue to forge forward with new innovations. The bank has the majority of its investments raised from the private sector investing in projects that range from waste to energy projects to offshore wind projects and many more options in between.
Carbon Capture and Storage in UK is a Necessity According to Coal Importers
Head Office: EATON HOUSE, STATION ROAD, LEEDS, LS20 8XB Company Registration: 4704157 Vat Registration: 817013852