Annual Energy Savings to Reimburse Retrofit Financing

Philips helps lead the charge on next-gen clean tech financing

GreenBiz, November 18, 2013

Philips Lighting last week announced a contract with Washington Metropolitan Area Transit Authority (WMATA) to install LED lights at 25 parking garages at Washington Metro stations. The fixtures, or luminaires, have a wireless control system with sensors for daylight and motion to optimize energy efficiency while delivering enough light to meet WMATA’s safety requirements. Replacing 13,000 fixtures is projected to reduce electricity use by 68 percent, the equivalent of the electricty used by more than 1,400 homes,according to WMATA.

Perhaps what’s most significant about the deal is who’s fronting the money for it: Philips. The company will finance and install the luminaires, which will be paid for by an estimated $2 million in annual energy savings, requiring no capital investment upfront. Without financing, it’s unlikely WMATA or many other municipalities would have the budget for high-tech lighting upgrades such as this one.

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