Lightbulb moment as property managers could save as much as €6.7 million a year
13th November 2018
Sunday Business Post | Nov 11th 2018
eLight, an Irish energy-saving lighting specialist, said property management clients participating in a switch to energy efficient lighting were on course to make those savings over five years.
Irish property management companies could pocket savings of nearly €6.7 million in the coming years as a result of switching to energy efficient lighting. That’s according to eLight, an Irish energy-saving lighting specialist.
Last week, eLight said property management clients participating in the switch were on course to make those savings over five years. Over the same period, the companies will reduce their carbon emissions by more than 16,000 tons. All of the lighting upgrade installations were delivered to the clients at zero upfront cost, with the savings achieved funding the upgrade over the five-year term of the project.
“Managing costs, while ensuring a top-quality product, is a key challenge facing property management companies,” said Ian McKenna, eLight’s managing director.
“Lighting bills constitute a substantial cost for these groups. Using traditional inefficient lighting systems can drive up costs. We frequently find old-fashioned light fittings are still being used, even in new buildings. Our Light as a Service model allows property managers to reduce costs from day one and to achieve this operational improvement at zero upfront cost.
“In addition to the cost saving, these companies are dramatically reducing their carbon footprint. That kind of sustainable profiling will make the property more attractive to prospective tenants.”
Clients achieved an average saving of 72 per cent per building by switching to energy efficient lighting. One building in particular will see a reduction of 88 per cent in lighting costs, according to McKenna. Some of Ireland’s leading property management companies including Wyse, Benchmark, CBRE, M&C, Winters Property Management, Ires Reit and Core have partnered with eLight.
Property management companies are often responsible for the lighting and maintenance of common areas, stairways and halls. They also will normally manage car parking areas. A car park in a standard office block could have as many as 800 fittings, each running 24 hours a day. That is a significant energy cost.
The car park at the Point Village, operated by Euro Car Parks, is an excellent example of what can be achieved, according to McKenna. By installing LED lighting, Euro Car Parks will reduce energy consumption from an estimated €167,712 to €43,374, a saving of 74 per cent. Over five years, that will amount to a total €621,687 cut from the running costs of the property and the business.
The eLight Group is focused on leading the drive in how light is provided to Irish and British companies. Lighting is a significant business cost and traditional lighting equipment can be highly inefficient, generating much higher costs than necessary.
According to the company, the eLight model makes it easy for businesses to reduce their energy costs by between 60 per cent and 75 per cent. It invests 100 per cent of the capital cost associated with the design, supply, installation, operation and maintenance of energy-efficient lighting projects over an agreed contract term, with the energy savings achieved completely funding the project. There is no requirement for upfront capital from the businesses adopting the technology.
Existing eLight clients include, Brooks, UCD, Euro Car Parks, the Dalata Group in Ireland and David Brown, Sealed Air, Mettis Aerospace and Vale in Britain.
The firm has also completed major global projects, such as Dubai Festival Mall and ACC Mall in the UAE.
It installed more than 274,000 LED lighting products in more than 600 lighting upgrade projects up to 2017, leading to a saving of over 23 million KgCo2 in reduced energy use for clients. The company claims its clients are estimated to save over €10 million on their energy bills this year.