Deal Spotlight
Lighting Upgrade in Multifamily Building
$
0
Annual cost savings
0
%
Projected energy savings
0
%
Projected GHG savings
The Building: Ariel West
Building type
Multifamily
Building size
1 building
17,988 square feet
68 units
Year built
2008
Location
Upper West Side, NY
Project type
Energy efficiency
Upgrades
LED retrofits
NYCEEC loan product
Direct loan
Term
4.3 years
Closing date
January 2019
The Project
Ariel West is financing a project to retrofit its existing fluorescent lighting with higher-efficiency LED lighting. The building is using a NYCEEC equipment loan with ConEd incentives to fund the project. The scope involves replacing over 900 bulbs and 250 fixtures in common areas including the hallways, refuse rooms, amenity spaces, stairwells, storage and maintenance rooms.
Total project cost
$93,966
ConEd incentives
$14,770
NYCEEC loan
$79,196
Savings over 10 years
$208,110
Total NYCEEC loan payment
$92,996
Simple payback period
3.9 years
The Results
NYCEEC financing enabled the replacement of antiquated lighting with warmer, brighter and more efficient light bulbs. Lifetime lighting energy cost savings will more than pay for the financing costs associated with these improvements. After the four-year loan term, the building will capture the full annual energy cost savings of $21,000.