Increases in utility rebates could boost LED lighting market
More property owners than ever are debating the integration of energy-efficient technology. Light emitting diodes (LEDs) are a particularly popular sustainable option. The solid-state lighting units can have a drastic impact on utility bills related to lighting and property maintenance costs. In addition, the growing availability of energy efficiency rebates is prompting people to consider making an initial investment for future savings possibilities, Green Tech Media reports.
"When satisfied that savings can be successfully achieved, utility program managers will typically authorize custom rebate amounts up to 50 percent of the entire cost of the project, as opposed to a prescriptive rebate for each fixture," report authors wrote, according to the news source.
Interest in utility rebates for investing in energy-efficient technologies like LED lighting is growing.
Green Tech Media claims that New York and California lead the market in dollars spent by utilities in energy efficiency rebate programs. In 2008, there was 3.1 billion rebate dollars available in the United States, which is expected to increase to between $7.4 billion and $12.4 billion by 2020.
States such as California, New York, Florida and Massachusetts are known for their comprehensive energy efficiency programs. Others, such as Pennsylvania, Illinois, Arizona and Ohio, have just begun the process of building sustainability initiatives.
As interest grows in sustainability, property owners will begin to implement the use of more energy-efficient technology. The presence and availability of utility rebates will help entice people who are a bit more cautious over the initial expenditure. Already, the federal government has begun to add further incentives and started passing mandates on stringent pollution controls. This led many property and business owners, especially concerning factories, to begin the process of retrofitting structures with energy efficient technology.