In its ‘Energy Efficiency 2017’ report, the IEA cited UrbanVolt’s Light as a Service® as a unique service which allows companies to upgrade their premises to LED lighting for no capital cost.
It detailed how many small to medium companies struggle to raise or access funding to cut consumption and costs.
“One innovative model designed to meet that challenge was implemented in Ireland and won the Environmental Finance Energy Efficiency Deal of the year for 2017,” the report stated.
“€30 million was made available in funding over a two-year period to Urban Volt to install energy efficiency lighting free of upfront cost for small businesses, which is paid back through the savings achieved."
"UrbanVolt is responsible for bundling these smaller projects to achieve sufficient investment volumes. SUSI Partners then buys the projects, taking over the credit risk of the customer defaulting. This model frees up cash flow to develop new projects, reduces their credit risk and enables start-ups and smaller firms to access capital.”
UrbanVolt Finance Model
The report also cited Ireland as having the largest percentage improvement in efficiency of the 28 countries monitored between 2000 and 2016.
It urged governments and consumers to step up energy efficiency efforts in order to achieve policy goals.
The Agency has pointed to strong efficiency gains which have had a significant impact on global energy demand, reducing consumers’ energy bills, holding back emissions growth and making energy systems more secure.
However, the report also warned that global progress has become dependent on yesterday's policies, with the implementation of new policies slowing.
“If the world is to transition to a clean energy future, a pipeline of new efficiency policies needs to be coming into force,” the report stated.
“Instead, the current low rate of implementation risks a backward step.”
The report cited LEDs as one of the key steps to reducing energy consumption, with up to 90% of indoor lighting expected to be LED by 2022.
You can read the full report here.