Galway Car Park Cuts Energy Costs By €30,000
ow I Páirc cut €30,000 from its lighting bill thanks to UrbanVolt and it’s unique Light as a Service business model. Over the course of the five year agreement, the business will save €150,000
At Bord Gáis Energy, we are always looking for ways to help make your business more energy effcient. One of the ways we do this is through our partnership with UrbanVolt, the preferred lighting partner for Bord Gáis Energy, to whom we refer our 33,000 business customers. Our partnership with UrbanVolt enables businesses to dramatically reduce energy costs without having to make any up-front investment.
UrbanVolt is an award-winning Irish company that offers unique partnerships to businesses that are seeking a total state-of-the-art LED lighting solution and reduced energy costs, requiring zero capital investment. UrbanVolt retrofits commercial buildings with investment grade LED light fixtures, which are maintained over five years, with the cost of the project paid for by the savings businesses will make on their electricity bills during this period.
HOW IT WORKS
After an initial consultation process, UrbanVolt calculates the potential energy savings for the client which could be achieved through a total retrofit with UrbanVolt’s LED light fittings, and agrees a share of the monthly savings to be paid over five years.
During the five-year term, UrbanVolt absorbs all the capital cost and risk along with carrying out all repairs to the light fixtures. Energy savings as a result of the project typically amount to 50% of a customer’s total lighting costs. After five years, the lights become the property of the UrbanVolt customer.
CASE STUDY: I PÁIRC
I Páirc is just one of the businesses that has enjoyed huge savings through its partnership with UrbanVolt and Bord Gáis Energy, seeing a drop of €30,500 in annual energy costs in just one premises. I Páirc manages a number of public car parks across the country, and became an UrbanVolt partner in order to improve lighting levels and to reduce the annual lighting bill at the coach station and 2 Level Underground car park in Galway City centre.
Prior to the partnership, I Páirc was paying just over €65,000 in annual lighting bills for the 483 light fittings on the premises. The high energy costs were due to the age of the fittings and the fact that they are always switched on. “Initially, I thought it was too good to be true,” says Ray Peers (pictured), CEO of I Páirc. “But it’s totally transparent and makes excellent business sense. Why would I use my own capital when someone else is willing to take on all the financial and technical risk?”
SAVINGS OF €150,000
Over the course of the five-year term, I Páirc will realise €150,000 in cash savings. The annual lighting bill is now €34,520, which includes the UrbanVolt fee. At the end of the five-year agreement, the fee is no longer payable, and I Páirc will own the lights and continue to enjoy even greater savings.
Mr Peers said he has seen a spike in staff and customer satisfaction thanks to the improved environment, which has had a direct impact on his bottom line. “Happier customers are more likely to be return customers,” he explains. “And with the €150,000 cash saving over five years, it was a very easy business decision.”