You’ve probably already heard many of the benefits of upgrading your lighting to LED: lower monthly costs, reduced energy consumption, and moving towards green building.
But did you know you could be saving even more while seeing a faster return on investment when switching to LED lighting?
It might seem far-fetched but with the help of rebates, LED lighting solutions are more realistic than you might think. The short-term benefits offered through rebates will help you get your feet off the ground and from there you’ll have the added long-term benefits offered by LED lighting solutions.
If you’re looking to learn more about the, somewhat confusing, world of LED lighting rebates – you’re in the right place. Here’s everything you need to know to get started saving on your upcoming lighting projects.
What exactly is an LED lighting rebate?
Let’s start at the beginning. If you’re not familiar with rebate programs you may be asking, what is an LED lighting rebate?
Simply put, a rebate is money that is provided by a utility company to incentivize the purchase and installation of new, energy efficient equipment to replace old, outdated equipment. This means that when you’re looking to complete an LED lighting retrofit, there may be rebate opportunities to help offset the costs.
You may be wondering why utility companies would want to incentivize and help offset the costs for business owners. The reason they encourage these types of upgrades is to help reduce overall kWh consumption and demand on the grid – it’s a win-win solution for both parties.
It’s important to note that rebate programs vary across the country and are managed on the state and municipal levels. Of the 2,500 utility companies in the United States, 800 of them offer some form of a rebate for LED lighting projects, so there are many options available.
What are the benefits of LED lighting rebates?
Researching and understanding the benefits available to you can be a time-consuming process, and that doesn’t even consider the time it takes to apply and provide the necessary documentation. So you may be asking, how will a rebate benefit me?
Rather than wait to see the return on investment for your new LED lighting system in a few years, you can get a jump on the savings with an upfront payment that will lower the initial cost of the project.
A rebate provides you with one lump sum payment that will help make reaching your energy goals much more obtainable.
Some rebates offer the payment once the products are purchased, while other are not paid out until the project is completed. The timing of when you receive the rebate money will depend on the type of rebate available for the project.
Understanding the Types of LED Lighting Rebates
There are two different rebates available for LED lighting projects: midstream and downstream rebates. Each rebate has slightly different processes, timelines, and requirements, but the main difference is when you will receive the rebate compensation. Here’s a quick look at the two types of rebates.
Looking for someone to guide you through the process?
Navigating the world of rebates can be much easier when you have a partner to handing the administrative work. WESCO Lighting Solutions can help you determine what rebates are available for your project and manage the process for you. By taking the amount of the rebate off the purchase price, you’ll start seeing savings from day one.