Winstanley Enterprises, LLC, had a conundrum: their tenant, New Chapter, Inc., wanted an upgrade of their warehouse’s inefficient lighting. As building owner and in this case owner of the light fixtures, Winstanley would be responsible for upgrade costs, but they wouldn’t actually benefit from lower bills, so it was hard to find a business-based reason to fund the improvement.
Making it Happen
That’s where Efficiency Vermont made a difference, by working with the two companies to create a strategy based on customized energy efficiency and financing projections. Winstanley agreed to pay for the project and New Chapter paid them back over 2.5 years, using the resulting energy cost savings on their electric bill. In addition, New Chapter was eligible to claim an EPAct (Energy Policy Act of 2005) tax deduction, available to building owners or tenants to offset the cost of a qualifying lighting upgrade by up to $.60/square foot.
Thanks to creativity, mutual cooperation, and assistance from Efficiency Vermont, a simple energy-efficient lighting upgrade is resulting in big gains for both a commercial property owner and its tenant.
For more information, please contact Efficiency Vermont at www.efficiencyvermont.com (888-921-5990)