Energy Efficiency
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
04 February 2014
Although this is one of a local authority's largest single costs, fewer than one million lamps are low energy. The legacy of this old technology is higher than necessary energy consumption, costs and environmental impact.
However, help is now available for Local Authorities to make the switch to low energy streetlights with the launch of a new Green Loan from the UK Green Investment Bank (GIB).
The new product from GIB offers UK local authorities a low, fixed rate loan over a period of up to 20 years.
[Pictured above left to right: UK Green Investment Bank Chair Lord Smith of Kelvin, Secretary of State for Scotland Alistair Carmichael and Councillor Gordon Matheson, Leader of Glasgow City Council]
Local Authorities deciding to make the switch to low energy streetlights will have a short payback period on their investment; as early as five years. After that, they will be able to enjoy a reduction in their electricity bill of up to 80 per cent. Streetlighting can account for as much as 30 per cent of a local authority's energy consumption.
There are significant environmental savings too - the electricity used by UK streetlights produces 1.3 million tonnes of CO2 emissions every year, which is equivalent to the electricity consumption of 674,000 households and the emissions of 330,000 cars on the road.
GIB is working with Glasgow City Council to be the first recipient of a Green Loan, supporting the City in its plans to convert its 70,000 streetlights to low energy.
GIB has £3.8 billion of funding from the UK Government to help the UK's economy become greener and stronger and sees energy efficiency measures including LED streetlighting at the heart of a low carbon economy.
The Green Loan has been specifically designed to finance public sector energy efficiency projects, ensuring that repayments are made from within savings. The product can also include a development loan to help Local Authorities with the costs of progressing their plans.
Shaun Kingsbury
Chief Executive, UK Green Investment Bank
Vince Cable
Business Secretary
Councillor Gordon Matheson
Leader of Glasgow City Council
Alistair Carmichael
The Secretary of State for Scotland
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