So, you have probably heard that Government Rebates have arrived in Alberta, and you have probably already been approached to upgrade your HVAC, lighting or hot water tanks.
You are probably also currently thinking “Leave me alone – I have a hundred other things that need doing at my properties, this can wait!” While you may have items that “need” doing, I would encourage everyone to take a moment and digest what is really happening here. Much of the activity in property management is reactive and as such the urgent tasks are the ones that get tended to, while the others are shifted to the back burner.
But with the new rebates, the property management industry is being incentivized to think and act proactively. Similar to how our fire-extinguishers and hot water tanks are checked on an annual basis – energy savings can be scheduled, pre-planned and easy.
As we are lighting experts at Calgary Lighting, I want to go over some of the risks of waiting to do your LED lighting retrofit:
1) The pain is prolonged:
- Dark areas and security issues remain;
- Ad hoc costs from electrician visits;
- Replacement costs of products; and
- Your current light bulbs could be discontinued.
2) 100% of condo buildings will see a 50%+ reduction of electricity consumption related to lighting once a lighting retrofit is done. Waiting means that you continue to pay your utility provider what you could put towards your LED retrofit – we refer to this ‘Sunk Cost’. With paybacks happening in under 3 years, a year of waiting equals 33% of your project’s cost.
3) Rebates can change or even go away: While a 10%-15% rebate on a project cost is not a deal breaker it sure is very helpful. Rebates can incentivize a retrofit but taking too long to decide can result in rebates changing and even going away. In July 2018 rebates were so effective that we saw a dramatic change in rebate values leaving many buildings thankful that they acted in time, while a great deal of others were frustrated that they missed out on the opportunity for significant savings.
4) Costs can go up. While LED pricing has decreased over the past 3 years, we are now starting to see the pricing level off and the efficiency of LEDs increase. This can result in a higher price point for the right product. Remember: You get what you pay for!
5) By doing a lighting retrofit, all of your fixtures will get some love from our lighting technicians. This will help prolong the life of your fixtures. (Fist Bump) Waiting will cause further wear and tear.
The long and short of it is Do Not Wait. Make the decision that every condo will eventually have to make. The sooner you and your board make the call, the better it is for your property.
Not sure where to start? Sign up for a FREE energy audit from our lighting experts and take the first step to figuring out how you can take advantage of Alberta’s lighting rebates.