Valley Stream investing to cut energy expenses
January 21, 2014 by Lisa
Our local village board, in an effort to pare energy expenses while improving street lighting, has approved spending nearly $4m with Johnson Controls. Valley Stream is following the example set by The Village of Lynbrook, which entered into a similar deal with the same company in 2011.
The lion’s share of the project will be changing all 2,485 of the village’s street lights to LED lights. In addition to the energy savings, Valley Stream expects to save money due to LED lights having longer lifespans – as much as 23 years. The reduced cost of replacement, as well as the accompanying labor costs, will add to the savings.
According to Mike Fox, Village Treasurer, Valley Stream’s electricity costs an average of between $525,000 and $550,000 each year, and the savings on the cost of electricity used for street lights is anticipated to be about 54%t. When it comes to educating the public about energy savings, most electric providers contract with print companies to provide brochures outlining how consumers can save on their electric bill. Changing to energy efficient bulbs is just one of the suggestions usually included.
Cost estimates for the project are expected to be around $3.7m. However, the village will need to take out a loan and, with interest, the final cost will be $4.5m. Since the first yearly payment will not come due until a full year after implementation, the village will have its first year of cost savings with which to make the payment. Energy cost savings are expected to continue to make those yearly payments.