A UK clean tech developer has launched a £3.5bn funding scheme to help local authorities and businesses install street lighting powered entirely by renewable energy.
Solar Street Lighting announced yesterday it is offering 100 per cent interest-free financial packages to help councils, government bodies, and established companies which have been trading for more than three years finance the installation of the Manchester-based firm’s technology.
The company develops LED street lighting powered by solar panels and wind turbines attached to each individual lighting unit. The system is designed to reduce both carbon emissions and energy costs for businesses and authorities.
A decision on applications for financial packages to fund a rollout of the technology will be made within 48 hours, the company said, with energy cost savings expected to result from the first day of installation.
Once installed, the Solar Street Lighting claims its technology will reduce energy costs by 80 per cent, with those savings used by councils and businesses to repay the loans and pay remaining grid costs.
Then, after the loan is paid back over an agreed period, the funding applicant will reap the full benefits of the 80 per cent cost savings.
The company’s founder Navid Dean, who in November announced £1.5m personal backing for his start-up – a joint venture with Chinese lighting technology firm Gloria Technology – said he had launched the scheme to make solar energy lighting more accessible and affordable for councils and businesses.
“With worrying issues of global warming, and local authorities and UK companies under ever increasing pressure to reduce carbon emissions and reduce costs, we wanted to play our part in helping to minimise the carbon footprint,” said Dean. “The fund can be used to replace halogen lighting and florescent tube lighting in various areas such as government buildings, halls of residents, hospitals, and council buildings. The concept is simple and delivers significant savings, whilst also helping organisations to become more energy efficient.”
The company is not the first to focus on low carbon street lights. Danish lighting firm Scotia last year revealed plans to install the first wave of trial solar-powered street lights in London. Its Monopole street light technology collects solar energy during daylight hours and stores it in batteries for use after sundown.