- Industry: Multifamily Housing
- Equipment: Commercial Grade LED Lighting
- Services Agreement Term: 60 months
- Expected Savings: $13,900 per year
- CO2 Reduction: 2,437,000 lbs (Over project lifetime; based on eGrid)
- Location: Washington, DC
The Essex Condominium Association in Washington D.C. needed to upgrade its condo building's lighting. The members hoped to improve lighting quality, save on lamp replacements, and reduce monthly utility bills. Understandably, the Association had plenty of other expenses that made it difficult to allocate funds to a lighting upgrade. In order to get a lighting proposal approved by the entire Association, Essex needed to find a solution to avoid upfront costs, making payments only if and when the upgrades saved money.
Citizen Energy's LED PAYS ("Pay As You Save") Program, powered by SparkFund financing, provided Essex Condominium Association with the answer: better and brighter lighting installed for $0 upfront.
Citizen Energy designed a lighting plan for Essex, and installed Energy Star and DLC certified commercial grade LED products. Citizen Energy also installed a metering system to measure energy consumption and develop an energy baseline for measurement and verification. The LED PAYS contract lets Essex pay Citizen Energy a share of the actual energy bill savings over time, meaning that Essex only pays as it saves. At the end of the LED PAYS term, Essex will take full ownership of the LEDs, keeping all future savings without any further payment obligation.
SparkFund supports Citizen Energy by backstopping the project cost, paying Citizen upfront. As Essex Condo pays Citizen per the customized LED PAYS contract, Citizen in turn pays SparkFund a set payment over time. This Services Agreement structure provided by SparkFund means Citizen Energy can offer pay-as-you-save solutions while protecting their revenue timing and recognition.
SparkFund makes our LED PAYS Program possible. Their financing solutions help us grow more quickly and let customers pay based on savings achieved with our projects.
- Edwin Luevanos, Co-Founder
& CEO at Citizen Energy
We were excited to find Citizen Energy's LED PAYS Program. The program will save us significantly on our electricity and lighting maintenance costs with little to no risk. Furthermore, participating in the LED PAYS program will help us reduce our carbon footprint and help us achieve green building certifications.
- John Alvarado, Essex Property Manager