The cost is defined as how much a facility could be spending to light a building of interest, if it made the clean energy switch to LED lights. This statistic is based on the current usage, kilowatt-hour (kwh) rate and wattage consumption of potential LED replacements. Most solutions range between 60%-90% in energy reduction.
The commercial average cost per bulb as well as average bulb lifetime of 15,000 hours. Over the 80,000 hour life of an LED bulb, you would have to replace the average bulb approximately 5 times. Annual replacement cost is dependent on usage.
Although commercial properties can spend up to $2 per square foot on labor to replace light bulbs, it’s best to use a more modest average of $.05 per square foot in Savings Report estimates.
According to a study done by the Lawrence Berkeley National Laboratory, a net HVAC savings of $.03 is seen for every $1 saved on electricity. For large commercial buildings, the savings is amplified at $0.16 for every $1. The figure represents the difference between the decreased cooling load and the increased heating load.
This cost is defined as how much an owner or operator is spending to light a building of interest. It is calculated as the product of how many hours per year:
This is defined as the cost to run the current system for the lifespan of a standard LED bulb. A 3% annual increase in electricity rates is applied to the figure to account for gradual deregulation .
"We predict that revenue from the global LED lighting market for buildings will rise from $9.5 bn in 2013 to a total of $25.4 bn by 2017. This would represent a compound annual growth rate (CAGR) in the overall market of 22%, over the five-year period.“ - Memoori Research, Market Analyst
LED’s 74% of Lighting Sold by 2030 - U.S. DEPARTMENT OF ENERGY