Tips for financing your LED sports lighting project in Florida
If you’re just starting the planning process for your LED sports lighting project in Florida, you’re probably wondering if there are any programs or incentives that can cover the cost. The initial investment to install new LEDs at a sports facility can seem extreme. Fortunately, there are many ways to finance your project and take advantage of available incentives.
Unlike some states, Florida doesn’t have any state-sponsored funding programs for LED sports lighting projects. However, that doesn’t mean you aren’t able to finance some or all of your total costs.
Local utility companies, public and private partnerships, and financing through sports lighting suppliers are all viable options for your project in Florida.
To learn more about how to finance your LED sports lighting project in Florida, read on.
If you are in the planning and budgeting phase of installing sports lighting at your sports facility, try our LED sports lighting cost calculator to get a customized cost estimate for your project.
Check if your sports lighting project is eligible for C-PACE financing
One of the first places to consider for financing your sports lighting installation is through Commercial PACE (CPACE) funding.
In order to be eligible for CPACE financing, your organization must be located within a state or municipality with an active PACE program. Designed for long-term loans, CPACE can cover up to 100% of your total project costs.
Although loosely tied to Florida State government, the financing doesn’t come from grants. Instead, private investors compete to provide “competitively priced capital,” for eligible projects. With lower terms than most private institutions, CPACE can be a real boon to city, state or private sports facility.
Review commercial rebate programs offered by utility companies in Florida
After researching CPACE, it’s vital to investigate commercial rebate programs for your project.
Many utility companies in Florida offer incredible incentives by way of rebates to help alleviate the financial burden often placed on commercial entities, like sports facilities.
Here are some of the rebate options available in Florida:
Tampa Electric
For businesses and facilities located in Tampa Electric’s service area, LED lights can earn between a $200 to $250 per kW rebate – providing long-term savings that will offset the initial costs of your new LED sports lighting solution.
Be aware that pre-approval for the rebates is required in order for your facility to take advantage of the benefits. Make sure you work with a LED installer that understands the nuance of local requirements before beginning construction.
Jacksonville Electric Authority
If your new LED system is located in Jacksonville, you might consider contacting the Jacksonville Electric Authority (JEA) for potential cost savings.
The JEA commercial rebate program is available for a multitude of energy-efficient upgrades including LED lighting for sports facilities.
On-site installation verification might be required, so be sure to check with your installation partner and build this key task into your process.
Florida Power & Light
In Southeastern Florida and along the panhandle, Florida Power & Light (FPL) is a solid choice for commercial customers looking for energy-efficiency rebates.
FPL offers a range of programs and rebates for both new construction as well as existing buildings – making it easier to take advantage of available savings.
Pay for your LED sports lighting project in installments
Rebates are a wonderful resource for long-term cost savings, but what if you need capital to begin construction?
Although Florida State doesn’t sponsor any programs, there are a number of private financing options available for your LED sports lighting project.
You can begin your search by looking for statewide and nationwide sports lighting companies that service your area in Florida. Browse through their websites and see if they offer financing programs for their products and services.
Financing allows you to pay via installments and can be a great way to get your project off the ground without breaking the bank. Just be sure to compare terms and rates before signing on the dotted line – you don’t want to get stuck with a high-interest loan that will eat into your long-term savings.
Financing and incentives on different levels of government
Florida is a great state for sports, and with the right financing in place, your facility can take advantage of all that LED lighting has to offer.
But if you can’t find the right rebates, incentives, or financing options in your area, don’t give up. The federal government offers a variety of programs that can help with the cost of your project, and private investors are always on the lookout for new opportunities.
Do your research and be sure to partner with an experienced LED lighting company that can guide you through the process from start to finish. With a little effort, you can find the right financing solution for your needs
Get a cost estimate for your LED sports lighting project before applying for programs
Financing your LED sports lighting project is an exciting endeavor. But before you start, you need to understand the cost of your project. Many programs will require matching funds to qualify, so knowing your total cost is essential.
Our LED sports lighting calculator can help. Just enter a few key pieces of information and we’ll give you a realistic estimate for lighting the cost of your facility. Try it out now and get started for free.
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