Much has been made about the evolution of LED lighting. Since becoming mainstream over the last decade, LED lights have exploded in popularity, with a market of more than $30 billion dollars a year. As LED technology continues to improve, the lights will last longer and become more affordable than ever. Any apartment complex hoping to save money and time should consider investing in LEDs.
Whether you plan to retrofit an existing system or plan for a new lighting system altogether, Scott Safadi of Cal Bay Property Management recommends comparing the maintenance cost of regular lighting versus LEDs. You might be surprised by what you find. Generally, LEDs are far less expensive because of the reduced maintenance costs associated with their use. Compared with traditional incandescent lightbulbs, LEDs are a real bargain.
While you might be purchasing fewer bulbs because of their longer lifespan, LED lighting opens up a whole new world of opportunities for users. In fact, your tenants may even begun incorporating LED lighting in new and unexpected ways. Light bulbs with speakers attached are becoming trendy, particularly with recessed lighting. Whether you incorporate lighting and music in the entertaining areas, the kitchen or the bathroom, you're sure to put a smile on the faces of your tenants.
LEDs save on maintenance costs, but they also make financial sense when you consider the reduced energy used. Less energy means a lower electric bill. The United States Environmental Protection Agency says that LEDs reduce energy usage by 60 to 70 percent and last fifteen times as long. LED lightbulbs affixed with the Energy Star logo have been said to save users an average of $45 a year. In some cases, utility companies even offer rebates on LED certified lightbulbs and fixtures. Check with your local electric company for details.
The world is evolving, and as attitudes towards global warming and environmentalism shift and become more mainstream, more and more tenants will look to your policies and materials in the hopes of living some place green and Earth-friendly. With this in mind, LEDs have virtually no downside. Because they are simple to install, affordable for your budget and you pass on savings to your tenants, there is no reason not to start rolling out your community's LED lighting plans as soon as possible.
- Scott Safadi, Cal Bay Property Management
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