Green Lumens, SparkFund Launch LED As-A-Service Partnership
Pay-as-you-go solution opens up efficient lighting solutions for large-portfolio customers
WASHINGTON DC, December 8, 2015 –Green Lumens LLC, a leading turnkey solution provider of efficient LED lighting products and retrofit services to commercial and industrial property owners, today announced a unique “lighting as-a-service” national partnership with SparkFund, a financial technology company providing integrated financing solutions for clean and efficient energy projects. The partnership will eliminate up-front costs through a no-money-down approach and simplify the retrofit process by turning project purchases from a capital expenditure into an operating expense.
The Green Lumens-SparkFund partnership will debut with an LED retrofit project at Perimeter Place, a multi-tenant office complex in suburban Atlanta. The six figure high-efficiency LED light retrofit will be funded with a “bumper to bumper” service plan including a 60 month operating lease with no money down, and will save $61,923 annually while preventing 11,100 pounds of carbon dioxide emissions per year. Perimeter Place will realize a net positive cash flow of nearly $2,000 each month through the project from day one.
“We are excited to partner with SparkFund to offer our property owning clients creative and competitive financing options to accelerate and expand their conversion to cost savings and energy efficient LED retrofit solutions,” said Lonnie Chenkin, Green Lumens Executive Vice President of Business Development. “This unique ‘as a service’ financing model allows our clients to upgrade their facilities, reduce their operating expenses and lower their carbon footprint, which in most cases are paid for from the operating savings generated from the retrofit.”
The partnership will combine Green Lumens’ strength as an designer, original equipment manufacturer, and turnkey service provider of efficient LED products with SparkFund’s all-inclusive financing solutions to tap the growing market of energy efficiency projects for large portfolio customers including universities, retail, restaurants, hospitals, multi-tenant buildings, and municipalities. Projects will be installed and operated by Green Lumens and owned and funded by SparkFund, who will also power co-branded sales tools and handle customer approval.
“Offering integrated turnkey solutions through the as-a-service model is key to unlocking billions in revenue from major energy efficiency projects,” said Pier LaFarge, SparkFund Co-founder and CEO. “Perimeter Place is the first of many projects expected from our long-term partnership with Green Lumens to provide efficient lighting solutions for commercial and industrial customers across America.”
The American Council for an Energy-Efficient Economy (ACEEE) estimates private-sector entities could invest over $279 billion in efficiency technologies across the buildings sector and forecasts efficient commercial lighting improvements could reduce total U.S. electricity use 1.3 percent by 2030, while the U.S. Department of Energy expects LEDs will grow from 8 percent of commercial sector and 3 percent of industrial sector sales in 2015 to 82 percent and 87 percent of 2030 sales respectively.
About Green Lumens
Green Lumens LLC, provides energy efficient LED lighting products and retrofit solutions to commercial and industrial property owners. Our mission is to support corporate and fiscal responsibility through leading edge technology that maximizes energy and savings, lowers emissions, reduces operating expenses and increases property values, all while benefitting the environment. For more information call 561-926-0600 or visit www.greenlumens.com
SparkFund is a financial technology (FinTech) company that enables energy manufacturer and installer partners to sell "as a service" and integrate pay-over-time options. SparkFund addresses commercial energy efficiency projects as small as $10,000, removing the upfront cost barrier through payment plan and service plan options. Partners see increased deal volume and close rates, shorter sales cycles, and stronger customer retention. Customers make payments for projects over time, often out of achieved energy savings. SparkFund aims to provide greater access to the benefits of energy efficiency for business owners, energy product and service providers, and other stakeholders. For more information call (844) 867-7275 or visit www.sparkfund.com.