On Tuesday, October 29, 2019, Lawrence County Commissioners approved a resolution to implement Commercial Property Assessed...» Read More
Colonial Volkswagen Case Study
Colonial Volkswagen is a Volkswagen and Subaru dealership located in Feasterville, Pennsylvania. In 2015, the dealership looked to become more energy efficient to help decrease their energy costs. Auto dealerships use more energy at night compared to offices or commercial retail spaces because their exterior lighting must be left on for security reasons. An LED lighting retrofit provides a perfect opportunity to reduce their energy bills. Maxwell Lighting and Energy completed a lighting retrofit to upgrade the dealership’s current lighting with high efficiency LED fixtures. Sustainable Energy Fund provided the financing to help move the project forward.
Maxwell Lighting and Energy estimated that their work would produce an annual savings of 71,181kWh of electricity consumption and $7,765 on annual utility bill expenses. Sustainable Energy Fund provided a loan for the project with a principal of $36,500, which covered 100% of the project’s costs. Colonial Volkswagen received a 60-month term loan with monthly principal and interest payments of $672 for the full loan amount. Based off the projected savings and the project cost, the pay-back period for this project was just over 4.5 years.
This project was also eligible for a rebate from the dealership’s utility provider, PECO. PECO offered a $6,832 rebate, which was used to reduce the principal balance of the loan. The application of this rebate shortened both the length of the loan and the payback period.
While Sustainable Energy Fund is mainly focused on projects within PPL rate payer territory, it is willing to work elsewhere in Pennsylvania. The promotion of and investment in renewable energy, energy efficiency, and energy conservation is at the core of SEF’s mission. Ultimately, SEF would like to see the entire Commonwealth become more energy efficient and independent through clean energy technologies.
Project Financing Metrics
|Term||Projected Monthly Savings||Monthly Payment||Estimated Monthly Cash Flow|
Project Financing Summary
|Projected Annual Savings||$7,765|
|Projected Greenhouse Gas Reduction||50.3 Metric Tons|