Stories & Features

Don't have the lump sum to pay for an efficiency upgrade? Consider financing

Image of an office worker using a desktop calculator
A 36-month lease agreement helped Cowichan Golf and Country Club come up with $32,000 to update lighting at the course, with savings adding up to $650 a month.

Golf course replaces halogens, fluorescents and HIDs by financing upgrades

Norm Jackson knows the value of a dollar. As general manager of Cowichan Golf and Country Club in Duncan, B.C. he knew his club's electricity costs were higher than they needed to be because of outdated lighting.

But coming up with the lump sum to update the lights – about $32,000 – wasn't going to be easy.

His board of directors agreed that upgrading to longer-lasting and more energy-efficient LEDs was a smart move, but only if the course's operating expenses remained the same. That's when Jackson, eager to make the improvements, decided it was time to get creative and, with the support of his Alliance member, contacted a lender.

The lighting retrofit qualified the golf course for a financial incentive from BC Hydro that, combined with cost savings of $650 per month (from the new lights), meant that Jackson had more than enough in his operating budget to cover the lease payments.

"Financially it was the right move," Jackson says of the 36-month leasing agreement.

Financing as a payment option

If Jackson's story feels familiar, it may be time to consider financing as a way to keep your energy-efficiency project moving forward. Savings from an upgrade – $650 a month in Jackson's case – can be used to make the finance payments with no additional cash outlay.

If you're working a member of our Alliance of Energy Professionals, ask them about financing as a payment option for your Self-Serve Incentive project or Business Energy Saving Incentives project. Members can include financing as a payment option in their project proposals.