The Scottish government has announced that the country is set to drive ahead with plans to convert to greener street lighting, putting in a proposal for Green Investment Bank (GIB) funding.
Being the first of its kind in the whole world, the GIB is essentially a £3 billion pot of money put together by the UK government to be put towards sustainable projects.
The UK is legally obliged to hit certain ecological targets as part of a global move to address the issues of global warming, destructive influences on our planet and the depletion of natural resources. Such targets necessitate the nation to bring down emissions by 34 per cent by 2020 and at least 80 per cent by 2050, to ensure that 15 per cent of all energy consumption comes from ecological sources and also to reduce the amount of rubbish being dumped in landfill sites.
Several plans are being considered for funding, before the authorities decide which projects to put the money towards. Currently, there are more than £500 million worth of proposals being scrutinised in Scotland alone, varying from work to be done in both the public and private sectors.
At a GIB conference held last week in Edinburgh, Richard Lochhead - rural affairs and environment secretary - described the street lighting project as "ideal" for funding by the innovative bank.
He stated that the return on investment for the project would be just eight or nine years - "an outstanding spend to save case based on energy savings of as much as 40 to 60 per cent," he said.
This project is yet another classic example of how making the switch to energy-efficient lighting solutions makes financial sense, as the retrofits essentially pay for themselves within a relatively short period of time.
Mr Lochhead went on to explain that the Scottish Futures Trust believes that £350 million of investment in such ecological rollouts across the country could lead to savings of approximately £900 million.
Any homes looking to slash their emissions or even just to bring down the cost of their energy bills might consider investing in some new, more energy-efficient lighting - perhaps some new ceiling spotlights or a fresh outdoor lighting scheme.
