Meaford council is planning to convert all its streetlights to LED technology.
Meaford's committee of the whole unanimously recommended this week that council pass a by-law allowing the mayor and clerk to sign an agreement worth about $478,500 with Local Authority Service.
LAS is a wholly-owned subsidiary of the Association of Municipalities of Ontario and is offering an LED streetlight conversion program to towns and cities across the province.
In his report to council, treasurer Darcy Chapman says LAS is confident the LED program is reliable, cost-effective and superior to the sodium lights Meaford now uses.
"The LED lights increase the quality of light for residents and visitors and improve the environment by reducing light trespass and energy consumption," says Chapman.
Meaford's 720 streetlights now cost the municipality almost $95,000 a year for electricity and $11,000 a year for maintenance.
Chapman went on to say that once Meaford converts its 720 lights to LED, its costs for street lights will drop by almost 60 percent to about $39,000 a year. At the same time the municipality will reduce its maintenance costs to almost zero.
Chapman estimated the cost of borrowing at $45,000 per year with the cost of interest charges over the ten-year period totaling $47,000.
When all costs and savings have been accounted for, Chapman said, Meaford's street light budget will decrease by almost $20,000 a year starting in 2016.
"This savings will then increase to about $64,600 annually after Meaford pays off its loan."
