Lighting Industry Expected to Increase Adoption of Financing Services in 2018

Premier lighting industry publication, LEDs Magazine, recently published an article from our CEO, Vernon Tirey, on financing predictions for the lighting market in 2018. In the article, he discusses the introduction of financing to the lighting space in 2017 and forecasts fintech adoption across the industry this year.

An excerpt from Vernon’s article is as follows:

The “uberization” of equipment will increase in the lighting space as more vendors adopt financing options. Lighting-as-a-service (LaaS) allows business owners to rent equipment versus leasing or buying it. Contracts include the installation of commercial lighting solutions and lower facilities management fees for up to 10 years. We expect to see more vendors adopt these contracts in 2018 as they expand their financing capabilities to secure potential customers.

A significant number of utility companies will begin to offer On Bill Financing (OBF) programs. These programs incorporate additional rebates or incentives for customers that implement energy-efficient facilities. A top driver for selling LED retrofit projects is energy savings, making these programs a natural fit for vendors already offering alternative financing.

To read Vernon’s article in full please visit: http://bit.ly/2DiM1xS

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