Green Investment Bank are providing millions of pounds of funding for LED streetlighting projects.

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GIB, owned by the taxpayers, believe that if the UK switched all seven million streetlights to LED they could save £200 million in energy costs. The bank think the UK should make this switch by 2020 to drastically reduce carbon emissions and energy costs.

At a lighting even hosted by the All Party Parliamentary Group, Gregor Paterson-Jones, the Green Investment Bank’s energy efficiency manager, said: “LED streetlighting is currently less than 10% deployed in the UK. The target should be 100%  adoption by 2020. The challenge has been, while the technology is proven and the savings are fairly well understood, you need capital to do this.”

Glasgow will be the first council to benefit from the LED funding project in an attempt to reduce carbon emissions. In 2012 Glasgow changed 1,000 streetlights to LED and are now planning to do another 10,000. The bulbs are currently SON, SOX, fluorescent and metal halide. This change is expected to reduce Glasgow’s £25 million electricity bill by 6% with no upfront cost.

Executive Director of Land and Environmental Services at Glasgow City Council, Brian Devlin, said: “Why would you not do this? If I’m asked to make a saving, I want to make a saving around supply chain and energy rather than going and reducing schools, social work, front-line service. That’s what’s driving this.”