LED Source Wraps Up Record Year, Continued Growth In 2013
February 26, 2013 // Franchising.com // Wellington, Fla. - Growing concerns about the environment, combined with the shaky economic climate, results in an increasing number of business owners looking for ways to cut costs and operate more efficiently. Many companies are doing so by switching to LED lighting, which can save up to 85 percent of energy compared to conventional lighting methods. Due to the growing popularity of LED lighting, as well as a strong franchise business model, international lighting solutions provider LED Source experienced a record year in 2012.
Last year, the company completed several high-profile projects, moved its corporate headquarters to a new all-LED building, and signed several new franchise agreements, with continued growth planned for 2013. Company president and CEO Marcel Fairbairn said the green movement greatly contributed to LED Source’s successful year as did new company initiatives that make the adoption of LEDs more cost effective.
“Transitioning to LED lighting is just a smart business strategy, helping companies to significantly cut energy and maintenance costs,” Fairbairn said. “Demand continues to grow due to the government’s push for a more eco-friendly environment as well. Federal law has already initiated the phase out of several popular incandescent bulbs, which is raising awareness and significantly changing the lighting industry and the way consumers light their homes and businesses.”
In 2007, Congress passed the Energy Independence and Security Act, which will phase out the 100, 75, 60 and 40-watt incandescent light bulb by 2014. As governments continue to ban the use of incandescent bulbs, the global LED lighting market is expected to boom. According to the 2012 McKinsey Lighting Report, LED share in general lighting will consist of 45 percent in 2016 and almost 70 percent in 2020. The general lighting sector has been impacted the most by the growth of LEDs and forecasts predict the market size to be worth more than $111 billion by 2020. Furthermore, LED lighting sales has experienced a growth rate of 17 percent on average since 2011, and in 2013 output is likely to reach $15 billion, according to Digitimes.
As LED lighting and the desire for a more environmentally-responsible lifestyle continues to grow in popularity, LED Source has become a go-to source for retail, commercial, entertainment and hospitality clients alike who are ready to make the transition to energy efficient LEDs. Also responsible for part of the company’s growth in 2012 is LouMan Money, a private-labeled finance program launched by LED Source that affords companies a LED lighting upgrade without eating up capital or tapping their existing lines of credit. LouMan Money will allow customers to qualify for an LED lighting upgrade funded entirely from their energy savings received. The program covers everything from the initial LED lighting products and recycling of previous lighting, to design and installation, without the need for out-of-pocket expenses.
“Despite the tough economic climate, the value of an LED lighting retrofit is an extremely valid investment,” says Fairbairn. “LouMan Money covers the entire costs so that the customer’s capital is freed up for use on other expenses. In turn, the financed amount can pay for itself in as little as just a year or two – it can even generate positive monthly cash flow right out of the gate.”
LED Source was instrumental in several high-profile retrofit projects throughout the U.S. last year. In September, the company revamped the 47-story Miami Tower, one of Miami, Fla.’s most recognizable skyscrapers. The new, state-of-the-art LED lighting system reduced lighting energy usage by 92 percent and saved the building’s owner nearly $260,000 in annual energy, operating and maintenance costs. Plus, since the new LED lights are easy to customize, special light shows can be created for any occasion with the touch of a button. As more city’s upgrade their skylines through the use of LED lighting, LED Source expects to work on a number of large commercial buildings and skyscrapers. This year, the company will update the lighting on the Bank of America building in Ft. Lauderdale.
Other major projects included Ashley Furniture HomeStore, Hurricane Grill & Wings, Starbucks, Massage Envy, Disney World’s Epcot Center, home shopping network QVC, and the NBA on ESPN studio in Los Angeles.
Perhaps the most important project, though, was LED’s own corporate headquarters. The company moved to a new location in Wellington, Fla. in early December. The 13,000 square-foot facility, which includes both offices and a warehouse area, is the first all-LED commercial building of its size in Wellington.
“The new building showcases how LED lighting can dramatically revitalize any commercial location while also being a cost-effective measure,” Fairbairn said. “We practice what we preach: LED really is the ideal lighting method for businesses.”
In addition to the new and improved corporate headquarters, LED Source saw companywide growth in other areas. Since 2009, the company has grown an average of 110 percent in sales. In 2012, the company signed new franchise agreements in Austin, TX; Denver, CO; Chicago, IL; Los Angeles, CA; Tampa, FL; and Charlotte, NC; and plans to add 12-15 additional locations in 2013. It will also debut in the Caribbean for the first time this year. Long term goals for the company anticipate a network of 150 franchise offices throughout North America within three years. Expansion is currently focused on the Eastern Seaboard.
About LED Source
LED Source is North America’s first and only franchisor of LED lighting. The company supplies LED products to a variety of spaces, and specializes in design, support, development, project management and financing through its Retrofit, Architectural and Entertainment divisions. Applications include commercial office spaces, schools, churches, theaters, art galleries, restaurants and nightclubs, special events, residential and landscape lighting and much more.
For more information, to arrange a demo or to purchase any of these products, please contact one of LED Source's Lighting specialists:
Toll Free: 866.900.4LED (4533)
SOURCE LED Source