Long Stratton Town Council to take out loan for LED street lights
Long Stratton Town Council has unanimously agreed to take out a five-year interest-free loan to replace all the street lighting in the town with LED alternatives.
To finance the move, the council will apply for an interest-free loan of £22,946.40 from Salix Finance, a government-funded not-for-profit organisation dedicated to supporting public sector energy efficiency projects.
The council will also seek borrowing approval from the Secretary of State by way of the Ministry for Housing, Communities and Local Government.
It is believed that the council does not intend to increase the council tax precept for the purpose of fulfilling the loan repayments.
Instead, the money to repay it will be through savings made on the reduction of electricity and maintenance costs from converting the lights to the longer-life greener alternatives.
The annual loan repayments will come to around £5,100 and it is said that it will also mean savings to the public purse of the council once the loan has been fully repaid.
Once it has all been agreed, work on the changeover of all the council’s street lighting in the town is set to be completed by the end of the calendar year.