NCP saves £34m by doubling number of car parks using energy-saving LEDs thanks to GIB funding deal

  • Through a second phase of lighting upgrades, NCP has installed LEDs at a further 110 car parks
  • In phase one of the project NCP installed LED fittings in 149 multi-storey car parks across the UK
  • The two phases of the project combined cut NCP’s energy use per site by an average of 70% and involved installing just under 80,000 LED fittings
  • The two phases in total will cut CO2e emissions by an average of over 12,000 tonnes each year and save £34m

UK Green Investment Bank plc (GIB), Future Energy Solutions (FES) and fund manager Sustainable Development Capital Limited (SCDL) are backing the second phase of a lighting project for National Car Parks (NCP). Through the second phase and the first, NCP will save a combined £34m over the lifetime of the LEDs, whilst also dramatically cutting its greenhouse gas emissions.

Around 7,500 light-emitting diode (LED) fittings have been installed in approximately 110 multi-storey car parks, surface car parks and roof decks, delivering lighting, financial and environmental benefits.

NCP in phase one of the project have already reported vastly improved lighting at the 149 multi-storey car parks that were retro-fitted with LED fittings during 2014.

Over the lifetime of both phases of the project, NCP expects to save around £34m. However, as well as saving money, the company will also reduce its impact on the environment, cutting its carbon dioxide equivalent (CO2e) emissions by an average of over 12,000 tonnes per year.

In a similar funding arrangement to phase one of the project, Future Energy Solutions (FES) will provide funding alongside GIB through the SDCL-managed UK Energy Efficiency Investments Fund.

Ed Northam, Head of Investment Banking at GIB, said:

“Replacing out-of-date conventional lighting with energy-efficient options like LEDs is one of the most effective ways of reducing electricity bills and saving money at the same time.”

“It’s great to be working on this second phase of the project with NCP, which will double the number of its car parks fitted with LEDs. Working with existing customers like NCP is a great way to build relationships and deliver fantastic projects that save money and cut greenhouse gas emissions.”

Jo Cooper, Chief Executive Officer at NCP, said:

“Phase one began in January 2014 and over 50,000 car parking spaces were successfully re-lit. It was a tremendous success and we noticed an immediate improvement within the lit environment, as well as a sharp reduction in our energy bill. Phase two will tackle the remaining car parks in our portfolio.”

“The money we will save over the lifetime of the new luminaires between phases one and two is estimated to be in the region of £34m and provides a significant and measurable means of reducing our carbon footprint.”

Marcus Brodin, Commercial Director at FES, said:

“The work we have completed for NCP will generate energy savings of over 70%. In addition, between phases one and two, the positive impact on the environment will be significant, as the company’s CO2e emissions will be reduced by an average of 12,027 tonnes per annum.

“What’s more, all of the products installed are performance guaranteed and maintained for the life of the contract at no cost to NCP, therefore taking away the hassle of maintenance and reducing the company’s operational cost base.”

Jonathan Maxwell, Chief Executive, SDCL said:

“NCP is one of the largest and longest standing private car park operator in the UK. We are delighted to further strengthen our business relationship with NCP and FES, with our investment in phase two of the project involving the installation of LED lighting by FES, a leading energy solutions provider.”

Published March 2016

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