UK green bank commits £8.2m to energy efficient streetlights

The UK Green Investment Bank has committed £8.2 million in funding for an energy efficiency programme for a council on the south-east coast.

Southend-on-Sea Borough Council has also received a £5.1 million grant from the Department for Transport as part of the plan.

According to a GIB statement on Tuesday, the programme will involve replacing streetlights and illuminated signs with energy-efficient alternatives.

The project will save up to £25 million over 25 years, according to the Edinburgh-based bank statement, and the new streetlights are expected to use about 55 per cent less energy than the current installations.

Gregor Paterson-Jones, managing director of energy efficiency at the GIB, said that switching all of the streetlights in the UK could cut emissions by 475,000 tonnes a year, the equivalent of taking an estimated 200,000 cars off the road.