Over 20 years, we anticipate saving $13.6 million.
The cost to acquire the streetlights from Xcel was $3.2 million. We expect to invest an additional $3.8 million to convert the lights to LEDs. Given the cost savings associated with city ownership, reduced energy costs and other efficiencies, we estimate we can save more than $1 million per year in operational and maintenance costs. Any additional savings, which could be as much as $350,000 per year, will be reinvested into streetlights. The project would get a return on investment within nine years.
Costs may change and will be updated after the city finalizes bids in 2024.