The current estimated cost to acquire the lights from Xcel is $3.6 million. The city would invest an additional $3.4 million to convert the lights to LEDs. Costs may change and will be updated after the city receives bids in 2024.
Given the cost savings associated with city ownership, reduced energy costs and other efficiencies, the city estimates it 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. Over 20 years, the city plans to save $13.6 million.