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A new poll commissioned by Leapfrog Lighting verifies a preference for financing the implementation costs of LED lighting. A total of 66.3% of business owners and managers indicated a preference to finance. Of these, 20.2% indicated yes unconditionally, 32.1% yes but dependent on the terms, and 14% yes, when the time was right. Only 16.5% of business owner and manager respondents had no intention of implementing LEDs. Interestingly, 17.2% planned to go ahead with implementations without financing.
In a press release discussing the poll results, Stephen Naor, CEO of Leapfrog Lighting commented: “I was not at all surprised with these findings. In our experience, smaller business owners often do not have the time available, or balance sheet strength that would allow them to finance LED lighting upgrades. They then lose the opportunity to reduce their electricity costs. This is why we have arranged easy-to-obtain and affordable third-party financing for our clients.”
The Leapfrog Lighting Zero-Down Financing option for businesses allows for up to 100 percent of cost financed with zero up front costs to eligible businesses. With the savings in electricity costs, even with financing costs factored in, monthly savings can be substantial for businesses.
In a previous survey question the pollsters found that 81.9% of business owners* and managers had already installed, or planned to install LED lighting. In this survey, similar numbers of business owners indicate the intention to implement, at 83.5%.
Last week’s survey showed that upfront cost is the leading reason for a delay in implementing LED lamps in the workplace—and clearly financing helps overcome this obstacle. Based on this response from 200 randomly-selected business owners and managers, financing undeniably makes a big difference to their implementation plans.
The actual question asked in the survey was “Does the option of financing upfront costs make a difference to your decision to use LED bulbs?”
When the data is segmented by age, older cohorts were the most likely to finance unconditionally, with 25% of 55-64 year-olds most likely to choose “yes” to financing regardless of terms. 54.3% of 18-25 year-olds and 39.7% of 25-35 year-olds indicated “yes, depending on terms.”
There are no significant trends in terms of age, although higher income tended to pull the response “depending on the terms.” or “when we are ready.”
Suburban business owners and managers were most likely to choose “yes, depending on terms” or indicated they were going ahead with LEDs without financing. Rural respondents were slightly more likely to unconditionally choose “yes” or indicated they were going ahead with LEDs without financing. Urban were the most likely to choose “yes, when we are ready.”
The US West respondents were the most likely to indicate “yes” or “yes depending on terms.” The US Midwest respondents were the most likely to indicate “yes, depending on terms.” US Northeast were the most likely to indicate they were going ahead with LED without financing.
By gender, Females are more likely to choose “yes” unconditionally or indicated they would go ahead without financing. Males were more likely to chose “yes, depending on terms” or “yes, when we are ready.”
To review full details of the surveys by cohorts of region, gender, age, income and lifestyle, please visit>> (needs link)
The blind, randomized poll canvassed the opinions of 200 business owners and managers, a segmented cohort of a larger poll drawing 2372 responses. Data collected by a research company on behalf of Leapfrog Lighting. The poll is considered statistically accurate, subject to an error rate of 3.92 per cent. The poll has an average absolute error rate of 3.92 and a confidence level exceeding 95 per cent.
* 81.9% statistic is from the same pool of surveyed business owners. This information was released previously in the research report “Leapfrog Lighting Manufacturer’s Claims Versus Real Life Experience” previously released.
Download the full report here>>