The Town of Oyster Bay, New York is installing LEDway ® street lights from Durham-based manufacturer Cree, Inc. (Nasdaq: CREE) as part of a Town-wide upgrade of its high pressure sodium (HPS) lights to energy-efficient LED lighting. To-date, 2,500 Cree ® LEDway street lights have been installed out of the 4,000 planned. The Town received a $2 million Energy Efficiency Conservation Block Grant (EECBG) from the U.S. Department of Energy to fund the installation along 750 miles of roadway in Oyster Bay.
“LED lights have made huge strides regarding energy savings and life span,” said Oyster Bay Town Supervisor John Venditto. “These new LED lights will save 50 percent of the amount of energy consumed by the previous high pressure sodium bulbs. By replacing 10 percent of the existing HPS street lights within the Town, the Town stands to save $200,000 annually on our electric bill and maintenance costs.”
According to Town officials, Cree LEDway luminaires were selected because they are projected to provide significant electricity and maintenance savings and are “Made in the U.S.A.” Maintenance costs will be dramatically reduced as the LEDway luminaires are designed to provide a 100,000 hour lifetime compared to the five to seven year life span of the HPS street lights previously installed.
“Cree’s LEDway street lights are helping to drive the adoption of LED lighting for municipalities like Oyster Bay that need to address rising energy and maintenance costs,” said Christopher Ruud, vice president global sales, Cree lighting. “With our LEDway street lights, cities and towns don’t have to sacrifice anything for beautiful, energy-efficient light that benefits their residents and the bottom line.”About Cree Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor products for power and radio-frequency (RF) applications.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts