Current economic challenges are forcing many companies to reevaluate their business operations and find ways to affect their bottom line a positive way. Increased costs of energy, and the impact of current energy use on the environment have inspired companies to go green, but they have found it difficult to do so because of the cost. Many companies don’t realize they can save money by taking advantage of federal and state tax credits, tax incentives and grant programs that help companies upgrade their facilities with green products.
The Sign Factory, Inc. recently completed the replication of Seattle’s historic Paramount Theatre vertical sign. The new sign is identical in appearance to the original landmark but was built using modern green technology. The lighting upgrade and sign retrofit qualified for about $56,000 in energy efficiency rebates from Seattle City Light. The project includes 1,944 LED lamps and 18 energy efficient solid-state neon transformers, rather than the old, inefficient magnetic units. Those changes will save about 493,268 kilowatt-hours of electricity per year. That’s enough energy to power about 55 typical homes and adds up to about $25,000 per year in savings for the theatre.
Depending on the city and utility district, businesses will have access to different incentive programs. These programs typically consist of a tax credit, a tax deduction, or a rebate. A tax credit is usually more valuable than a tax deduction because a tax credit is a one-for-one dollar reduction in the total tax bill. On the other hand, a deduction only removes a percentage of the tax that is owed. States, local governments, and utilities offer rebates to promote the installation of energy efficient products. The rebate amounts vary widely based on the program administrator and technology used.
Incentives to promote the production and use of renewable energy vary widely among states, but often include corporate income tax deductions, exemptions and credits. States provide property tax assessment relief and exemptions, sales tax exemptions and refunds, and grant and rebate programs.
In addition to state incentives, local utilities such as Seattle City Light and Puget Sound Energy offer incentives, rebates and permitting assistance to customers who would like to go green by upgrading their equipment, lighting and water systems to maximize energy efficiency. Grants are also available for new construction or remodeling of properties with the savings rate based on the level of energy performance improvements beyond code.
(Energy-efficient LED modules)
Washington state and most utility districts have incentives to help businesses retrofit their office space with energy efficient technologies. Renewable energy production equipment, energy efficient commercial appliances, and updated lighting systems are some of the items businesses can purchase and use that will give them tax breaks.
Seattle City Light and Puget Sound Energy are two utility districts that provide rebates to their business and residential customers for upgrading to energy-efficient technologies. Updating indoor lighting, exit signs, and outdoor signage are the most common ways businesses can take advantage of the rebates. “Typical sign upgrades for rebranding or updating signage should occur every 10 years,” said Jim Risher, president of the Sign Factory, Inc. According to Risher, the initial cost for the upgrade may be high, but with the tax credits and reduced operating costs it is one of the best times to rebrand and upgrade.
To begin an electrical upgrade, an energy analyst evaluates the lighting project and estimates the rebate and energy savings. Then, an authorization form is acquired and the business can contact their contactor or project coordinator. Once the installation of the new product is completed, the utility district will verify that it is completed and meets the standards. Finally, a rebate check, tax credit or deduction is given to the business in recognition of the energy-efficient upgrade.
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The Sign Factory announced today that Seattle Theatre Group (STG), the non-profit organization that owns and operates Seattle’s Paramount Theatre, has hired them to replicate their historic vertical sign. The project is an exact replication, keeping the authentic look and feel of the iconic sign while updating it with modern energy saving materials and electronic technology.
“We paid meticulous attention to every detail in order to maintain the authentic look and feel of the original historic sign while updating it with modern energy saving materials and electronic technology,” said Jim Risher, President of The Sign Factory.
About The Sign Factory: The Sign Factory, Inc. is an electrical sign manufacturing, installation and service corporation. With our in house design department we have the ability to design and manufacture signs from start to finish. We specialize in branding multiple locations for corporations, large and small. The company has the capability to provide sign products throughout the US and Canada from our Kirkland, Washington facility. We offer wholesale production and project management on a regional and national basis. Major customers include; national retailers: Macy’s, Albertson’s, Safeway, US Bank, Bank of America, ING Direct, Supercuts, HairMasters, Starbucks, Wells Fargo, local architects, property managers, commercial developers and local retailers.
About STG: Seattle Theatre Group is the 501 (c) (3) non-prof i t ar ts organization that operates the historic Paramount and Moore Theatres in Seattle, Washington. Our mission is to make diverse performing arts and education an integral part of our region’s cultural identity while keeping these two landmark venues alive and vibrant. STG presents a variety of shows from Broadway, off-Broadway, dance and Jazz to comedy, concerts of all genres, speakers and family shows – at both historic theatres in Seattle and at venues throughout Puget Sound and Portland, Oregon.
