80% saving interest rate for 3 years? Is that something you'd like...
That's an APR of 47%... now how many banks can offer you that in Ireland?
Here's how we calculated it:
Cost of 10 Watt LED bulb (including install): €20.
Replaced a 26 Watt CFL bulb.
Saving of 16 Watts. Bulb is on 24/7, 365 days/year. So that's a saving of 140 kWh/year. The bulb lasts 3 years (3 times longer than the CFL) so that's 420 kWh at a cost of 15 cent/kWh (pretty cheap rate) = €63 euro saving.
So if we put €20 in an Irish bank saving account, and I wanted a return of €63, with DIRT (tax) of 41%, I would need an APR of 47% to match this rate of return. That is equivalent to an 80% return over 3 years!!!
Phew! Take a break after all that hard maths... and join us today to learn more.
PS. The added benefits of the bulb lasting longer (less bulbs needed to be bought) and the time and effort saved from having to replace the bulb have not been included. LED lighting is also less toxic than CFL lights as they do not contain mercury.