the project will pay for itself in energy savings in about eight years

Project Director Jack Stucky said it would have a huge impact on local tax payers. He said, "Tax payers pay for the energy we use up there now, and it's significant."

Stucky said, "We're saving energy, we're putting money into the local economy and it's going to reduce the costs of our utilities."

Stucky predicts the project will pay for itself in energy savings in about eight years. The contract shows the project is expected to be completed by November 20, 2012.

From lighting up the Olympic opening ceremony to decorating Tower Bridge (and saving 40% on its energy bills in the process), LEDs have certainly made their mark this summer. Now LED specialists Light Planet are raising the bar even further and have developed a new finance initiative to support the implementation of energy efficient lighting technology by businesses and organisations.