August 01, 2023

Philadelphia Sustainability Bonds for Citywide energy-efficient streetlighting upgrades

In July 2023, the Philadelphia Energy Authority issued Sustainability Bonds to finance the Philadelphia Streetlight Improvement Project, consisting of construction and installation of energy-efficient streetlighting infrastructure throughout the City. The Project is a comprehensive multiyear effort to convert nearly 130,000 streetlights to LED lights and upgrade the entire lighting system to a remote management system. The Project is aligned with citywide climate action goals to reach net zero by 2050, is expected to yield approximately 55% annual energy savings, is Dark Sky compliant, and designed to reduce traffic fatalities and improve public safety. The City prioritized LED installation in neighborhoods where public safety needs are highest, as identified through nighttime crime data, nighttime vehicle crash data, and other Delaware Valley Regional Planning Commission Indicators of Potential Disadvantage, including the neighborhoods of Kensington, North Philadelphia, and West Philadelphia.