Bonus programs provide rebates valid for a set period. Bonus rebates vary in amount. Some offer 10% or 20%, while others can offset around half the cost of the product or project. There are several bonus rebate programs for commercial LED lighting upgrades, with around 77% of the U.S. offering some type of financial incentive.
Upgrading outdated lighting is cost-prohibitive for many businesses, but taking advantage of bonus programs can make the project more affordable. It can also shorten the length of time it takes to see a return on your lighting investment.
Types of Bonus Rebate Programs
Bonus programs often have different specifications but tend to fall into one of four categories.
1. Rebates on Specific Products
This type of bonus program offers incentives for a specific product or category. For example, the rebate may only apply to 2’ LED tubes or it can cover all types of energy-efficient interior lighting. These rebates typically do not specify a particular brand or model, the lighting product only needs to meet the rebate’s specifications.
2. Rebates on Specific Customer Categories
Some bonus programs are in place to entice specific customers to upgrade to energy-efficient LED lighting. It often includes schools and community facilities. The goal of the program is to help make the upgrades more affordable by providing bonuses on top of product rebates.
There are a lot of questions surrounding LED lighting incentives and rebates. We understand how difficult it can be to even find available incentives. We try and keep our clients up-to-date on what is happening in the industry, that is why we suggest reading our Lighting Incentive Blog Feed!
3. Across the Board Bonus Programs
These bonus programs provide additional rebates for almost any type of lighting retrofit project. Some may provide an additional 20% in financial incentives, but the amount varies according to the program. Since these rebate programs cover most lighting projects, almost any business may qualify for financial incentives.
4. Partner Bonus Programs
Instead of the incentive going to the consumer, the rebate benefits the lighting supplier. These incentives make it more attractive for retailers to sell energy-efficient lighting to their customers. Retailers must become a trade partner to be eligible for these rebates. It often requires you to receive approval from the program’s administrator and attend training sessions for certification. Receiving the bonus allows the retailer to increase their profit margins without relying on outdated lighting products.
How to Take Advantage of Bonus Rebate Programs
Rebate programs are typically time sensitive. The program is only active for a short period. Signing up for rebate mailing lists is a good way to stay informed and ensure you do not miss a bonus program.
Bonus programs also have specific requirements and rules that can include pre-approval and final approval dates. A special code is often another requirement and don’t forget to read the fine print.
Price caps are common with rebate programs. The original rebate may appear higher, but the program may have a cap that only covers 75% of the project.
Bonus Rebate Programs Can Help Increase Sales
LED installers can use bonus programs to help drive sales. Since the incentives have deadlines, they can help motivate customers to jumpstart their lighting project. Even customers who balk at the initial project costs may see a way to go forward with rebates.
Bonus Rebate Program Assistance
Contact the experts with Incentive Rebate360 today to learn more about the bonus rebate programs in your area and how these incentives can make your lighting project more affordable.