Projects  /  Stonehaven Senior Living
Case study · LED Lighting

Stonehaven Senior Living

NRG Incentives upgraded Stonehaven Senior Living in Fresno, CA to high-efficiency LED lighting — brighter, safer illumination across resident and care areas, financed through PG&E On-Bill Financing with zero capital out of pocket.

Stonehaven Senior LivingLED retrofit · senior living
$57,296
annual energy savings
$4,774.68
monthly savings — matched to repayment
3.74 yrs
payback period
$0
out-of-pocket cost
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The challenge

Stonehaven Senior Living needed brighter, more reliable lighting across resident rooms, hallways, and common areas — a 24/7 care environment where outages and dim, aging fixtures affect safety. With AB 2208 driving fluorescent lamp shortages and rising maintenance costs, the facility needed a durable, long-term solution that wouldn't pull capital from operations.

The solution

NRG Incentives packaged a full LED retrofit and funded it through PG&E's On-Bill Financing program — so the upgrade moved forward with no capital allocation and no out-of-pocket cost, with monthly repayment matched to the energy savings.

"
We’ve used the same power-save program at every one of our facilities. Not only is there no out-of-pocket cost — we saw savings the very first month it was installed.
Benjamin Carter
Co-Founder, Jericho Care Group

The results

The retrofit delivers $57,296.19 in annual energy savings — about $4,774.68 a month — recovering the $214,077.00 project cost in roughly 3.74 yrs, then compounding into net savings while the new lighting keeps working. Crews and residents get even, glare-free light with far less maintenance strain.

Return on investment — net cash position over 10 years
Break-even 3.74 yrs
+$358,885
$400k$200k$0-$200k
Yr 0Yr 2Yr 4Yr 6Yr 8Yr 10
Additional financial impact

What the upgrade is worth to the asset

Two of the levers an upgrade like this moves — value created and interest avoided. Adjust the rates to match your underwriting.

Added property value
$1,041,749$954,937$881,480$818,517$763,949$716,202
a one-time lift to the property's value at a 5.5%6%6.5%7%7.5%8% cap rate — capitalizing $57,296/yr in energy savings.
Cap rate
0% financing — interest you avoid
$17,126$19,267$20,980$21,408$23,548$25,689
in interest avoided each year at 8%9%9.8%10%11%12% — on the $214,077 project cost, financed at 0%.
Interest rate