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Money for Nothing The Psychology of saving money


Would you rather receive a gift of a thousand pounds, or reduce a bill you have to pay by a thousand pounds? Of course, in reality, these alternatives amount materially to the same gain, but do they psychologically? In a recent survey, NET LED Lighting asked this question and 80% preferred the gift, the other 20% said they didn’t mind.


It appears that we value receiving cash considerably more highly than saving money, or put another way, getting something for nothing feels better than reducing the amount of something we were expecting to have to pay, even if the value of benefit to us is identical in both cases.


Perhaps a reason for this difference in perceived value can be explained by the comments from one of the participants questioned: “…receiving money is a bonus so I can spend it on something I might not otherwise have bought… reducing a bill is only paying less for something I have to pay anyway, so I don’t feel I have won something extra in the same way.”


To start receiving your financial returns, contact NET LED Lighting on 01223 851505 or email info@netledlighting.co.uk


NET LED Lighting who carried out the survey is one of the UK’s leading suppliers of commercial and industrial energy saving LED lighting. The company encounters this phenomenon daily when presenting savings quotations to customers. The electricity savings achieved by NET LED Lighting are typically as high as 65% and as the products last over three times longer than conventional lighting, savings in maintenance costs for replacing and recycling lamps can be even higher. With these direct cost savings alone, customers can achieve significant returns on investment with typical paybacks in one to three years.


In spite of this and even with electricity prices rising, many organisations appear to discount the value of the electricity savings they can achieve, preferring to continue with their conventional fluorescent lighting, consuming and paying for more electricity than they need. This undervaluing of savings is even stronger when it comes to the maintenance cost savings; time and time again, customers discount the


maintenance savings on the basis that they are paying their maintenance department, or electrical contractor, anyway!


It seems that there is still a perception that an electricity bill is like a rent or business rates bill; that it is something that just has to be paid and which one has little influence over. This may be true of the rent or business rates, but is certainly not true of the electricity bill which is mostly dependent on consumption: reduce consumption and make savings on the bill!


The UK government recognises these issues with organisations such as The Carbon Trust working in collaboration with Siemens Financial Services who have put in place funding to encourage businesses to install approved energy saving products like NET LED Lighting and allowing the capital investment to be paid back from the electricity savings achieved.


www.netledlighting.co.uk


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