Ernst & Young, one of the country's leading professional services companies, has announced the company will be renovating its New York City headquarters in an attempt to earn the building an Energy Star rating.
The renovations will include a massive overhaul of the building's lighting system which will incorporate LED light bulbs throughout the 32 story tower.
The overhaul will be administered by Phillips Lightolier Energy Services, an power usage reduction solutions company, and lighting design firm One Lux Studios.
In a press statement released today by Ernst & Young, officials stated that the redesign will save Ernst & Young more than $1 million a year in electric bills, as well as help to reduce the building's carbon emissions by nearly two million pounds annually.
"Over the past few years we have been able to reduce our carbon footprint from energy. This new lighting system will add an even greater reduction. Five Times Square is seeking an Energy Star rating, and the lighting work will be a large part of our application," said Brent Summers, Director, Americas Enterprise Support Services, a subsidiary of Ernst & Young in the press release.
Currently, more than 5,500 people work in the company's Times Square office building, which was constructed in 2002.
In order to qualify for an Energy Star rating, Ernst & Young will use this lighting upgrade to reduce total electric consumption by roughly 54 percent according to the press release.
Business or home owners who would like to qualify their property for an Energy Star rating can do so by making similar upgrades to those being implemented at Ernst & Young. An energy audit from a commercial or home inspector can highlight other ways for a property to meet Energy Star specifications.