U.K.-based Speedy Hire secured an exclusive agreement for a new energy-saving 24-watt fluorescent lamp that can replace existing 110-volt TH 500-watt lamps that reduces energy costs by 95 percent.

Speedy, the U.K.’s leading provider of equipment rental and support services, this week secured an exclusive access agreement for a new energy-saving 24-watt fluorescent lamp that can be used as a direct replacement for existing 110-volt TH 500-watt lamps and reduces energy costs by 95 percent.

On average, a site using 100 lights annually could save almost £17,000 (about U.S. $26,434) by switching to the new lamp, which fits the conventional 500 TH floodlight without modification.

Speedy, which recently announced an investment of £2 million (U.S. $3.1 million) into energy-efficient lighting towers, says it is helping its customers stay ahead of possible changes in legislation governing lighting.

In two years time, normal filament light bulbs will no longer be available on the U.K. market, while halogen lights, which the new 24-watt fluorescent lamp replaces, are predicted to be next as they use around five times as much energy as standard bulbs.

“We continually search for pioneering new products like this lamp that can help our customers to reap significant financial and energy savings,” said Andy Connor, supply chain director at Speedy. “Cutting carbon and spending less are two of the most important objectives to businesses of any size and new technology will play an increasing role in achieving them as well as operational changes such as minimizing waste.”

Speedy Hire is based in Newton-le-Willows, Merseyside, U.K.