On Friday, Bloomberg reported that a company called PalmCeiling, which specializes in LED ceiling fan installations, is in the process of rolling out a version of the LED ceiling cooler that is intended to compete with the $1,000 Solar Ceiling Fan, which is still in production.
It’s unclear when the cooler will be available, but the startup has already received $10,000 in seed funding from investors including Lightspeed Venture Partners, CapitalGeeks, and Union Square Ventures.
Palm Cemeteries are currently the largest source of solar energy for New York City, and the company claims to be the first in the world to install LED ceiling systems, which it claims produce a 5% energy return on energy investment.
In its report, Bloomberg said the cooler was designed to reduce energy consumption and the need for energy to cool the ceiling.
“We believe that the solar ceiling cooler can help mitigate the demand on rooftop solar and also help offset energy costs for homeowners and business customers who need more efficient lighting,” the company said.
Palm Cems claims its ceiling fans save homeowners more than $2,000 per year.
The company has installed more than 700 LED ceiling cooling systems worldwide, with more than 200 locations in the U.S. and Canada.
In addition to installing the cooler, Palm said it will soon be launching a new product, which will also be compatible with Solar Ceilings.
“The new product will be a premium LED ceiling system with the ability to be configured for either a ceiling fan or solar energy,” the startup said in a statement.
The $1.7 million startup’s website describes the product as “an efficient and cost-effective way to provide lighting that is compatible with solar energy.”