OWEGO, N.Y. -- The town of Owego is looking to save money by converting all of their street lights to LED.

The project was estimated to cost more than $600,000 to complete. But Wednesday, State Senator Fred Akshar presented the town with $325,000 in state funding -- enough to reduce the cost of the project by more than half.

In all, 529 light fixtures will be replaced and town officials say this change will save taxpayers nearly $65,000 annually.

"I think that's the bottom line is reduction in costs are important to the homeowner. In this day and age with the economy, any time you can save a few dollars, it's a win," said Owego Town Supervisor Donald Castellucci Jr.

This conversion project will also dramatically reduce the town's carbon footprint.  They say it's the equivalent of planting 122 acres of trees.

The project is expected to be completed by April 2018.