The lighting requirements of an industrial facility are being met by 700 40-W standard fluorescent lamps. The lamps are close to completing their service life and are to be replaced by their 34-W high-efficiency counterparts that operate on the existing standard ballasts. The standard and high efficiency fluorescent lamps can be purchased in quantity at a cost of $1.77 and $2.26 each, respectively. The facility operates 2800 hours a year, and all of the lamps are kept on during operating hours. Taking the unit cost of electricity to be $0.08/kWh and the ballast factor to be 1.1 (i.e., ballasts consume 10 percent of the rated power of the lamps), determine how much energy and money will be saved per year as a result of switching to the high-efficiency fluorescent lamps. Also, determine the simple payback period.