Flexible Financing with No Down Payment, No Minimum Financing Requirement and No Hidden Cost
Greenville, SC – July 19, 2013 – Removing a significant barrier to wider adoption of energy efficient lighting, Hubbell Lighting today announced a creative financing solution called “Cash Flow Positive.” The initiative provides flexible and easy access funding for commercial and municipal customers, through Hubbell Lighting and its agent network. As the name suggests, in most cases, Hubbell Lighting can help end users capture an immediate bottom-line, cash flow benefit from lighting upgrades.
“Major capital investments are hard to justify and will always stand as an impediment to greater energy efficiency,” said Scott Muse, President of Hubbell Lighting. “Our Cash Flow Positive program addresses the economic barriers that our customers often face and helps them break through these challenges to immediately capture the benefits of our leading energy efficient lighting and controls solutions.”
Working through the company’s Hubbell Capital team, commercial customers can receive competitive rate financing with terms from 12 to 60 months (up to 120 months for municipal customers) on projects ranging from $5,000 to $10 million. The application process is simple and dedicated Hubbell Lighting customer contacts provide assistance throughout the financing process, including managing all documentation. There is no down payment, no minimum financing requirement and no hidden costs. Most important, Hubbell Capital estimates the costs and payments of all products, installation and project-related services, which means that the financing is structured to ensure that energy cost savings are greater than monthly financing costs. The result: immediate positive cash flow.
The program is significant because lighting represents 30% to 50% of the energy used in most facilities, according to the U.S. Department of Energy. Lighting is the easiest and least costly energy consumer to upgrade and is recognized by developers as the single most important energy savings feature in buildings today. Since over 80% of lighting in the U.S. dates to before 1990, facilities are full of opportunities for affordable and efficient lighting upgrades–and the resulting cost savings.
The problem is that banks require a 10-25% downpayment for a loan and often require you to maintain minimum balances to earn the best rates, further digging into your working capital. Plus, most banks classify a loan as a revolving line of credit giving them the option of cancelling or extending your credit on an annual basis, which means resubmitting financial statements every year to keep the lights on and restrictions on your future borrowing power. With Cash Flow Positive you get no down payment, 100% fixed rate, long-term financing usually approved in 24-48 hours that does not require annual qualifying and hinder your ability to borrow in the future.
“This is a major step forward in spurring the adoption of innovative and efficient lighting technologies that have a proven impact on lowering facility and municipality costs,” added Muse.
To learn more about Hubbell Lighting’s Cash Flow Positive program, visit https://www.hubbelllighting.com/resources/financing/.