H.W. Farren Warehousing
Streamlined financing for a fast moving energy retrofit.
3,255,547 lbs over the project lifetime
H.W. Farren, a Randolph, New Jersey-based logistics company specializing in aircraft, heavy-duty freight, and rigging operations was informed by their insurance company that they would lose coverage if they didn't bring the lighting levels up before the end of the year.
Encore LED, a New-Jersey based supplier and installer of high-quality LED lighting products, put together a rapid proposal that would exceed the standards of the insurance company, and save H.W. Farren almost $34,000 annually on operating expenses. The only remaining issue was how to pay for the project.
Bill Dato, the President of Encore LED, was able to secure a major energy incentive for H.W. Farren to significantly reduce the upfront cost of the installation. However, this incentive was set to expire soon - taking the deadline of this project from year's end to early fall of 2015. With time running out, H.W. Farren needed to find a way to finance this project quickly rather than paying for the total project cost upfront.
To meet the new deadline, Bill Dato included a Sparkfund financing estimate in his proposal. Bill knew that Sparkfund, Encore LED's embedded financing partner, could move quickly to present H.W. Farren with a financing offer. A quick turn around from Sparkfund would be essential to complete this project on time, secure the major rebate and maintain H.W. Farren's insurance coverage.
Overcoming multiple time-sensitive challenges, H.W. Farren utilized Encore LED's swift construction service and Sparkfund's speedy financing to secure their lighting retrofit and save thousands of dollars annually. After the LED installation, H.W. Farren is expected to see immediate positive cash flow, even after paying their electric utility bill and lease payment. Once the 36-month financing term is over, H.W. Farren will purchase the new LED lights for $1 and keep all $2,800 savings each month!