Low Interest Funding for Hotel Energy Efficiency Projects Available in Tennessee
It has been proven that energy efficiency measures and new sustainability technologies are being implemented into hotels and delivering positive impact to the bottom line.
- (1888PressRelease) December 11, 2010 - Hilton Garden Inn Nashville/Smyrna Committed to Energy Efficiency
It has been proven that energy efficiency measures and new sustainability technologies are being implemented into hotels and delivering positive impact to the bottom line. However In these times of stiff capital markets, strict lending requirements and unattractive interest rates for commercial loans, it is necessary to research and exhaust all of your financing options when making energy efficiency improvements to a hotel. Working together, the Hilton Garden Inn Nashville/Smyrna, Tennessee and EcoGreenHotel found a very attractive loan program offered by the Tennessee Valley Authority to dramatically reduce monthly energy consumption.
The Energy Efficiency Loan Program offered to Tennessee businesses is the result of a collaborative effort between the Tennessee Valley Authority, the State of Tennessee, Pathway Lending, and others. Pathway Lending offers below-market rate loans at 5 percent with terms extending to 10 years. The Loans can finance up to 100 percent of costs on projects including building retrofits, equipment replacements or upgrades, lighting and renewable generation projects. The loans can be repaid with the energy costs savings derived from each project. This program has no up-front or hidden costs and allows up to 100 percent project financing. This means all associated costs, including pre-audit, design, engineering, and implementation costs can be rolled into the terms of the loans, which typically range from $20,000 to $1 million.
"Energy costs continue to rise while operating budgets continue to shrink so the Energy Efficiency Loan Program is a great opportunity for businesses in our communities to have access to low-cost energy efficiency financing," said Amy Bunton, Senior Vice President of Pathway Lending. "This Program will help businesses achieve long-term energy solutions by reducing operating costs and making their Tennessee facilities more competitive."
Kana Hotel Group contracted EcoGreenHotel to perform an E2A (Energy Efficiency Analysis) for their Hilton Garden Inn Nashville/Smyrna, TN and make recommendations for energy efficiency improvements. EcoGreenHotel's recommendations included energy conservation measures such as: Inncom Energy Management Systems for HVAC control and monitoring common areas and in-room PTACs, LED lighting upgrades, lighting controls, US Energy Solutions' Boiler Management and NuTek Ozone laundry systems. EcoGreenHotel technical analysis required to submit for financing calculated the hotel will reduce its energy consumption by 30% and create immediate positive cash flow.
"The Hilton Garden Inn Nashville/Smyrna was a great project for us. There were numerous areas for energy and cost savings and an owner who truly understands the potential of energy efficiency technologies. In addition to implementing an extensive energy strategy the property has also implemented waste reduction and diversion practices, green cleaning products and sustainability training and procedures making it a true Green Hotel." Jeff Kiec - EcoGreenHotel Director of Sustainability
Inncom and US Energy Solutions are nationally recognized suppliers of hospitality energy efficiency solutions. Inncom provides precise control of the Hilton Garden Inn's 112 in-room PTACs and common area HVAC system through a wireless network that is interfaced with the hotels front desk. The system automatically adjusts the energy use for un-occupied rooms and dramatically reduces monthly energy consumption. US Energy Solution installed a NuTek Ozone system which allows for a 40F wash water temperature reduction in the laundry area while the hot water management system creates an "on-demand" hot water system for the guest rooms, laundry and restaurant with the existing commercial boilers.
"We are very pleased to have been chosen to install Ozone Laundry and Boiler Energy Cost Management Systems. Our ozone system has allowed the hotel to reduce the cost of heating hot water in the laundry by over 90%, while also improving the quality if the linens. Our BECMS system reduces the cost of heating domestic hot water by 30% or more, with no impact on guest satisfaction." US Energy Solutions President- Kevin Hall
"The Energy Efficiency Loan Program has been very beneficial to us. For hotel owners, financing is still very difficult to obtain; when a traditional lease company does approve financing, the rates are over 10-12% with high fees. With the 5% interest rate on the program, the project was feasible as we anticipate our energy savings to exceed the cost of financing. Once the lease is paid off in 3 years, there will be a full net benefit from the lower energy costs. The program allows hoteliers to take advantage of energy efficiency projects with little or no upfront capital. Kana Hotel Group President - Alpesh Patel
Energy savings can be found in practically every hotel. However making the numbers work to a hotel's advantage can be challenging. Tools like the Energy Efficiency Loan Program make implementing projects much more attractive.
About Kana Hotel Group
Kana Hotel Groupis headquartered in Knoxville, Tennessee with a Southern Regional Office located in Tampa, Fl. KHG is an award winning hotel ownership, development, and management company providing comprehensive development and management services to the Hotel industry. Their current portfolio consists of 18 properties located in eight states, with 5 others currently under development. Kana's portfolio includes the following leading brands: Marriott International, Inc., Hilton Worldwide, and InterContinental Hotel Group. For further information about our Award Winning hospitality management services please contact us at 865-560-5102.
About EcoGreenHotel
EcoGreenHotel LLC (Robbinsville, NJ), is a privately held company dedicated to helping lodging facilities address a broad spectrum of sustainability issues. The company provides information, tools, checklists, current news and trends to the hospitality industry through its website, www.EcoGreenHotel.com. The company also runs an online marketplace for green products and services at www.EcoGreenHotelStore.com. In addition to the online offerings, EcoGreenHotel provides customized consulting services tailored to the needs of the hospitality industry in the areas of energy efficiency and certifications, including LEED, Green Seal and Energy Star. For those properties that have reached certified levels of sustainability, EcoGreenHotel assists with marketing services to position the properties within the growing "green" space and enhance revenue. For further information, email info ( @ ) EcoGreenHotel dot com or call 888-229-0213.
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