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Leasing scheme makes it easier to own drives panels

01 March, 2003

Leasing scheme makes it easier to own drives panels

Mitsubishi Electric has introduced a leasing scheme that will make it easier for customers to acquire its F540 variable speed drives. The scheme is a response to customer comments that, although they recognise the benefits and cost-saving potential of using VSDs, they do not have the budget to do anything about it.

Unlike some other leasing schemes, the new initiative is not simply based on the cost of the drive, but also takes into account the cost of the motor control panel and its installation.

According to Mitsubishi`s Chris Cusick, the payment terms on a typical leased panel installation will often be much less than the energy savings that can be made in a month. Even if customers have not bought the equipment outright, they could still be "ahead of the game" within two to three months, he says, and improve their efficiency into the bargain.

"Many other assets, like cars and buildings are leased as a matter of course," Cusick points out. "It just needs a change in attitude to see the potential of this idea."

Other claimed advantages of the leasing scheme include: improved tax efficiency; preserving precious capital expenditure budgets; and having a line of credit that does not come from a bank. The drive can be paid for out of revenue, as it is used.

The leasing scheme is one of the first initiatives to come out of an Energy Centre recently set up by Mitsubishi. The aim of the Centre, run by a team of experts, is to provide a single point of contact for help and advice on energy-related products, support and service. For example, the Centre will provide help with energy audits and provide free software to work out payback times for inverter controls used on pumps and fans.

The leasing scheme will be operated by an Energy Centre partner called Electric Leasing.

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