This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Key Equipment Finance Provides Equipment Financing Of Photovoltaic Solar Panels For Project At Rutgers University

SUPERIOR, Colo., March 5, 2012 /PRNewswire/ --  Key Equipment Finance, one of the nation's largest bank-held equipment finance companies and an affiliate of KeyCorp (NYSE: KEY) today announced that the company is financing a solar system installation at Rutgers University, The State University of New Jersey. SunDurance Energy, a leading national solar provider, is the solar integrator for the project.

The university is installing more than 40,000 high-efficiency solar panels mounted on canopy structures over two large surface parking areas on the Livingston Campus in Piscataway Township, New Jersey. The 32-acres of solar canopies will generate over nine million kWh of power, or approximately $1.2 million in electricity – equivalent to the annual energy consumption of nearly 1,000 households.

By leasing the solar installation from Key Equipment Finance, Rutgers University will benefit from federal tax incentives, as well as New Jersey's Solar Renewable Energy Credits (SRECs), for this project. Those incentives, combined with the electricity savings generated from the solar energy installation, are projected to net Rutgers $28 million over a 20-year period.

"This project makes good sense economically and environmentally," said Antonio Calcado, Rutgers' vice president for facilities and capital planning. "This is an exciting and innovative project that demonstrates Rutgers' ongoing commitment to energy efficiency and environmentally sound practices."

Key Equipment Finance provides flexible equipment finance options to commercial customers and government entities interested in taking advantage of the tax benefits, renewable energy incentives and energy savings available through solar panel installations. As finance partner on this project, Key Equipment Finance is responsible for financing the construction and leasing the installation to the university upon completion of the construction.  At the end of the 15-year lease term, Rutgers University will purchase the facility at fair market value. 

"We work closely with educational institutions across the country and are pleased to see Rutgers University leading the way when it comes to solar power," said David ten Kroode, vice president of Key Equipment Finance's energy finance business. " Rutgers University should serve as an example to other colleges and universities when it comes to recognizing the energy- and cost-savings available through the use of photovoltaic solar installations, and it is our pleasure to work with them on this project."

Construction of the solar canopies is underway now and the first phase of the installation is expected to be completed this summer.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs