March 5, 2012
Key Equipment Finance
, one of the nation's largest bank-held equipment finance companies and an affiliate of
(NYSE: KEY) today announced that the company is financing a solar system installation at
, The State University of
, 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
. The 32-acres of solar canopies will generate over nine million kWh of power, or approximately
in electricity – equivalent to the annual energy consumption of nearly 1,000 households.
By leasing the solar installation from Key Equipment Finance,
will benefit from federal tax incentives, as well as
'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
over a 20-year period.
"This project makes good sense economically and environmentally," said
' vice president for facilities and capital planning. "This is an exciting and innovative project that demonstrates
' 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,
will purchase the facility at fair market value.
"We work closely with educational institutions across the country and are pleased to see
leading the way when it comes to solar power," said David ten Kroode, vice president of Key Equipment Finance's energy finance business. "
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.