The New York State Energy Research and Development Authority (NYSERDA)) completed one of the largest solar systems installed in New York City in Staten Island this summer, with financing provided by Key Equipment Finance.
The 3.1-megawatt solar system was designed, developed and installed by New York City-based EnterSolar and will offset a large portion of the electricity used by Fordham University and Fordham Preparatory School in the Bronx.
“This project is a pinnacle for solar in New York City, and New York State,” said Paul Ahern, president, EnterSolar.
Solar tax lease
“Key Equipment Finance is proud to provide financing for this important renewable energy project in New York City,” said Doug Beebe, vice president, Key Equipment Finance Clean Energy. “Financing enables our partners to meet their sustainability goals by leveraging tax credits and available grants with a solar tax lease structure.”
The solar array is comprised of more than 9,000 solar panels and will generate nearly four million kilowatt hours of clean solar energy each year, enough to offset 20 percent of Fordham University’s electricity use and 37 percent of Fordham Preparatory School’s use. The ground mounted system was installed on approximately 10 acres of unused industrial property in Staten Island.
The system further supports the state’s aggressive goal of 50% of electricity coming from renewable energy sources by 2030.
The solar project uses an arrangement known as remote net metering. Under this arrangement, solar that is installed at one site can offset electric bills for customers at different locations.
With the continued cost declines associated with solar energy, the State of New York is committed to ensuring that the policies and regulations that compensate solar production do so in a way that benefits all electric customers while also benefiting the electric grid and delivering the biggest bang for the buck when it comes to reducing carbon emissions.
Clean energy finance
As a recognized leader in renewable energy and helping clients achieve energy efficiencies, Key Equipment Finance Clean Energy provides solutions for vendors, developers and clients.
There’s no single financing option that’s right for everyone, so the optimal choice requires a solutions-based approach customized to the needs of the business. Importantly, a company should select a financing partner who understands the company’s objectives and circumstances before making a recommendation.
Want to know more about financing possibilities that will uncomplicate clean energy access for your customers?