By Greentech Lead Team: Key Equipment Finance, an
affiliate of KeyCorp, is financing a solar system installation at Rutgers
University, The State University of New Jersey. SunDurance Energy, a solar
provider, is the solar integrator for the project.
Construction of the solar canopies is underway now and
the first phase of the installation is expected to be completed this summer.
A press release said the university is installing 40,000
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. This is an exciting and innovative project that demonstrates
Rutgers’ ongoing commitment to energy efficiency and environmentally sound
practices,” said Antonio Calcado, Rutgers’ vice president for facilities
and capital planning.
Key Equipment Finance provides 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.
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.
“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,” said David ten
Kroode, vice president of Key Equipment Finance’s energy finance business.