Key Equipment Finance, a bank-held equipment finance company and an affiliate of KeyCorp, has partnered with Trinity Solar, a retailer and installer of solar power systems in the northeastern U.S., to complete a $1.2 million solar project for Builders’ General Supply Co.
Key Equipment Finance says it provided a solar tax lease that uses the 30% federal investment tax credit and depreciation to reduce lease payments for Builders’ General. Trinity Solar designed, engineered, built and installed the rooftop solar arrays totaling over 405 kW across Builders’ General’s four locations in New Jersey.
Builders’ General is consuming the solar power and receives income from New Jersey’s solar renewable energy certificates, and the company estimates the installation will generate $990,000 in energy savings over its 10-year life span.
“Energy efficiency and green practices are a priority for Builders’ General, as well as the many builders, contractors, remodelers and homeowners who rely on our stores and showrooms for their building supplies, ” says John Ciullo, CFO for Builders’ General. “Our partnership with Key Equipment Finance and Trinity Solar allowed us to maximize our tax benefits, easily complete the solar installation at our four locations, and quickly begin to realize energy cost savings. It’s a win-win-win result.”