Key Equipment Finance, a bank-held equipment finance company and affiliate of KeyCorp, has announced that it provided a $3 million solar tax lease for The Monroe Cable Co.’s 1 MW solar installation by OnForce Solar. Monroe Cable, based in the Town of Wallkill, N.Y., is a manufacturer of cable, as well as a provider of shipboard electrical wire and cable for the U.S. Navy.
“With this solar installation, Monroe Cable is now able to meet its goal of getting about 25 percent of our energy from renewable sources,” said Abraham Wieder, Monroe Cable’s president and CEO. “Electricity is very expensive in upstate New York, and our new solar system offsets a portion of our utility bill while reducing our carbon footprint.”
Key Equipment Finance provided a solar tax lease that uses the 30% federal investment tax credit and depreciation to reduce Monroe Cable’s lease payments.
“With a financing solution that takes advantage of tax credits, manufacturers can realize multiple benefits,” said Doug Beebe, vice president of energy finance at Key Equipment Finance. “The solar tax lease enables Monroe Cable to reduce its utility bills while making a positive environmental impact in its community.”
Based in Bronx, N.Y., OnForce Solar designed and installed the system for Monroe Cable’s factory roof and adjacent land. CEO Charles Feit said, “OnForce Solar is proud to help manufacturers such as Monroe Cable implement custom solar installations that move their businesses forward with clean energy solutions,” said
According to Key Equipment Finance, support for the project also came from the NY Sun Incentive Program, an initiative including a nearly $1 billion commitment to advance the scale-up of solar and move the state closer to having a sustainable, self-sufficient solar industry.