Mechatron Solar, based in Redwood City, Calif., has secured $5 million from New York-based LFC Capital Inc. under its solar ownership program to assist customers in obtaining financing.
The program uses a traditional operating lease as the vehicle to distribute monitized tax benefits. The mechanism enables a path to ownership. According to Mechatron, all utility rebates and government incentive payments, as well as renewable energy certificates, are available for the customer.
Michael Fakukakis, CEO of Mechatron Solar, says the financial program enables solar customers to realize a faster return on the investment on a Mechatron solar tracker system.
Mechatron Solar is the sister company of Greece-based tracker manufacturer Mechatron. The Mechatron trackers for the U.S. market are manufactured in California.