Key Equipment Finance in $3 million solar tax lease

Key Equipment Finance has provided a $3 million solar tax lease for The Monroe Cable Company’s 1-megawatt solar installation by OnForce Solar.

Monroe Cable, based in the town of Wallkill, in New York state, is a manufacturer of quality cable, as well as a leading provider of shipboard electrical wire and cable for the US Navy. OnForce Solar, based in the Bronx, New York, is a vertically integrated, turnkey solar provider that owns and installs solar photovoltaic energy systems for residential, commercial and utility scale projects.

“With this solar installation, Monroe Cable is now able to meet its goal of getting about 25% 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 (ITC) 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, energy finance, Key Equipment Finance. “The solar tax lease enables Monroe Cable to reduce its utility bills while making a positive environmental impact in its community.”

“The town of Wallkill is proud to partner with industry on these types of projects,” said Dan Depew, supervisor, town of Wallkill. “Not only does it make our industries more competitive but also accrues a net positive environmental impact on our community as a whole.”

OnForce Solar designed and installed the system for Monroe Cable’s factory roof and adjacent land. The solar array will generate about 1.25 million kilowatt hours of clean, renewable electricity annually, or enough to power about 250 homes.

“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 Charles Feit, CEO of OnForce Solar. “The team at Monroe Cable is very forward thinking and made an intelligent, long-term investment in their business by significantly reducing their expenditures on electricity.”

Support for the project 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.