Key Equipment Finance solar deal saves cash and energy

Key Equipment Finance has announced another finance deal as a result of its partnership with Trinity Solar, a major retailer and installer of solar power systems in the northeastern US, with the funding being used to finance the completion of a $1.2 million solar installation for Builders’ General Supply Company.

Key Equipment Finance has provided a solar tax lease that uses the 30% federal investment tax credit (ITC) and depreciation to reduce lease payments for Builders’ General.

“Green-energy financing provides multiple benefits to companies like Builders’ General,” said Doug Beebe, vice president, energy finance for Key Equipment Finance. “It positively impacts the environment of local communities, alleviates concerns about energy rate increases, and demonstrates sustainable practices for customers.”

Trinity Solar designed, engineered, built and installed the rooftop solar arrays totaling over 405 kilowatts across Builders’ General’s four locations in New Jersey.

“Trinity Solar is proud to serve companies like Builders’ General, which is progressive and in tune with its sustainability minded customer base,” said Jim DeCicco, vice president of commercial sales and finance for Trinity Solar.

Commercial financing solution reduces lease payments so family-owned retail building supply company can reduce energy costs.

The family-owned retail building supply company is using the commercial financing solution to reduce lease payments and so cut energy costs. Builders’ General is consuming the solar power and receives income from New Jersey’s Solar Renewable Energy Certificates.

The company is projected to generate over 450,000 kilowatt hours annually, which equates to about 842,000 pounds of carbon dioxide removed from the atmosphere or 304,000 gallons of water saved. Builders’ General 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 home owners who rely on our stores and showrooms for their building supplies,” said 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.”