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Key EF Provides Financing for Largest Solar Installation in NYC

July 24, 2018, 07:25 AM
Filed Under: Industry News

The New York State Energy Research and Development Authority (NYSERDA) announced the completion of the largest solar system installed in New York City in Staten Island. The 3.1-megawatt solar array will offset a large portion of the electricity used by Fordham University and Fordham Preparatory School in the Bronx.

Key Equipment Finance, an affiliate of KeyCorp, provided financing for the project, which was also supported by Consolidated Edison, Inc. The system was designed, developed and installed by New York City-based EnterSolar.

“Key Equipment Finance is proud to provide financing for this important renewable energy project in New York City,” said Doug Beebe, Vice President, Energy Solutions for Key Equipment Finance. “Financing enables our partners to meet their sustainability goals by leveraging tax credits and available grants with a solar tax lease structure.”

The solar array is comprised of more than 9,000 solar panels and will generate nearly 4 million kilowatt hours of clean solar energy each year, enough to offset 20 percent of Fordham University’s electricity use and 37 percent of Fordham Preparatory School’s use. The ground mounted system was installed on approximately 10 acres of unused industrial property in Staten Island.

The solar project uses remote net metering. Under this arrangement, solar that is installed at one site can offset electric bills for customers at different locations. With the continued cost declines associated with solar energy, the state is committed to ensuring that the policies and regulations that compensate solar production do so in a way that benefits all electric customers while also benefiting the electric grid and delivering the biggest bang for the buck when it comes to reducing carbon emissions, officials said.

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