Equipment finance company Key Equipment Finance has helped launch a solar PV project intended to save several million dollars in power costs for Credit Plus, a Salisbury, Md.-based provider of mortgage credit reporting tools and technology.
Key Equipment Finance provided 100 percent of the green energy financing with a $1.9 million capital lease and construction financing to Credit Plus for a 669 kW DC solar photovoltaic (PV) system. Credit Plus did not outlay any cash.
The installation of the 2,674 panels, installed by Energy Systems & Installations at the Credit Plus home office, is providing solar power that has eliminated a large portion of the electricity bill at Credit Plus’ Winterplace Parkway location in Salisbury.
Credit Plus is leasing the solar PV system to offset a large portion of its increasingly high energy costs. The company also is benefitting from the 30 percent federal Investment Tax Credit and earning additional income from selling the Solar Renewable Energy Certificates (SRECs) generated for each 1,000 kilowatt-hours of energy produced.