To position the organization for a future of growth and sustainability, this company began exploring solar technology as a way to lower energy consumption and protect against rising energy costs. With improved affordability and the Solar ITC 30% tax credit, solar panels became an attractive option to generate savings. However, the solar photovoltaic system still required significant captial. Company executives considered financing to spread out the cost.
With the manufacturer's priorities in mind, we were able to create a customized solution for its solar project. By financing the equipment to align lease payments with expected energy savings, the project was largely self-funded.
The solution was structured as a 60-month capital lease with a competitive, fixed rate and no fees. This lease structure ensured the client would be eligible to receive the tax credit directly once the solar panels were in service. We also provided solar consultants to assist the client throughout the project from initial consumption assessments to vendor references.
Our solution allowed the client to achieve energy savings greater than 50% while spreading the cost of the project over time. The client also enjoyed the ease and flexibility of working with First American. With small teams of empowered professionals, we were highly responsive and able to move the transaction through quickly. When the panels were ready to deliver early, we were able to swiftly handle the administrative details to prevent any delays, which expedited the client's ability to take advantage of energy savings. Most importantly, this financing solution helped the manufacturer take steps in building its sustainable future.