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

Monroe Cable, based in Wallkill, NY, is a manufacturer of cable and a provider of shipboard electrical wire and cable for the U.S. Navy. OnForce Solar, based in the Bronx, NY, 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 of energy finance at Key Equipment Finance. “The solar tax lease enables Monroe Cable to reduce its utility bills while making a positive environmental impact in its community.”

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.

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.