Construction of a new solar project on New Jersey’s Rutgers University is underway with financing being provided by Key Equipment Finance and KeyCorp. SunDurance Energy is the solar integrator for the project, which will use over 40,000 high-efficiency panels mounted on canopy structures over two large surface parking areas on the Livingston Campus.
The 32-acres of solar canopies are expected to produce more than 9 million kWh of power with the first phase of the installation completed this summer. Rutgers is leasing the solar installation from Key Equipment and will benefit from federal tax incentives and New Jersey’s SRECs. The project’s electricity savings and incentives are anticipated to produce US$28 million in compensation over a 20-year period for the university.
“This project makes good sense economically and environmentally,” said Antonio Calcado, Rutgers' vice president for facilities and capital planning. “This is an exciting and innovative project that demonstrates Rutgers' ongoing commitment to energy efficiency and environmentally sound practices.”
Key Equipment Finance will oversee the financing for the construction of the project and the leasing of the installation to the university once construction is completed. At the end of the 15-year lease term, Rutgers will purchase the facility at fair market value.