SOUTH BURLINGTON, Vt., July 25, 2019 (GLOBE NEWSWIRE) -- Dynapower, in partnership with LCA, is pleased to introduce a financing program for system integrators and buyers of energy storage systems to fund the installation of Dynapower energy storage system(s) for behind the meter applications. The program includes the equipment cost as well as batteries, installation and commissioning costs. Up to $1 million can be financed into one fixed monthly payment, and participants purchase the energy storage system at the conclusion of the lease term for $1.
“Energy storage is an increasingly valuable tool for many customers to reduce their power bills, lower their carbon footprint, and provide critical back up power during a grid outage,” said Chip Palombini, Director of Energy Storage. “Increasingly customers are looking for a financing option so they can get cash flow positive faster, however, we’ve seen customer have difficulty securing third party financing and wanted to simplify the financing process for our customers.”
Benefits of the program include:
The financing program has several benefits to Dynapower’s customers including:
- Conserves working capital
- Does not affect business credit
- Finance equipment purchase, installation, commissioning and training in one lease
- Fixed monthly payments with $1 purchase option at the conclusion of the lease
- Potential tax savings under IRS Section 179, which allows businesses leasing equipment to fully deduct the cost of the equipment, up to $1,000,000, in year one
The program is particularly well suited for Dynapower’s MPS®-i125 EHV, a 125kW behind the meter Energy Storage System that combines Dynapower’s highly efficient UL 1741 SA certified MPS®-125 EHV with Li-Ion batteries in a temperature controlled NEMA 3R-rated battery enclosure. The highly compact integrated system is easily deployed on a concrete pad, crushed stone or on the ground with a forklift and minimal labor, reducing system installation costs for integrators and system owners.
“Dynapower has been supplying energy storage for commercial and industrial facilities for over a decade now,” noted Palombini. “The MPS®-i125 EHV is the latest generation of our behind the meter system. It has been purposely designed to dramatically reduce the cost of deploying energy storage while still providing the same reliability and value rich features that the industry has come to expect from Dynapower.”
A recent NREL (National Renewable Energy Lab) study indicates that approximately 5 million commercial and industrial customers across the United States may be able achieve electricity cost savings (and valuable back up power) by deploying battery storage to manage peak demand charges. These charges can account from anywhere between 30 to 70% of a customer’s electricity bill, according to NREL. Additionally, power outages cost US businesses $27 billion a year, according to energy consultancy firm E Source. Many of these outages could be avoided with a Dynapower energy storage system.
“By offering easy access financing at affordable rates for our customers, Dynapower hopes to accelerate the adoption of energy storage at commercial industrial facilities, saving our customers money and making their operations greener and more reliable in the process. This financing can be made available to our customers’ end user of our systems and to system integrator who already have financing secured but are looking to further leverage their capital,” said Palombini.
About Dynapower
Established in 1963, Dynapower is a leading provider of energy storage having deployed over 500MWs of behind the meter and front of the meter energy storage worldwide. These installations include the United States’ first utility-scale solar plus storage system, the first commercially deployed DC-coupled solar plus storage system, and the nation’s largest wind plus storage system. Dynapower energy storage solutions have been deployed at the United States largest Net Zero building and at manufacturing facilities, breweries, wineries, arenas, ski resorts, and office buildings nationwide.\
About LCA
Founded in 1988, LCA has financed over 88,000 leases in all 50 states and Canada. Located in Troy, Michigan, LCA has helped finance over $1.2 billion of original equipment cost under the guiding principal of “financing you can trust.”