What to do if you’re a business that wants to go solar but can’t monetize the Investment Tax Credit (ITC) to purchase a solar system?
Amicus Solar Cooperative, a purchasing cooperative that is 100% owned and democratically managed by its member companies, has an answer. The cooperative has obtained an initial allocation of $50 million, to be used for qualifying businesses that want to go solar through LFC Capital’s Solar Ownership Program.
This represents the first round of a multi-stage rollout of program funds planned for commercial solar PV projects.
Amicus is collaborating on the program with LFC Capital, a full-service equipment finance company that has more than $1.5 billion of experience. LFC Capital created the LFC Solar Ownership Program to be the low-cost way to purchase a solar system for companies that can’t monetize the ITC.
According to Stanley S. Fishbein, Managing Director at LFC Capital, the program uses a traditional operating lease as the vehicle to share the monetized value of tax benefits with companies, thereby creating an affordable path to ownership in six or seven years.
“We are thrilled to partner with LFC Capital to help our members meet the needs of their clients,” said Stephen Irvin, president of Amicus. “The unique program Mr. Fishbein and his team have developed for our members is an elegant solution for financing small to medium sized commercial and industrial projects.”
Amicus Solar Cooperative exists to support its membership of independent solar PV developers, EPC’s, integrators, and installation companies. Amicus members have been running successful businesses for an average of 13 years. Amicus is the first purchasing cooperative in the U.S. solar industry, and is currently made up of 32 member companies, each operating under their own brand names in 45 office locations across 23 states.