Solar PV Energy Storage Financing ( Solar Thermal Magazine)
ViZn Energy Systems Inc. and LFC Capital, Inc., have teamed up to make property owners’ acquisition of solar PV and energy storage affordable. According to ViZn, this new availability of as much as $5 million per project is expected to accelerate the deployment of their Z20 Energy Storage System.
The ViZn technology is based on a zinc/iron redox flow battery.
How LFC Capital’s program is structured:
The LFC program uses a traditional operating lease with attractive ownership options after six and seven years, plus tax efficiency to provide companies with a low-cost path to ownership. The company also encourages the use of a follow-on loan as a way to conserve cash and maintain low monthly payments throughout an extended investment period.
Typical solar pv with storage projects:
The ideal project size is a 50 kW to 1,000 kW solar PV installation requiring 80 kWh to 500 kWh of energy storage. The company states that their program, which is available to qualified companies in all 50 states, will appeal to companies that cannot directly benefit from a federal tax credit, or simply want energy savings and off-balance sheet accounting without a long-term commitment to a power purchase agreement.
David Mintzer, ViZn’s Vice President of Business Development, said,
We’re excited to partner with LFC Capital. LFC’s program will make the combination of our energy storage system with solar PV affordable to a wider group of commercial and industrial property owners installing microgrids and give ViZn a greater presence in this important market.
“We’re very happy to be partnering with ViZn to provide their customers with a low-cost way to acquire a battery-enhanced solar PV system,” said Stanley S. Fishbein, JD, LLM (Tax), Managing Director of LFC Capital.
Our program is fast becoming the most popular way for companies to derive more value from a variety of incentives when undertaking a solar PV project.
About ViZn’s Z20 product line:
According to the company, ViZn’s Z20 product is safe, non-toxic and can be located in populated areas close to hospitals or schools. The Z20 offers a number of benefits over competing battery storage products, including one of the fastest charge and discharge responses on the market, a design that will withstand significant temperature fluctuations and facilitate multiple discharge cycles each day. It is the most cost-effective flow battery system on the market today.
Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.