Dynapower introduces new financing program for energy storage systems
Jul 26, 2019 03:26 PM ET
Energy storage system manufacturer Dynapower has announced its involvement with a new energy storage financing program. Partnering with Lease Corporation of America, Dynapower will offer financing to system integrators and energy storage system buyers.
The new energy storage financing covers the equipment purchase, installation, commissioning and training costs — up to $1 million d— in one lease. Customers will be highly encouraged to also take advantage of IRS Section 179 and deduct 100% of the cost of the energy storage equipment in the first year that the equipment is put into service.
“Energy storage is an increasingly valuable tool for many commercial and industrial facilities to reduce their power bills, lower their carbon footprint, and provide critical back up power when the utility supplied grid is interrupted,” said Chip Palombini, Dynapower’s Director of Energy Storage. “Often, the upfront costs of installing a system is an obstacle for businesses wanting to deploy energy storage in a facility. We wanted to eliminate that hurdle so we partnered with LCA to make the financing of energy storage easier for commercial and industrial facility owners.”
A recent study conducted by the NREL indicates that roughly 5 million commercial customers across the United States may be able to 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 U.S. businesses $27 billion a year, according to energy consultancy firm E Source. Many of these outages could be avoided by deploying Dynapower energy storage system(s).
“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,” said Palombini.
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