ViZn Energy Systems Inc. (ViZn), a provider of energy storage systems for commercial and industrial, microgrid and utility applications, and LFC Capital Inc., an equipment leasing and financial services company with more than $1.5 billion of experience, have teamed up to make property owners’ acquisition of solar PV and energy storage affordable. The availability of as much as $5 million per project is expected to accelerate the deployment of ViZn’s Z20 Energy Storage System, a zinc/iron redox flow battery. LFC Capital’s 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. LFC 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.
The ideal project size is a 50 kW to 1,000 kW solar PV installation requiring 80 kWh to 500 kWh of energy storage. LFC’s program, available to qualified companies in all 50 states, appeals 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, says: “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,” says Stanley S. Fishbein, JD, LLM (Tax), managing director of LFC Capital. “Our program is becoming a popular way for companies to derive more value from a variety of incentives when undertaking a solar PV project.”
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 fast charge and discharge responses, a design that will withstand significant temperature fluctuations and facilitate multiple discharge cycles each day.