Kyocera (NYSE: KYO) today announced plans to invest in a tax equity partnership for the development of solar photovoltaic (PV) projects valued at $38 million in New York state, leveraging the 30% federal energy investment tax credit. As part of the investment, Kyocera has also entered into an agreement with U.S. Light Energy (USLE) to utilize high-quality, dependable Kyocera solar modules on all installations. USLE (formerly New York Light Energy) is in the final stages of installing 9.4 megawatts (MWDC) of PV systems, with the expectation that the installations will be completed by June 2014.
“Kyocera’s tax equity investment with USLE enables commercial buildings and schools to benefit from environmentally friendly solar power with no up-front investment,” said Steve Hill, president of Kyocera Solar Inc.
Kyocera’s solar tax equity investments allow commercial power users to experience immediate cost savings, and to reinvest that money into their businesses, while gaining visibility into their long-term energy costs. USLE’s target is to provide a reduction of at least 20 percent in net electricity costs through its Power Purchase Agreements, as compared to conventional grid electricity.
“Since our company began in 2009, we’ve partnered exclusively with Kyocera because we know the proven reliability and long-term performance record of its solar modules, outperforming the competition after 20 years in the field,” said Alex Lieb, CEO of USLE. “By leveraging federal tax incentives offered for solar programs, we’re able to provide a more competitive price for commercial customers, encouraging more companies to utilize solar and put the savings back into growing their businesses.”
The partnership represents a significant investment in New York with out-of-state funds and has already resulted in the employment of more than 50 people.
Kyocera and USLE maintain high expectations for growth in 2014 in the Northeast region and beyond