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Leasing & Financing

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Case Studies

See firsthand how organizations have achieved their goals with customized financing from First American.

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Higher Education | Energy Upgrades

Financing Fuels Sustainability and Cost Savings

Fast Facts

Industry

Higher Education

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Organization

Adelphi University, Garden City, NY

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Client Since

2014

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Equipment Financed

$13,500,000 in energy upgrades, including cogeneration systems, boilers, HVAC, controls

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Industry Specific Fact

For the 6th consecutive year, Adelphi University was ranked among America’s best colleges for 2023-2024 by the U.S. News & World Report

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Industry

Higher Education

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Organization

Adelphi University, Garden City, NY

Building Icon

Equipment Financed

$13,500,000 in energy upgrades, including cogeneration systems, boilers, HVAC, controls

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Adelphi Identifies Important Energy Upgrades

Adelphi University, a private educational institution in Long Island, NY, identified a critical need for energy efficiency upgrades throughout their campus. While they made previous investments in geothermal and solar capabilities for their central heating plant, much of the infrastructure was still outdated (with some original parts from 1929).

The university’s facilities team proposed an initial plan where both the technical and financial aspects of the project were handled by the same vendor. However, this arrangement meant that Adelphi wouldn’t receive any of the significant savings generated by the upgrades. Instead, they sought out a different and smarter financing solution by reaching out to First American.

“What Adelphi did that was different was they decoupled the technical from the financial portion by going to First American on the financial side... and made it a package that had perfectly interacting parts.”

– Katherine Kluefer, Business Development Manager, Ecosystem Energy Services

“We have come up with a solution that many other schools will find very profitable to them... if you talk to a financial place like First American.”

– Tim Burton, Senior VP & Treasurer, Adelphi University

Budget-Neutral Financing Brings Cost Savings and More

First American worked with Adelphi to create a unique, budget-neutral financing program that reduced interest expense—with a shorter repayment term and no deposits required. They also aligned the lease repayment schedule with the projected cost savings to keep the project cash-flow positive from day one.

 

On top of the financial benefits, Adelphi found that First American had the easiest documentation and simplest process out of all the options they researched, providing even more efficiencies for their facilities and finance departments.

Adelphi Identifies Important Energy Upgrades

Adelphi University, a private educational institution in Long Island, NY, identified a critical need for energy efficiency upgrades throughout their campus. While they made previous investments in geothermal and solar capabilities for their central heating plant, much of the infrastructure was still outdated (with some original parts from 1929).

The university’s facilities team proposed an initial plan where both the technical and financial aspects of the project were handled by the same vendor. However, this arrangement meant that Adelphi wouldn’t receive any of the significant savings generated by the upgrades. Instead, they sought out a different and smarter financing solution by reaching out to First American.

“What Adelphi did that was different was they decoupled the technical from the financial portion by going to First American on the financial side... and made it a package that had perfectly interacting parts.”

– Katherine Kluefer, Business Development Manager, Ecosystem Energy Services

“As CFO of Pacific Dental, one of my biggest challenges is to provide enough capital to enable our growth.”

– Taylor Hawes, CFO

Budget-Neutral Financing Brings Cost Savings and More

First American worked with Adelphi to create a unique, budget-neutral financing program that reduced interest expense—with a shorter repayment term and no deposits required. They also aligned the lease repayment schedule with the projected cost savings to keep the project cash-flow positive from day one.

On top of the financial benefits, Adelphi found that First American had the easiest documentation and simplest process out of all the options they researched, providing even more efficiencies for their facilities and finance departments.

“We have come up with a solution that many other schools will find very profitable to them... if you talk to a financial place like First American.”

– Tim Burton, Senior VP & Treasurer, Adelphi University

The results

A Bright & Sustainable Future for Adelphi

The results

A Bright & Sustainable Future for Adelphi

2

megawatts of electricity generated

As a result of these efficiency upgrades, Adelphi is now able to generate 2 megawatts of their own electricity and reduce 4,600 metric tons of GHG emissions every year.

$1,600,000

annual energy savings

The university saves $1.6MM on their annual energy spend and has cut their energy costs by roughly 40%.

These investments toward a modern energy infrastructure will benefit the university’s staff and students for years to come.

Other Relevant Case Studies

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Cornell College

Modernizing a College’s Aging Infrastructure Using a Flexible Lease Line

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