Monarch Tractor, maker of the MK-V, the world's first fully electric, driver-optional, smart tractor, announces a significant opportunity for farmers nationwide through a new partnership with Balboa Capital, a division of Ameris Bank. Monarch's flagship fully electric tractor, the MK-V, is now available to purchase through four different financing options starting at 0% through Sept. 30, 2024.
Enabling Growth and Development on Farms
Amidst rising interest rates, the demand for agricultural equipment has generally slowed. However, Monarch's innovative products, like the MK-V, are setting a new benchmark in the ag market by reducing operational costs and enhancing productivity, all while promoting sustainable practices. This empowers farmers to continue making capital investments in high-performance machinery despite the challenging market conditions. By opting for technology with a strong return on investment, such as the MK-V, and leveraging available financial incentives, farmers can accelerate their payback period and maximize their ROI.
To help alleviate the initial investment burden and facilitate access to the MK-V's sophisticated ag technology, Monarch is making the MK-V available with four levels of low-rate financing options:
- 0% for 24 months
- 3.9% for 36 months
- 4.5% for 48 months
- 5.5% for 60 months
Financing is subject to a credit check and approval from Balboa Capital and does not apply to any previous discount or early pricing. Certain conditions may apply.
"High interest rates are making purchases challenging, especially for farmers," says Matt Hesse, Vice-President of Sales at Monarch Tractor. "The industry has been slowing purchases of capital equipment. Giving farmers access to low-rate financing for a tractor proven to improve farm efficiency and profitability is a response to a real need."
Helping Farmers Realize Meaningful, Measurable Gains
Growers have other avenues to achieve significant savings on their MK-V purchase. The federal Natural Resource Conservation Service Environmental Quality Incentives Program (NRCS EQIP program) can expedite a farm's return on investment in its MK-V. At the state level, California offers the generous Clean, Off-Road, Equipment Voucher Incentive Project (CORE) where California growers can receive up to $68,750 off the retail price of an MK-V at the point of purchase, as well as Carl Moyer, a scrap and replace program offering significant rebates redeemable after purchase.
To date, Monarch has seen success with farmers implementing MK-V tractors into their daily operations. In one example, in the span of 8 months, Constellation Brands, a leading global premium, fine wine and craft spirits producer, saw over 1,700 hours of EV tractor operations, over $16,000 in energy savings and 8,000 kg of CO2 emissions.
Additional value comes from the electric tractor's Wingspan Ag Intelligence (WingspaAI) technology. Amplifying the MK-V's capabilities, WingspanAI integrates a farm management system, vehicle position tracking, crop image collection, and automated operations planning into one platform. Customers are harnessing the true power of the MK-V with WingspanAI's remote fleet management, tractor performance reports, fuel and emissions savings, and maintenance diagnostics and then translating these into labor accountability, data-driven decision-making, higher profits, streamlined reporting, and more.
For details on financing options or participating in an incentives program, contact a Monarch Specialist at www.monarchtractor.com/contact-us.
