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With the new Biden administration, should my business invest in solar?

January 26, 2021 By In News No Comments

The recent inauguration is expected to bring about many changes in the nation’s energy policy. With many thinking that a new era of support for clean energy will usher in a Green Wave.  Our nation’s growing energy needs will be met by more and more clean energy. However, it does pose a short term dilemma for a business owner: Should I invest in solar now, or take a wait and see approach?

 

One might consider that the new administration might bring new regulations and incentives that could push the cost of solar lower; but we should also consider the risks to business.   Much of the early platform discussion on promoting clean energy has focused on two topics: Incentivizing large, utility-scale solar installations and raising taxes on energy generated from fossil fuels.

 

We’ve already seen more of our nation’s energy mix come from large scale solar installations; think of former fields now covered with solar panels.  It’s no secret why the utilities have been on solar farm building spree; the cost of generating power with solar has fallen to the point that it saves the utility money to produce energy verse dirtier technologies like fossil fuels.  However, as the utilities generate more energy from these sources are they passing on the savings to you?

 

If your company has a goal of reducing energy costs, your business will get the biggest impact from an on-site, behind the meter installation.  That will allow your business to avoid the full cost electricity when purchased from the grid, as well as benefit from the significant tax advantages and financial incentives.  The federal Investment Tax Credit (ITC) was recently extended and remains at 26% of the total project cost.  Additionally, if a business starts a project in 2021 the project qualifies for rapid depreciation on federal taxes.  These combined federal incentives can often result in as much as 50% of the project being paid for in tax savings alone.

 

In addition to the federal incentives, many states offer incentives to encourage business to adopt green energy.  These incentives can come in the form of sales taxes breaks, cash payments or even multi-year structured payments directly to your business.

 

With the added risk that the cost of energy will be increasing with new taxes, there has never been a better time to consider solar for your business.  Genie Solar is here to make the process of going solar easy.  We handle the design, installation, permitting and commissioning.  Call us today, and you too can join our many satisfied customers in saving money.

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Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a global energy solutions company. We supply customers in the US and Europe with electricity, including electricity generated from renewable resources and with natural gas. Through Genie Solar Energy and Prism Solar, we design, construct and install commercial solar energy solutions. We provide commercial and industrial clients with energy brokerage and consultative services through our Diversegy brand.

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Convinced to go solar by the New Jersey incentives, PCS Wireless looked at several solar companies to provide the best overall value. Genie Solar was able to design a unique system to offset the largest portion of their electricity usage. Additionally, we combine it with an exclusive financial product which minimized the cash out of pocket and maximized the return on investment. The 494 kW system was constructed in minimal time, with no impact on the businesses operations.
PCS Wireless
A provider of engine-generator systems, Kraft Power was a pioneer of “Total Energy” (Combined Heat and Power). After seeing the financial and green benefits of solar at their headquarters in Massachusetts, Kraft wanted to capitalize on the lucrative state incentives in New Jersey at a distribution center. By installing a 57.5 kW system on the roof they were able to offset 100% of their electricity usage, take advantage of the Investment Tax Credit, accelerated depreciation, and collect revenue from the New Jersey SREC program. Genie Solar made it a smooth process and limited the need for internal resources to manage the project.
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A premier provider of water treatment in the New York and New Jersey area, Tower wanted to go solar to save money and generate clean energy. Upon reviewing the financial benefits available in New Jersey with the SREC program and the federal Investment Tax Credit, they wanted to safe harbor the project in 2019 and construct in 2020. Buying American Made panels was an important component of the project, and by utilizing their white roof, Genie Solar was able to leverage Prism Solar’s bifacial panels to minimize the square footage needed and maximize the electricity generated. Genie Solar helped them achieve all of their goals in an efficient manner with a 44.6 kW system.
Tower Water
Cardoza had both a showroom and a distribution center with exorbitant electricity costs in New Hampshire. As a legacy business, it was important to reduce costs and protect the business from increasing expenses prior to passing it on to the owner’s children. The show room’s roof and location made it a less than ideal location for solar; but the vast roof and direct sunlight on the distribution center could generate enough solar to power both facilities, plus the owner’s house. Leveraging New Hampshire’s group host program, Genie Solar built one 99.7 kW solar array to power all three locations. The owner is now considering converting more equipment to solar and building a second array.
Cardoza Flooring
A destination nursery in rural New Hampshire, HBTSR was a long standing customer of Genie Solar’s sister company, Diversegy. After helping the business reduce electricity expenses for the past number of years, HBTSR turned to Genie Solar to reduce their rising electricity expenses over the long run. “Between the federal and NH state incentives, I was paid $8,000 to install my solar array. On top of getting money back, I am going to realize over $300,000 in savings during the 25 year warranty period of the solar array.”
House By The Side of the Road