Solar Looks Bright on Long Island

Newsday’s recent editorial “Solar Looks  Bright on Long Island” published on November 25th, is rightfully optimistic. Every day we grow more confident that solar will be the dominant energy source of the 21st century. Growth in the solar sector is booming because the technology works. Solar also benefits the environment and creates jobs.

Despite a down economy, the total installed capacity of solar power in the U.S. will double in 2011 over last year to over 2 gigawatts. That’s enough to power 400,000 homes or the equivalent of decommissioning five medium sized power plants. As of August, the U.S. solar industry is on track to increase jobs at a rate of 6.8%, compared to the projected 0.7% national jobs growth rate.

The root of our confidence stems from observing the performance of hundreds of systems EmPower has installed in the area through our robust online monitoring portal.  Solar works, and it works well.  Most of all we know it from our EmPowered clients who enjoy sharing their success stories.   Now, in addition to powering homes and buildings, we also are charging electric vehicles.

Another cause for optimism is cost.  When we started selling solar energy in 2004 the average gross cost of an average 10 kilowatt residential solar energy system was $85,000 before incentives. That year only a limited number of systems were sold.  Today, the same system is approximately $45,000, so the cost has halved in about six years.  With LIPA incentives, Federal and State Tax Credits, the net cost is approximately $16,000.

With utility incentives and federal and state tax credits, the average payback is around 5 years, with an 18% annual return on investment.  Critically, the proliferation of financing options makes it possible to go solar for zero down, and start saving right away.

Strengthening the economy and improving the environment (public health) are not mutually exclusive objectives.  Solar will achieve both, and help us kick our oil addiction habit.

It’s going to be the Solar Century.

Solar Increases Home Value

There are many reasons to add a solar energy system to your home. The reduction or elimination of your electric bill is certainly compelling. Of course, reducing dependence on fossil fuels and protecting the environment are extremely important as well. While each of these reasons drives thousands of people in our area to go solar each year, there is another equally important reason to go solar; it increases your home’s value.

In the past, this has been very difficult to quantify.  Real estate brokers and appraisers had little information to go on, and lenders were often skeptical about any increases in market value attributed to solar energy systems.

That has changed in a big way. There are several recent studies that illustrate the value that a solar energy system can add to your home. Two in particular, performed by the Lawrence Berkeley National Laboratory and The National Bureau of Economic Research, have shown that homes with solar energy systems can command a 3 – 4% premium over homes without solar energy systems.  On a $400,000 house for example, that equals $12,000 – $16,000!  Not bad considering, that the average “net” cost of a 10 KW solar energy system after rebates and tax credits is around $17,000.

Now, the Appraisal Institute, the largest real estate appraisal organization in America has taken the next step. They have developed the “Residential Green and Energy Efficient Addendum” that appraisers can use to document and analyze a home’s energy efficient items, including solar energy systems. This is an extremely important development, because it allows appraisers to compile and analyze data needed to support adjustments for solar energy systems.

Soon, in areas with high utility rates (like Long Island); appraisers will be able to capitalize the documented monthly savings on utility bills into a specific value adjustment, much like the income from a rental unit.

What does all this mean to New Yorkers who have solar energy systems? It means that when you sell your home, you will get significantly more money for it than homes without solar energy systems. This is just one more reason to go solar!

EmPower and Sunpower are proud to sponsor Team New York in the 2011 Solar Decathlon

The 2011 Solar Decathlon is being held in Washington, D.C. and runs from September 23rd thru October 2nd.  EmPower Solar and Sunpower are proud to sponsor the students from CCNY .  Check out the video below to see what they have been working on.

Click here to read the Official Press Release.

EmPower Essay Competition with Prizes

EmPower Solar is sponsoring a renewable energy essay competition.  The grand prize will be an all expenses paid trip to Washington DC from Saturday, October 1st to Sunday, October 2nd to see the Department of Energy Solar Decathlon competition!  The competition is open to all students who attend a high school in New York.  The deadline for submissions is Wednesday, September 21st.   Click here for details about the competition.

EmPower’s Solar Systems are Hurricane Tested