REC Solar Media Kit
COMPANY BACKGROUND
REC Solar, Inc. specializes in grid-tied solar electric design and installation, offering affordable solar solutions for all residential and commercial customers. With a local presence in all major solar markets in the USA and millions of watts installed, REC Solar is committed to lowering the cost of solar power through efficient processes, innovative products, and outstanding customer service. In 2007 REC Solar installed more solar electric systems in the US than any other company. REC Solar is among the nation’s largest solar integrators and currently has over a dozen offices throughout 6 states (AZ, CA, CO, HI, OR and NJ). REC Solar is continuing its rapid expansion into other states and has the capability to implement solar installations in every location as incentives become available.
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HOW SOLAR WORKS: An Introduction to Photovoltaics (PV)
The general concept of solar is simple enough. A sun-powered electric system consists of panels made of laminated silicon solar cells placed between tempered glass and plastic. Sunlight striking these panels creates a direct current, or DC. Because most homes operate on alternating current, or AC, the direct current is channeled through inverters that change it to an alternating current. Excess power produced during low use periods of the day are used later or even sold back to the power company.
The size of a solar electric system (measured in watts or kilowatts of energy production capability) depends on the number of solar panels. The number of panels needed is determined by the electricity usage of the home or business and the amount of electricity the owner wants to offset with the system.
Solar electric systems are most commonly installed on roofs but can be placed on a variety of different structures and can be as small or as large as desired. The system can be designed to produce all of the power consumed by the home or business, thereby eliminating the electricity bill altogether or it can offset only a portion of the bill.
A common misconception about solar electric systems is that the systems don’t produce enough electricity during cloudy or foggy days. However, because solar panels utilize the entire visible light spectrum they will continue to produce some electricity.
Net metering, an agreement between the utility companies and owners of solar electric systems, also contributes to the affordability of solar electric systems. Under net metering, any excess electricity produced by a system is fed back into the utility grid and credits the customer for the energy. When this happens, the customer’s utility meter reflects the credit by rolling backwards instead of forward.
Because it reduces reliance on finite and pollutant energy sources like oil, solar energy cuts down on carbon dioxide emissions. It is this reduction in emissions that has earned solar electricity its environmentally friendly reputation, and has prompted many to investigate photovoltaics.
Not only does solar electricity provide customers with the personal and national security of knowing that they are less reliant on fossil fuels but it also provides protection against the price increases in utility company electricity. With an ever-increasing population, rising costs of natural gas, electricity distribution issues, and increased demand, utility companies are sure to continue to raising the price of their electricity.
THE PUBLIC DEMAND FOR SOLAR
Awareness of the advantages of solar energy is growing rapidly. A Roper survey of 1,004 adults conducted in May 2006 showed:
79 percent of Americans want home builders to offer solar power as an option for all new homes.
- 84 percent of Americans ages 25-49 supported solar on new homes; 69 percent of those over 65 agree.
- After being told that solar homes have a proven higher resale value, 64 percent would be willing to pay more for home with a solar system.
- 73 percent believe that solar energy is more important than ever.
- 42 percent say that saving money on monthly utility bills is the most compelling argument for installing solar power. Other respondents indicated it was to decrease the nation’s dependence on oil (31 percent) or reduce environmental pollution (18 percent).
In response to this popular momentum, some cities are installing solar energy systems on municipal buildings and reducing or eliminating permit fees for system installation. California passed the Million Solar Roofs Initiative that requires home developers to offer a solar energy system as an option beginning January 1, 2011. This legislation creates 10 years of incentives with a goal to install the equivalent of 1 million 3kW solar electric systems in California. The demand for solar energy is growing rapidly (about a 40% a year).
Colorado has also passed voter driven legislation supporting the use of solar power. In 2004, Colorado voters passed Amendment 37 requiring local energy companies to generate or purchase a percentage of their electricity from renewable sources in order to reach a level of 10% by 2015. The implementation of this program started on March 1, 2006 with Xcel Energy rolling out their Solar rebate program. The rebate program has led to a significant increase in the number of solar electric systems in the state, and generated incredible demand and interest in solar energy.
Another state that stands out for its support of solar energy is New Jersey. NJ has achieved a significant increase in the number of solar electric systems in the state due to the introduction of an extremely generous rebate program. Fourteen states offer rebate programs for solar energy but analysts say that New Jersey’s is the most generous. New Jersey will reimburse a homeowner 50% of the cost of installing a solar energy system. The state has pushed the solar agenda for several reasons: to decrease reliance on fossil fuels, to cut pollution, and to reduce the strain on the electric grid during the peak summer months.
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FINANCIAL BENEFITS OF SOLAR ELECTRICITY
Most businesses and homes are able to purchase a solar power system thanks to the incentives and aid offered by the federal government. In California, residents that install these systems are also eligible for rebates from the utility companies in addition to federal tax credits.
For many consumers, the most appealing aspect of solar is locking in their cost of power over the long term. In a future energy crisis you will be immune from the cost increases if you have a solar system. This is great news for those who anticipate or are already living on a fixed income. With a solar electricity system, even as electricity costs increase, home and business owners will not have to worry about increased utility bills.
There are several studies that indicate every dollar saved on your utility bill with a solar electric system will increase your overall home value by twenty. Based on a recent study by ICF Consulting (funded by HUD and the EPA) it is estimated that $1,500 in annual electric bill savings from solar will equate to $30,000 in additional resell value. In today’s increasingly tight housing market, a solar electric system helps set a home apart from the others in the neighborhood. A home with a fixed electric bill from solar is “cheaper” to live in, and thus is very appealing to potential buyers.
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THE PAYBACK ON SOLAR
At today’s current electric rates, a typical residential solar system takes between 8-12 years to pay for itself in savings (this does not take into account the added resale value the system gives to your home). However, as the electric rates continue to increase the payback time will also shorten significantly. The federal tax credit for homes is capped at $2,000 for residential homes. Currently, the federal tax credits are set to expire at the end of 2008 so homeowners who are interested in solar are encouraged to reserve their rebate now.
For commercial systems in all states, in addition to incentives and rebates offered by the state, the federal government offers a tax credit for 30% of the system’s total cost.
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