FOR IMMEDIATE RELEASE: Tracy Polansky 314.604.1926 firstname.lastname@example.org
Microgrid Solar reports surge in solar installations with passing of legislation phasing out solar incentive.
[ St Louis, MO ] July 9, 2013:
Microgrid Solar has seen 400% growth in second quarter sales of Solar PV installations, with over 200 solar projects – commercial and residential – going forward. “We think this is just the tip of the iceberg; solar has reached a tipping point in Missouri, said Rick Hunter, Microgrid Solar’s CEO.
The surge in interest in solar is due in good part to the fact that combined federal and state incentives can reduce the cost of solar 75-95%. But these incentives will be greatly reduced starting in 2014, as a result of recently passed state legislation.
The Missouri legislature approved legislation on May 17th that will phase out the Missouri solar rebate program between 2014 and 2020. The legislation goes into effect on August 28, and the step down in rebate amounts are according to the schedule below.
Also scheduled to phase out, starting in 2016, is the Federal Investment Tax Credit (ITC) program, which provides a 30% tax credit for solar installations.
“People have seen that now is the best time to buy solar, while the incentives are still here, and that has resulted in a huge surge of interest that we are working overtime to keep up with,” said Microgrid Marketing Director, Marisa Lather.
Some will be surprised to hear that the solar industry was involved in getting the legislation passed. Said Rick Hunter, “we recognize that these incentives will not be needed in the years to come; that they are doing their job in getting the industry going and building strength. But the solar industry needs to be able to operate without the incentives – and we will.”
Background on the creation of the Solar Rebate
In an effort to help grow sustainable energy industries in Missouri, Proposition C was enacted in 2008, implementing Missouri’s Renewable Energy Standard (RES). In accordance with RES, state public utilities are required to provide a rebate of $2.00 per watt for new or expanded solar systems installed on customers’ properties, with a limit of 25 kW per system, as well as a 1% cost cap. Along with the rebates, the RES requires investor Owned utilities to increase energy generation from renewable sources to 15% by 2021. Since its inception, the RES has been instrumental in supporting the growth of the solar industry in Missouri.
About Microgrid Solar
Microgrid is the leading Midwest solar installer, based in St. Louis, MO, offering turnkey solar services for both commercial and residential clients. The St. Louis Business Journal named Microgrid Solar leadership to the Who’s Who in Energy in 2012 and the company received a Heroes of the Planet award in 2011.