2018 was a big year for solar energy. Despite the challenges presented by the Section 201 tariffs, several large PV projects on hold earlier in the year came online in the fourth quarter. Residential installation stabilized, and utility installation continued to grow.
Several state and city governments made big steps towards going carbon-free. California, the world’s fifth-largest economy, committed to going 100% carbon-free by 2045, joining Hawaii and New Jersey. New York is also planning to go in the same direction, working to pass 100% carbon-free legislation in 2019. Several other states, counties, and cities are following suit.
Pennsylvania had major changes in its SREC market with the implementation of Act 40. Prior to this new law, Pennsylvania accepted SRECs from out-of-state solar systems, which caused an oversupply in the market.
With the New Year comes the last chance for the 30% ITC from the federal government. As a way to cut costs of installation, the ITC allows homeowners and businesses to apply credit to income taxes. In 2020, this credit will gradually reduce each year until 2022, where it will remain as just a 10% credit for commercial projects only.
It also brings changes to Virginia’s net metering. – a billing mechanism that allows solar system owners to get the same value for every kWh produced. Net metering will no longer be available for agricultural systems installed after June 30, 2019.
2018 was also a big year for Paradise Energy. In May, we installed our 1,000th solar system. This achievement made us take a step back and evaluate the impact our company has made over the years. These 1,000 systems have saved:
We also installed 145 solar systems this year, which total 5.86 megawatts of clean, sustainable electricity. This means:
But our systems help more than just the environment. They also help their owners save $4.9M over the lifespan of the systems.
2019 only promises to be even better, as we celebrate Paradise Energy’s 10th Anniversary. In 2009, we began with the mission to help people become good stewards of God’s abundant resources. Ten times around the sun later, we’ve installed over 1,000 solar systems that help their owners save thousands of dollars and make a measurable, positive impact on the environment. While 2019 will be a time to reflect on how far we’ve come, it’ll also be a time to look to the future for how far we can go.