Solar is Hot!
November 6, 2017
By William Kaiser
Director
Solar Education Program of United Solar in Greenville
The hottest job growth over the next decade will come in the solar industry, according to the Solar Foundation’s National Solar Jobs Census Report. Solar jobs in the United States have increased over 20 percent per year for the past four years. That figure is expected to grow more than 100 percent over the next decade, outperforming all other job categories by more than double. Locally, South Carolina’s solar job growth has more than doubled the national average, growing by an astounding 57 percent in 2016. The large increase in South Carolina is due in part to the generous tax rebates that the State is offering of 25 percent, on top of the Federal tax rebate of 30 percent. Growth in the state is expected to remain strong throughout 2018, as both the Federal and State tax rebates will remain unchanged.
The residential demand for solar has been unprecedented, and for many good reasons. With solar panel efficiency growing exponentially, generous tax rebates, energy costs rising an average of 5 percent annually, and increased social consciousness, the power of sunshine is more prevalent than ever before. Solar panels placed on the roof, can free homeowners 100 percent from their monthly electrical bill, while extra energy is “banked” with the utility company for credit, and used when the system produces less energy. An average residential solar system pays for itself in 5-6 years, and then the homeowner has free energy for 25+ years. In addition, the average homeowner will see an increase of $17,000 in the value of their home.
On the corporate side, sustainability has become the new buzzword among smart companies. Corporate sustainability, is defined as “meeting the needs of the present, without compromising the ability of future generations to meet theirs.” Improved company perception was also rated by 75 percent of all companies, as more important than increasing revenue. Aside from the obvious cost savings and environmental impact, there are many hidden benefits to the company. Stock performance of companies practicing Corporate Sustainability are placed in, and calculated by the S&P 500 Environmental & Socially Responsible Composite Index (Ticker:SPXESRP). The annual rate of return for that index has been +11.8 percent or 25 percent higher than companies not practicing. Solar is also looked at as an excellent investment by an increasing amount of companies. After all, how many investments that you make are subsidized by tax rebates of 55 percent, or give you an average of 20 percent in after-tax returns, or pays for itself in 4-5 years and then give you a 100 percent profit for 25+years…all guaranteed!
Nationally and locally, growth in both residential and commercial solar applications are expected to remain strong over the next decade. They will continue to be fueled in large part by state and federal tax rebates, improved solar efficiency, and the movement to protect our planet, by reducing your footprint and becoming part of the global eco community. Smart people look at the world around them, and are becoming part of the solution.
William Kaiser
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