Jasmin Melvin

Jasmin Melvin's Profile

Who needs stocks when you’ve got solar panels

March 3, 2009

While everyone’s talking about recession and job cutbacks, the solar industry is growing and finding new customers, the head of a solar installation company told Reuters.
    
Jeffery Wolfe, founder and CEO of groSolar, said, “There’s still a huge amount of people out there that can well afford solar and haven’t done it yet.”
    
GroSolar, the fourth largest residential solar panel installer in the United States, saw $60 million in sales last year and exceeded its sales targets for January.
    
Consumers can lease solar panels for their home or purchase a system upfront for around $20,000-$25,000 after figuring in tax incentives.
    
“While the economy is what it is, there are an awful lot of people out there who still have equity, have good jobs, have savings, have investments that are working,” Wolfe said.
    
He maintained that people who are losing money in the stock market are beginning to look at solar as returns on solar panels on a home are guaranteed. 
    
“We are 0.1 percent of the marketplace today so our marketplace is growing rapidly, and we’ve got a lot of room to grow still –  even in this current economy,” Wolfe said.
    
Wolfe noted that almost every state in the country has at least 30 percent more sun than Germany, the world’s leader in solar energy.
    
Some homebuilders are even looking to solar to differentiate their developments from others while the housing market remains in disarray. Wolfe said he’s seen developers market new solarized projects in hopes of attracting more interest and buyers.
    
Third party financing is just beginning to reach the solar market and will only add to the industry’s growth potential, according to Wolfe.
    
He said after taking into account redbates and tax credits, and amortizing the rest over 18 years, the cost is about what a consumer would normally pay for power from the grid.

GroSolar isn’t alone in its sector. Other solar companies are also seeing profits despite the economic slump.
    
Solar module maker First Solar saw its fourth quarter earnings and revenue more than double from a year ago to $132.8 million and $433.7 million, respectively, thanks to growing demand for its solar panels.

For more Reuters green business news, click here.

Photo credit: Reuters/Parth Sanyal (A solar housing complex in India); Reuters/Mike Blake (A home under construction in California uses solar technology in its shingles)

Comments

I loved your post.Really looking forward to read more. Cool.

 

Very informative article post.Much thanks again. Great.

 

Thank you ever so for you post. Cool.

 

Very good article post. Awesome.

 

Im grateful for the article.Much thanks again. Want more.

 

I really like and appreciate your post.Thanks Again. Will read on…

 

Appreciate you sharing, great article post.Much thanks again. Really Cool.

 

Wow, great article post.Really thank you! Really Cool.

 

Looking forward to reading more. Great article post. Much obliged.

 

I loved your article post. Really Cool.

 

wow, awesome article.Much thanks again.

 

wow, awesome blog.Much thanks again. Cool.

 

Fantastic post.Thanks Again. Will read on…

 

I value the article post.Much thanks again. Great.

 

Thank you ever so for you blog.Really looking forward to read more. Keep writing.

 

Muchos Gracias for your blog post.Thanks Again. Great.

 

Thanks-a-mundo for the post. Awesome.

 

Thanks a lot for the article post. Fantastic.

 

I really like and appreciate your blog.Much thanks again. Really Great.

 

I truly appreciate this post.Much thanks again. Want more.

 

Very informative blog.Thanks Again. Much obliged.

 

I truly appreciate this post.Really thank you! Great.

 

I value the article.Much thanks again.

 

Say, you got a nice article.Thanks Again. Will read on…

 

Thanks for the article post. Much obliged.

 

Major thankies for the blog article.Really looking forward to read more. Much obliged.

 

I cannot thank you enough for the blog article.Really looking forward to read more. Much obliged.

 

Thanks again for the blog. Much obliged.

 

Thanks so much for the post.Really thank you! Want more.

 

Enjoyed every bit of your blog.Really looking forward to read more. Really Cool.

 

Really appreciate you sharing this blog article.Much thanks again. Really Great.

 

Thank you ever so for you article.Much thanks again. Great.

 

I appreciate you sharing this blog article.Really looking forward to read more. Really Great.

 

Really informative article.Much thanks again. Really Cool.

 

wow, awesome blog article. Awesome.

 

I really enjoy the blog post.Much thanks again. Great.

 

I value the post.Thanks Again. Cool.

 

Great blog article.Thanks Again. Really Great.

 

I loved your blog.Really thank you! Keep writing.

 

Really appreciate you sharing this blog article.Much thanks again. Fantastic.

 

Thanks a lot for the blog post.Really looking forward to read more. Really Cool.

 

I think this is a real great post.Really looking forward to read more. Will read on…

 

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  • About Jasmin

    "After graduating from Howard University, Jasmin joined Reuters as an intern in the summer of 2008. She was hired after that summer as a news assistant in the Washington, DC bureau, covering energy, agriculture, commodities and economic indicators. She now reports on the FCC, telecom issues, the technology industry's influence in Washington and other policy stories. Follow her on Twitter @jasminmelvin"
  • Follow Jasmin