U.S. demand for residential solar power installations is surging despite an economic recession...
Geogenix LLC, a New Jersey-based residential solar company with 20 employees, installed about 150 systems in the first six years of its existence until 2008, and expects to do about that number this year alone, said managing member Gaurav Naik. He predicted the company would install at least 300 systems in 2010 when it plans to expand into Pennsylvania and some surrounding states.
"There is unprecedented demand for residential solar systems," he said.
Faced with a cost of about $50,000 for installation of a 7-kilowatt system on a typical 2,500-square-foot house, a New Jersey homeowner can defray the expense with a $12,500 rebate from the state and a federal tax credit of $11,000, Naik said.
After the first year, the homeowner can also expect a refund check for about $3,200 from the local utility in return for installing the solar panels, Naik said. The owner can expect to save about $1,700 a year in electricity bills, and should recoup the initial investment within five to eight years, he said.
Another Reuters solar story.
LOS ANGELES (Reuters) - Solar stocks rallied on Wednesday as investors bet that increased Chinese interest in solar power, higher oil prices and signs of improvement in lending and financing will help spur demand for the clean energy source.
No comments:
Post a Comment