Merger gives more power to two solar firms
In a quiet residential neighborhood in Rhinebeck, a building is helping put energy back into the grid rather than sucking it out ”“ and it”™s not costing its owners a nickel to do it.
Hudson Valley Clean Energy, born in 2002, was the brainchild of three brothers-in-law: John Wright, Jeff Irish and Charles Newcomb, who decided to take their engineering, construction and sales skills, merge them, and go to work for themselves.
Their “in the garage” solar panel business operation was able to move into a leased space in 2005. In 2007, they bought property, designing and constructing a 5,800-square-foot building that is totally carbon-free ”“ which helped the company keep itself utility-bill free and give something back to the environment.
Hudson Valley Clean Energy acquired Adirondack Solar in 2010, officially merging the companies under the Hudson Solar banner in April. “As a result of the merger, we”™ve expanded our market into Massachusetts, Vermont and Connecticut,” said Wright, vice president of the company. Between the two solar installers, more than 1,000 commercial and residential solar projects are now busy feeding the grid and getting a free ride on their power.
“Back when we started in this business, it was difficult to attract customers; although solar made sense, financing was a problem. For the most part, it was a cash-only proposition for the buyer ”” and since costs can start at $7,000 depending upon the size and electric use of the building, it was a very expensive one,” said Wright.
That no longer holds true, he said, since solar panels and their benefits have become as familiar to the general public as they are to those in the energy business. “Distributors are able to finance their product, as well as help customers to get the state and federal rebates available,” said Wright. “Customers also see an immediate return on their investment as a result.”
When it came to the design and construction of their own office, the trio decided they wanted to make it as environmentally friendly as possible. “Solar panels, of course, were at the top of the list,” said Wright. “We also added geothermal heating and cooling, foam insulation both in the roof and in the walls, as well as a clean-air return system.” Those options added approximately $100,000 to the cost of the construction. Hudson Solar would not disclose the cost of the building itself, but Wright said the investment paid for itself within two years.
“In fact, we are supplying enough power for 20 homes every month because what we don”™t use goes back into the grid,” continued Wright. “It”™s very encouraging to see solar recognized by both the state and federal government as an important alternative energy source and that help is available for people that want to cut down on their energy consumption.”
Hudson Solar”™s revenue grew 25 percent in 2011 and is on target to jump another 25 percent this year, said Wright, predicting Hudson will hire 10 to 15 new installers as a result. “Even though the recession hit us like it did everyone else, we have seen customers coming back, particularly since there are tax credits for installation here in New York. Massachusetts has a solar renewable energy credit and Connecticut just launched a new program, the Connecticut Clean Energy Fund. It”™s very encouraging for both those in our business and for the consumer.”
For the company and its employees, “The financing and rebate options will help us grow our business,” said Wright, “and more importantly, help customers eliminate their electric bill. Utility costs are skyrocketing, and it is not going to get any less expensive, so more people are looking at the benefit of solar heating and cooling and enjoying the tax incentives that go with it.”