Here”™s a switch: An out-of-state company interested in creating a presence in New York.
Alteris Renewables, headquartered in Wilton, Conn., has acquired Rockland County-based ISI Solar and says it will expand its presence in the mid-Hudson region.
James Albert, who started ISI Solar in his New City garage 11 years ago, said he had been approached by a few larger companies eager to merge his intellectual property into other brain trusts. Alteris Renewables made Albert an offer he couldn”™t ”“ and didn”™t want to ”“ refuse.
Michael Stangl, vice president of regional sales for Alteris, was on hand when Albert announced the buyout to a crowd of local businesses and politicians on May 14.
“This is a great move for James and his team,” Stangl said. “ISI is in a great location, positioned right in the heart of the Hudson Valley. It is going to help us grow business here and make us more accessible to Westchester, Orange and Dutchess counties.”
Boston-based Riverside Partners funded Alteris”™ total purchase of ISI Solar for an undisclosed amount, according to published reports. Alteris had already made an entry into the state”™s Capital Region in 2009 when it bought out Renewable Power Systems in Albany.
Alteris Renewables has been ranked as one of the top 10 fastest-growing energy companies by Inc. 500. Founded in 1980, its 2005 revenue was $3.2 million; its 2008 revenue was reported at $35.6 million with 103 employees.
“Partnering with Alteris is going to allow my company and its employees to expand the business,” said Albert, now a regional director for the company. “I reached a certain point, but needed to grow and couldn”™t do it alone. Alteris is a great company with a quality reputation that”™s going to allow us to work smarter and to grow the business.”
Architect Michael Shilale, Albert”™s New City neighbor and chairman of the Rockland Business Association”™s Green Council, said, “There is $60 billion in the green business industry and Rockland has fallen a bit behind in attracting solar-based businesses; but now, with Alteris”™ entry into our market, it is going to make us more attractive to like-minded companies and help us grow a more sustainable economy.”
Albert says becoming part of Alteris will allow him to partner with Rockland-BOCES, creating a program for students who want to learn the ins and outs of solar technology. “That”™s very exciting for the community,” Albert said. “We need for students to have hands-on training, and through this acquisition, we will be in a position to start a program that will help build tomorrow”™s work force.”
Is solar for everyone? “No, it isn”™t, but it takes an experienced engineer to determine if it”™s feasible. There are a lot of variables when you are installing PV (photo voltaic),” Albert said. “The roof line of our building faces east and west; we added the porch on the south side and placed the PV system on it to maximize its potential.”
Albert said becoming part of Alteris would allow him to offer financing options for customers, something he could not do on his own.
He acknowledged the cost of “going green” is an expensive investment for the average homeowner, saying the PV panels on his own building cost about $25,000 to install. “New York state gives a $5,000 direct incentive through NYSERDA. In addition, a federal tax credit of 30 percent with no maximum cap, along with a state tax credit of 25 percent capped at a maximum of $5,000 can (make) the cost of solar for a three- to four-bedroom house more affordable for homeowners. Prices are coming down,” he said. “And we expect as solar becomes more acceptable and desirable, the prices will come down further.”
