Solar installers in the state of Missouri continue to grow their businesses at considerable rates. 2016 is primed to be an even better year than 2015.
A major factor in the recent expansion of solar in the state can definitely be tied to generous subsidies. Combining both the national tax credit and local rebates, someone who invests in solar can expect to pay only about half of the original cost.
One of the more prominent installers in the state – Missouri Sun Solar – has been greatly benefiting from a positive solar environment. In fact, their sales went from $3 million in 2014 to a strong $22 million finish for 2015, according to a recent news-leader.com article. While the installer has done quite a few commercial installs, the majority are residential solar installations. News Leader also highlighted Skywire Electrical Systems, who experienced a tripling of business from 2014 to 2015.
Along with the tax credit and local rebate, net metering helps homeowners and businesses invest in solar power in a cost effective way in Missouri. While net metering in the state is compensated at “the avoided cost rate”, solar investors can still expect to see a return on investment in less than 10 years.
Another reason why solar is expanding in the state is that the word is getting out that solar is cheaper than the average paid rate. The cost of residential energy from a utility is approaching 11 cents per kilowatt hour. Solar is a few cents cheaper without subsidies and approximately half the utility rate after subsidies and net metering.
The news about the national 30 percent investment tax credit being renewed for a few more years will certainly help make sure that the solar momentum in Missouri continues.
Solar is bound to grow from Springfield to Kansas City to St. Louis as word continues to spread about the financial benefits of solar power. The approximately 50 installer in Missouri will be ready to grow along with the state’s solar expansion.