We’ve seen a significant increase in solar development in Pennsylvania this year, specifically in relation to the regulatory changes made to close Pennsylvania’s borders to interstate Solar Renewable Energy Credit (SREC) trading. This legislative move combined with an increasing statewide renewable portfolio standard has resulted in a positive bump in Pennsylvania SREC prices. While solar has numerous economic benefits, looking at it from a financial standpoint, 2019 is a great year to make the investment. The cost of constructing solar projects continues to drop throughout the United States as the technology becomes more mainstream. Continuing that trend, the Investment Tax Credit (ITC) is currently 30 percent claimed against the tax liability of for-profit investors or owners in solar energy systems. The business that installs, develops and/or finances the project claims the tax credit. The 30 percent ITC is going to step down at the end of 2019 to 26 percent in 2020, which is why now is the time to start a solar project. While a complete solar project can take months to finish, fortunately to receive the ITC the project only needs 5 percent of total costs to be spent by December 31, 2019.
At Pennoni, we provide a range of services from full site assessment and feasibility studies, to engineering, design and construction of your solar photovoltaic (PV) facility. Pennoni also offers:
- Grant and incentive sourcing
- Financial modeling
- Finance structuring
- Design-build services
- Regulatory due-diligence and permitting
- Utility interconnections
- Structural evaluations
- Land development
- Maintenance and monitoring plans
- SREC management
Our solar experience meets the needs and goals of clients big and small, public and private sector. Recently we completed a 1.3 MWdc PV solar array project for AstraZeneca, a global, science-led biopharmaceutical company in Frederick, MD. The project meets AstraZeneca’s sustainability goals to source 100 percent renewable power globally by 2025 and offsets the new facility’s purchased power with clean solar energy.
For more information on solar and how Pennoni can help your business, please contact Jeff at JNocella@Pennoni.com.
Jeff serves as the Director of Energy Business Development for Pennoni. He has more than ten years of experience and is responsible for driving growth to Pennoni through Energy Efficiency and Design-Build services provided to industrial, commercial, federal and institutional clients.