AUSTIN – (Realty News Report) – Freedom Solar, one of Texas’s largest solar installers, has moved into its new headquarters in Austin.
Located at 4801 Freidrich Lane, the new headquarters provides 20,000 square feet of space, including a warehouse capable of storing thousands of solar panels.
“Opening our new Austin headquarters builds on our recent expansions into Houston and Dallas,” said Freedom Solar CEO Bret Biggart. “More businesses and homeowners are choosing clean, affordable, reliable energy from Texas sunshine. They’re recognizing how cost-effective solar has become and are taking advantage of the 30 percent federal solar tax credit before it begins to step down after this year.”
Freedom Solar recorded more than $26 million in residential and commercial sales in 2018 and posted a record first quarter in 2019, with sales rising 28% compared with the first quarter of 2018. Overall revenue has grown 46% since 2015.
Solar capacity nationwide is projected to double over the next five years. Texas ranks among the top states for solar energy, currently sitting fifth in installed capacity. As the state’s economy expands, electricity demand will grow alongside it. Meanwhile, environmental regulations and market forces have driven some generation sources out of the market, and older power plants are being retired.
New solar generation capacity is therefore needed to meet Texas’s growing demand. Falling solar prices—down roughly 47% over the past five years—combined with these economic and regulatory factors are accelerating the transition to solar energy.
The federal solar tax credit, known as the investment tax credit (ITC), has been a key factor in the rapid increase in installations. For 2019, it allows homeowners and businesses to deduct 30% of the cost of a new solar energy system from federal taxes. On average, homeowners save about $5,000 on a typical installation, while a business installing a $100,000 system could save roughly $30,000. The ITC applies to both residential and commercial systems and is uncapped. The credit is scheduled to step down to 26% in 2020, 22% in 2021, and then 10% for commercial systems (and zero for most residential systems) in 2022 and beyond.
July 4, 2019 Realty News Report Copyright 2019.
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