South Jersey Business Trends

Business Trends
The solar power industry is heating up and South Jersey businesses and towns are basking in it.
In the past few months, solar power installations, companies and solar panel manufacturers have sprouted up across the region, hoping to benefit from the energy savings and cash in on federal and state grants.
“From January up until September, you couldn’t borrow or have anybody interested in anything – it seemed like,” said Steve Masapollo, CEO of SolarWorks NJ, a solar electric installer in the region since 2003. “All of a sudden, there’s been a loosening of dollars and more of a demand.”
In the past six weeks, there was news of a solar panel manufacturer setting up in Millville and two area townships, Medford and Evesham, have pledged solar installations. Solar installation companies are opening at a pace that makes Masapollo’s “head spin.”
At more than 4,000, New Jersey already has the second-highest number of solar installations in the country, behind California. Gov. Corzine wants to at least double that number.
For those positioned in the region, the result could mean a windfall of solar profit.
For Masapollo, he’s stopped advertising for some services, such as solar farm installation.
“There were too many people calling us,” said Masapollo, whose company has been commissioned to build three area solar farms.
In the past few months, grants and federal stimulus money have made solar power an attractive and affordable energy option, according to Masapollo. Besides a federal energy grant, which gives rebate checks to refund 30 percent of the cost of a solar installation, the state’s Clean Energy Program and Solar Renewable Energy Certificate program also reimburse the owner of a new solar installation.
Each time a solar installation generates one megawatt-hour of electricity, an SREC is issued to the owner, which can then be sold or traded. Some SRECs sold for as much as $690 in July, according to the latest reported numbers.
According to officials in Medford, the SREC prices, have them predicting a $200,000 savings per year to taxpayers after the township constructs a solar field on six acres.
In Evesham Township, officials say they have received enough federal stimulus money and grants to allow solar panels to be installed on three township buildings – the municipal building, the Blue Barn and the public works garage on Evesboro-Medford Road – at no cost to taxpayers. The project is estimated to cost $3 million.
Businesses and towns aren’t the only ones that can benefit from grants and the SREC program. Masapollo said he’s inundated with orders for residential solar installations.
Masapollo calls New Jersey “probably the best SREC market in the country.”
“They’re high value and they’re available – and there doesn’t seem to be any end in sight,” Masapollo said.

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