Verogy helps you navigate every step of the solar installation process as solar power in Maine grows.
When you install solar panels for your Maine business, you need a partner who can navigate every part of the process. Verogy has the resources and knowledge to help you install the right solar energy system for your commercial facility. Here’s what you need to know about the current state of solar power in Maine and how we can help you harness this renewable energy for your business.
Solar power usage in Maine is still growing. Maine ranked 43rd in overall national solar rankings, but it ranks 26th in national solar growth projections. The state currently has 2,595 solar installations and $230.6 million in solar investments. The governor signed legislation in June 2019 that increased Maine’s renewable energy portfolio to 80% by 2030 and 100% by 2050. Solar project development in Maine is just getting started, and Verogy wants to help you explore these new energy system opportunities. Solar installers in Maine can tap into the state’s potential as a hub of renewable energy.
Verogy offers the following solar financing options to our Maine-based clients:
- Power Purchase Agreements (PPAs): A PPA is an agreement between you and a solar partner such as Verogy. When you enter into a PPA, your solar partner builds, owns, and maintains the solar energy system, and you purchase its energy from your partner. Sometimes, a PPA is more financially feasible than direct system ownership.
- Lease Option: Receive annual lease payments for hosting the solar array, on your roof or land, with no additional responsibility or expenses.
- Cash Purchase: Buy the solar array and receive 100% of the federal investment tax credit and depreciation generated.
There are many economic drivers to a solar project; we can help you take advantage of those that suit you best:
- Tax Benefits: We help you use the Investment Tax Credit to deduct 26% from your solar installation costs on your federal taxes in 2021 and 2022. We also help you take advantage of depreciation tax benefits.
- Class I RECs: These Renewable Energy Certificates (RECs) come from Massachusetts, and they encourage solar electricity generation within New England. According to state regulations, a portion of these RECs must come from solar photovoltaic (PV) installations. It’s popular for Massachusetts to purchase RECs from other states in New England, and that can boost the economic benefits of your system’s solar energy generation.
- Net Metering Programs: Net metering programs, also called Net Energy Billing (NEB) in Maine, measure how much electricity your solar system generates versus how much your facility consumes monthly. If your facility consumes more electricity than it generates, you pay your utility provider the difference between those two amounts. If you generate more electricity than you consume, you receive a monetary credit on your electricity bill for that solar electricity generation, which can be used for prospective utility bills in the same calendar year.
- Retail Credits: These credits, such as Maine’s NEB Tariff Rate program, provide kilowatt-hour (kWh) credits on participating businesses’ electric bills.
- Fixed-Rate Credits: This program provides participating businesses with a fixed-rate credit determined annually by Maine’s Public Utilities Commission (PUC).
Verogy helps you navigate all these financial options so you choose the right option for your business or organization.
There are many reasons to power your business with solar energy. Solar energy has grown much more affordable than it’s ever been before. Additionally, many businesses now want to switch to renewable energy to decrease their carbon footprint. We’re currently seeing the effects that fossil fuels have on our environment, and those effects are enough to encourage some people to make the switch. If you want to switch to solar energy for its affordability, sustainability, or other benefits, Verogy can help you with the transition.
The owners of Verogy have installed solar photovoltaic (PV) systems throughout the United States. We build a range of solar project types, from municipal installations to utility scale solar farms. We have the versatility to meet your solar project needs, no matter what size the installation is. If you’re ready to transition to solar power in Maine, reach out to Verogy today. When you partner with us, we customize our service offerings to help you generate the right amount of solar energy for your facility and your community.