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Have you ever stopped in the middle of the street and said, “I wish someone would just hit me over the head with a million dollars?” Ya, we thought there would be a few of you who have. Fortunately, an investment in solar might do just that! As a solar developer we’ve starting exploring a brand new solar opportunity that may help you get that smacked over the head “million dollar” feeling. In the most recent Tax Cuts and Jobs Act of 2017, the federal government created a framework that has created a “money cannon” called Opportunity Zones.  The provision offers tax benefits to equity investors that put money into any of the 8,700 designated opportunity areas. So far, a lot of the attentions for Opportunity Zone Funds have been primarily focused on real estate, but we believe the market is overlooking the most natural fit of all the investments out there, Renewable Energy. Renewable energy developments, particularly solar, are long-term, place-based investments with predictable returns, that enhance a locations affordability and investment value. Projects have to pass the two tests that qualify a property for QOZ (qualified opportunity zone) funds. Althea Power is actively working on developing a number of small utility scale solar as well as community solar projects in QOZs across the United States, but there’s still a lack of understanding over how significant this opportunity truly is for the industry. If you’re an independent developer or you’re managing an opportunity zone fund looking to invest in solar projects, contact us [email protected].

Commercial solar makes great business sense even if you are a nonprofit. You can lower your current operating expenses, increase revenue, provide peace of mind against rising energy costs, and tap into the growing customer base that look for environmentally responsible vendors that are focused on sustainable energy strategies. Government & Utility incentives combined with recent decreases in equipment prices make the investment in solar a good financial decision for businesses, public agencies and nonprofits like schools or YMCAs. An investment in solar power can generate quick payback as well as long-term savings. Reduce operating costs Solar power systems can reduce or eliminate your business’s electric bill. Power purchase agreements are a great way to accomplish this goal without having to put up any capital. Hedge against changing utility rates As demand for energy rises and non-renewable resource pools shrink, the cost of energy goes up and events beyond your control can cause sudden short-term spikes in energy prices, putting unnecessary stress on your business. Installing your own solar power can reduce or eliminate your exposure to rising electricity rates. The portion of your energy usage that is generated by your solar system is no longer subject to short- or long-term increases in electricity rates. In fact, the more prices rise, the greater your savings will be. Become a green business Generating electricity from solar energy means your company uses less fossil fuel, reducing pollution and greenhouse gas emissions. By switching to solar power your company does its part to fight climate change and to reduce the country’s dependence of foreign energy sources. But the benefits go further – being a sustainable business can not only reduce your operating costs, but can also be a positive public relations and marketing tool. Research shows that a growing number of consumers make their buying decisions based on companies’ environmental responsibility. Contact us with any questions you might have, [email protected].

Though thousands of schools around the country have already taken advantage of the cost savings and many benefits which solar can provide, the opportunity is still generally underutilized. Schools have a unique advantage when it comes to solar energy because of the favorable building structures on each campus. The large, flat rooftops normally found on public, private, K-12 and university school buildings make many of these properties ideal candidates for rooftop solar or land based solar arrays. School parking lots can also be equipped with solar canopies, which can provide the added benefit of shade for parked cars, thus also saving on snow removal. Virtually any sufficiently sizeable rooftop and/or empty land spaces on school property can support small solar farms, which may further serve an extended community as well. The Department of Energy reports that taxpayers spend an average of $6 billion on energy costs for K-12 school buildings, more than what is spent on textbooks and computers combined and second only to teacher salaries. According to the National Center for Education Statistics (NCES), the average school building is roughly 42 years old and budgets are targeting improvements for these aging or decrepit facilities. Unfortunately, the amount of resulting energy inefficiencies at most schools creates an increase of 25% more energy consumption than what is needed. Offsetting a school’s electrical consumption with solar power can deliver a significant cost savings to schools and their districts. Over time, solar can serve as a hedge against the typical annual increases in utility rates. As a clean and renewable energy technology, solar has proven to reduce carbon emissions helping to protect human health and the environment. Among the environmental benefits, solar on schools can also surprisingly help to save water, as it uses a mere fraction of the water required to produce electricity than the conventional fossil fuel sources presently use. Most importantly, solar installations on schools can provide teachers with a unique opportunity to teach concepts in science, technology, engineering, and mathematics (STEM) and boost student interest in these critical subjects. Further, solar data acquisition systems allow schools to monitor the daily, weekly, monthly and annual production of a solar system in real time, thus providing valuable metrics on campus energy consumption. If your school is in the process of researching solar options, Althea Power can help guide you. Contact us today, [email protected]