Media / Press Releases
SOLARWORKS NJ NEARS $100 MILLION IN SALES
January 29, 2009
For SolarWorks NJ, 2009 is starting out very well. The 5-year-old company is closing in on $100,000,000 in their contracted pipeline. With the Renewable Energy friendly Obama administration upon us, the future looks rather sunny for the Turnersville, NJ firm. According to the CEO, Steve Masapollo, "Our contracted revenue pipeline has grown substantially in the past few months. We are now seeking to put together an infrastructure that will enable us to execute these projects efficiently, on-time and within budget."
The infrastructure includes equity partners that are knowledgeable in Renewable Energy projects and are not scared by a $7,000,000 to $30,000,000 investment. Masapollo added, "That infrastructure includes experienced companies that can complement SolarWorks NJ to design and build projects as large as 5 MW's (megawatts)."
These projects consist of solar energy farms, large buildings and homes throughout New Jersey. "There has been a great deal of interest in large solar energy arrays from farm owners and owners of industrial ground. These land owners have been looking for a profitable project where they can use their land with little risk, a good ROI and a decent payback time. There are also Land-Lease options," said Masapollo.
Presently, the company is working with large-scale users of energy with bills exceeding $5,000 per month. We can sell them energy at a 20% reduction from what they are now paying. Masapollo stated, "It's a no brainer for these companies, municipalities, schools, and churches. Why would you not want to save 20% on your electric bill with no capital expenditure"? This is not to be confused with a (PPA) Power Purchase Agreement which has a very small reduction in an entities electric bill."
SWNJ also provides lease/purchase options that allow an entity to cash flow from day one. There is also a possibility that an entity can have more immediate access to the 30% Federal Investment Tax Credit (FITC) proceeds.
New Jersey homeowners are also contributing to the growth. New Jersey will begin their CORE Rebate Program again on February 1, 2009. Rebates will be extended to projects that are 50kW's and under. The rebates vary based upon several energy and demand conditions.
Maria Rumsey, Project Manager for SolarWorks NJ adds, "We are advising our clients and prospective clients to get their applications in to the NJ BPU's Clean Energy Program as fast as possible. Pick a company with a proven track record and excellent references that is financially stable. The sooner your application is in, the sooner a determination can be made on your eligibility. This also assures you the best chance of obtaining a rebate for your system."
Masapollo added, "He who hesitates will be left behind. People have to understand that this is not a sales pitch. The last time rebates were offered it took some people 1.5 years to get an approval letter from the state." Many have been turned away for at least a year by the state rebate program.