As 2010 presses on, the Keystone State stands poised to challenge Florida for its “Sunshine State” moniker. Since 2009, PA has invested $1 billion in alternative and renewable energy projects that put more than 8,300 people to work. The state now boasts nation-leading incentives and, with $5 million in Recovery Act funding announced in May going toward solar, Pennsylvania is poised to rank in the top five in solar capacity by years end.
Philadelphia isn’t the only city where it’s always sunny. Earlier this month, New Jersey solar developers Vanguard Energy Partners announced that they were opening offices in Bethlehem. Reaping the benefits of solar incentive programs like Pennsylvania Sunshine, Vanguard hopes to create five to 10 jobs in fields like engineering, permitting and labor.
“We believe that Pennsylvania is on its way toward instituting and improving what we feel is a very equitable incentive program,” says Vanguard VP of Business Development Alex Rivera. “It is a program we can relate with in New Jersey.”
Taking advantage of solar building incentives positions Vanguard Energy Partners as they look to expand building and installation business. But Pennsylvania’s recent incentives have not been confined to erecting solar panels. PA has enacted a Renewable Portfolio Standard, which requires utility companies to convert a certain percentage of their capacity to renewable energy. But switching to renewable power can be difficult so, to avoid paying penalties, many utility companies have resorted to purchasing Renewable Energy Credits. These credits are like shares that utilities purchase from alternative energy companies to prove to state regulators that they are supporting renewable power.
Solar Renewable Energy Credits, or SRECs, make up a large percentage of Vanguard’s business and, as Pennsylvania strives to become a more solar-friendly state and restrictions tighten, Vanguard is hoping the SREC market will become more viable in Pennsylvania. In short, things are looking sunny for Bethlehem and for the expansion of Vanguard.
“We believe wholeheartedly that these credits are a viable way to develop solar and we want to be a part of it,” says Rivera. “Even though Pennsylvania has a long way to go to improve the bankability of their green credits, we want to be there in the early stages to make sure that this develops.”
Source: Alex Rivera, Vanguard Energy Partners
Writer: John Steele
