First, I want to wish all of you a happy Earth Day! We are so proud of our customers for helping save our environment with a clean, renewable future!
On this Earth Day, I am reflecting back to when I co-founded GeoGenix in 2001. We had no idea that New Jersey’s Clean Energy Program would create some of the nation’s richest solar incentives. As a result of these incentives, New Jersey has become a national leader in solar -- second only to California in installed solar capacity, and first if calculated on a per-capita basis.
New Jersey’s position as a solar leader is due in part to our customers with the boldness and imagination to pioneer a transformative technology, and thus to lead the way for those who may lack their degree of vision and foresight.
While there are numerous examples of visionaries I can point to over the past decade, I participated in a ribbon cutting ceremony at Ethical Products earlier this month. Ethical Products’ 448-kilowatt solar system is generating enough power to meet 100 percent of the facility’s needs and saving $60,000 in electricity costs annually -- and that’s at current rates. The payback period for commercial systems such as this one in New Jersey is now a matter of only a few short years.
Think about that. Since a solar system has a life of 30 years, this means that Ethical Products’ solar system will be saving the company in terms of avoided electricity costs for more than two decades after it has paid for itself -- to say nothing of generating 15 years’ worth of income from the sale of SRECs.
As Larry Sturm, Ethical Products’ CFO, said: “If a commercial property in New Jersey has a suitable roof, solar is a no-brainer.”
But the benefits of Ethical Products’ new solar system go far beyond dollars and cents. Ethical Products has already demonstrated its commitment to the environment through its line of eco-friendly pet toys and accessories. The company’s decision to go solar takes that commitment a giant step further.
As a result of the decision to build a rooftop solar system, Ethical Products is contributing to a reduction in the nation’s dependence on fossil fuels, a reduction in harmful greenhouse gas emissions and the creation of new “green” jobs. In addition, it is promoting energy independence.
New Jersey now has more than 290 megawatts of installed solar capacity, representing nearly 9,000 projects. But although we are a national leader, solar still meets only a tiny fraction of our electricity needs. There is still tremendous room for growth.
As pleased as we were to be celebrating the completion of Ethical Products’ system, however, we look forward to the day when the completion of a rooftop solar system will no longer be a novelty -- to the day when every resident or business owner will realize, as Larry Sturm has said, that solar is a no-brainer.
We thank all of you for leading the way to a clean, renewable future.
Mitch Berman
Principal
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