AUSTIN – (Realty News Report) – Freedom Solar, one of the largest solar panel installers in Texas, has moved into its new headquarters building in Austin.
Located at 4801 Freidrich Lane, the new Austin headquarters features 20,000 SF of space, including a warehouse that will hold thousands of solar panels.
“The opening of our new Austin headquarters is a continuation of our recent expansions to Houston and Dallas,” said Freedom Solar CEO, Bret Biggart. “Businesses and homeowners are increasingly choosing to install clean, affordable, reliable energy sourced directly from the Texas sunshine. They’re also realizing how affordable solar has become and are moving to take advantage of the 30 percent federal solar tax credit, which ramps down after this year.”
Freedom Solar racked up more than $26 million in residential and commercial sales in 2018 and enjoyed a record-setting first quarter in 2019, with sales increasing by 28% over first quarter of 2018. Revenue has increased by 46% since 2015.
Solar energy capacity is expected to double nationwide over the next five years, and Texas is the fifth largest solar energy state. As the Texas economy grows, electricity consumption will increase synonymously. Already, environmental regulations and various market pressures have forced a significant amount of generation to exit the market, while older generation sources are being retired.
Thus, new solar generation capacity is required to meet the Texas market’s demand. These economic conditions, combined with the fact that solar energy prices have fallen by 47% over the past five years, explain why the switch to solar is accelerating.
The federal solar tax credit, also known as the investment tax credit (ITC), has been a major driver of the rapid increase in solar installations. It allows homeowners and businesses to deduct 30% of the cost of installing a new solar energy system from their 2019 federal taxes. This results in an average $5,000 savings on a solar installation for homeowners and $30,000 in savings for a business that undergoes a $100,000 installation. The ITC applies to both residential and commercial systems, and there is no capon its value. The tax credit will drop to 26% in 2020, 22% in 2021, and 10% in 2022 and beyond.
July 4, 2019 Realty News Report Copyright 2019.
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