Thomas Neyhart, the CEO of PosiGen, a growing solar power solutions company based in Louisiana, has urged consumers to avail themselves of government subsidies and tax credits for installing solar solutions. Unless Congress renews them, these tax credits are set to expire in 2024.
Mr. Neyhart said that “Systems installed before the end of 2019 were eligible for a 30% tax credit. That has fallen to 26% for systems installed between 2020 and 2022. For systems installed in 2023, a 22% credit will apply. As long as a solar solution makes sense for your home, it benefits everyone involved to have one installed.”
The Growing Solar Energy Revolution
PosiGen is one of many growing solar power solutions providers across the country that are helping people lower their energy bills by installing on-site solar panels at homes and businesses. PosiGen CEO Thomas Neyhart founded his company in 2011 with a focus on democratizing access to solar power and providing custom-built solutions to low-to-middle income (LMI) communities, particularly communities of color.
The PosiGen CEO, a recognized name in the solar power and sustainable energy sectors, continued by saying “After Hurricane Katrina, it was hard not to notice that those who were rebuilding, rehabilitating, and improving their homes were those who were well-off and had access to funding. Lower-income homes and communities did not have access to such funding. Nor did most of them meet the credit requirements needed to move forward with a solar install. We saw that as unfair and untenable moving forward and wanted to do something about it.”
The result was PosiGen, which relies in part on government tax credits for solar solutions to provide consumers with cost-saving solar panels on their homes and businesses. Unlike most other providers, PosiGen has no credit or income requirements and provides its users with a fixed-rate lease over the term of the solar contract (typically 25 years). All that is needed is for the install site in question to demonstrate saving potential. From there, the PosiGen CEO and his team of designers, testers, and installation professionals take care of the rest.
“We have a fixed installation and assessment process that we use with each home,” Mr. Neyhart said. “We start with a blower door test to see where there are gaps in the home envelope – which is what separates the interior of the home from the exterior. The blower test pinpoints places where heating and cooling can be lost. By sealing these spaces, we can improve insulation, ventilation, and air quality while reducing moisture, mildew, and other illness-causing contaminants – all while saving energy. It’s a win-win for everyone.”
Depending on the state of the home or business, PosiGen may also install additional insulation in the attic or walls, along with programmable HVAC controls and LED lights to replace incandescent lightbulbs.
Is Solar Power a Foregone Conclusion?
To many in the industry – including PosiGen CEO Thomas Neyhart – solar panel installations at homes across the country should be a foregone conclusion, but only if people knew and understood the benefits of solar energy systems. “Anyone who learns about the benefits of solar power would find little reason not to consider an installation at their home or business,” Mr. Neyhart said. “Solar energy is an effective solution to carbon and methane emissions, ground pollution, air pollution, and transmission loss. You can lower your power consumption from the grid in direct proportion to how much energy you generate at home. You can even sell excess power back to the grid thanks to two-way metering. Over the year, this amounts to hundreds of dollars per home per install – money that goes directly back to the pockets of our consumers and can be reinjected into communities.”
Despite these benefits, however, it can take time to educate audiences and onboard new users. “Getting users on board is a critical component of our work, which is why we have built a world-class team that thrives on the PosiGen ideals of sustainability, job creation, savings, and positive impacts at the community level.”
PosiGen was recently given an A+ rating by Comparably, workplace culture and brand research institution. PosiGen’s CEO and the PosiGen executive management team were also given A+ ratings, placing the company in the top 5% of the industry. PosiGen also secured A+ ratings in diversity, employee retention, office culture, benefits, future outlook, professional development, and overall environment.
Solar Panel Installations in the Future
It can be difficult to determine how long the ongoing solar energy trend will continue, but consumers can potentially generate substantial savings from installing a solar energy system at their home or business. Current tax credits apply for systems installed between January 1, 2006, and December 31, 2023, irrespective of if the system is located at your primary or secondary residence. Expenses that are covered include the following:
- Solar panels
- Contractor and labor costs
- Equipment expenses
- Energy storage device expenses
- Sales taxes on eligible outlays
You can avail of the current 22% tax credit even if you are not the homeowner, and systems installed in vacation homes are also eligible. You do not need to be connected to the public grid either; as long as the installation is in the United States, at a home or commercial location, and irrespective of how you finance it (in installments or via upfront payment), you can claim your credit. The only exception is for systems that have been paid for but not yet installed, since the credit is meant for systems that begin operation and are in service during covered years.
