California-based end-to-end commercial solar provider earned $55M in revenue in Hawaii in 2014; ranked #1 in market.
HONOLULU - REC Solar, a U.S. commercial solar provider, has been ranked by PBN Research as the leading solar company in Hawaii by 2014 revenue. The company completed 14 commercial solar projects in Hawaii last year, accounting for nearly $55 million in revenue.
"Were proud to have built a reputation in Hawaii as a reliable partner for business owners seeking to cut energy costs and lock in long-term low energy rates," said REC Solar Hawaii Regional Manager, Drew Bradley. "The Hawaiian Islands are leading the way for renewables and were certain that REC Solar will have a major hand in helping the community reach its goal of 100 percent renewables by 2045."
REC Solar also ranked in the top five solar companies for job growth and kilowatts installed on the islands, with 135 employees and over 19 megawatts installed or under development in 2014. The company is backed by one of the largest utility companies in the world and offers a unique streamlined PPA that simplifies the financing process to help businesses in Hawaii and nationwide go solar with no money down.
REC Solar was contracted to design and construct the largest solar PV installation in the Hawaiian Islands at 14.54 megawatt DC. The 60-acre PV system broke ground in June 2014 and is scheduled to interconnect to Kaua‘i Island Utility Cooperative (KIUC) in August 2015. The array will be the largest solar electric system in the State of Hawaii by DC wattage, generating enough clean energy to meet five percent of Kaua‘is annual energy needs.
Since entering the Hawaii market in 2007, REC Solar has installed 60 systems totaling 31 megawatts. In 2014, REC Solar completed four ground-mount solar energy systems for Hawaiis Dole Plantation located in Oahu. The company is installing an additional 460 kilowatt system on the site, which will break ground on Monday, July 20, 2015.
"Our market leadership is a direct result of our focus on providing comprehensive solar services designed specifically for businesses, from project development and financing to construction and maintenance," said Bradley.
REC Solar has delivered solar electric systems for many additional Hawaii-based businesses including Turtle Bay Resort, Enterprise Rent-A-Car and EK Fernandez Fun Factory. REC Solar continues to work with retailers, grocers, farmers, hotels and local businesses, and is planning additional projects.
"As the state with the highest level of solar penetration in its electricity market, Hawaii provides a useful illustration of how much running room there is for solar in the U.S.," said Pavel Molchanov, energy analyst at Raymond James & Associates. "Despite some grid saturation challenges, the mainstreaming of solar should continue. Hawaiis newly enacted target of 100 percent renewables by 2040 is the most ambitious renewable portfolio standard of any U.S. state."
In total, the top five largest solar companies in Hawaii generated nearly 800 jobs and $151 million in revenue in 2014.
About REC Solar
REC Solar is a trusted provider of high-quality solar and energy-saving solutions to a wide range of commercial customers nationwide, including businesses, governments and non-profits. The company provides financed end-to-end service offerings to help its customers reduce energy costs, decrease greenhouse gas emissions and demonstrate corporate sustainability. Over 17 years, REC Solar has installed more than 500 commercial systems nationwide in excess of 170 megawatts. For more, visit RECSolar.com or call 844-REC-SOLAR (844-732-7652).
Follow REC Solar on Twitter: @REC Solar
Connect with REC Solar on LinkedIn: linkedin.com/company/rec-solar