A HISTORICAL SOLAR POWER BOOM: WHAT IT MEANS FOR NORTHERN COLORADO

According to multiple sources, 2023 was a record year for added solar power capacity in the U.S. This marks the first time that capacity for a renewable energy source has out-paced fossil fuels since the years immediately following World War II.

A Popular Mechanics article attributes the boom, in part, to the Inflation Reduction Act, which "set aside roughly $369 billion for investment in and production of clean energy tech, as well as major incentives for installing rooftop solar."

The same article suggests that solar capacity could grow to 500 gigawatts by 2034, but currently it still makes up only five percent of the country's energy mix. While we are largely still dependent on fossil fuels, the opportunities with clean energy are both immense and exciting.

Whether you're looking to decrease your electric bill or take part in the clean energy movement, there are several incentives and sustainable applications for solar power in homes and businesses here in Northern Colorado.

Homeowners: (According to energysage.com) "The Residential Clean Energy Credit, formerly known as the federal investment tax credit (ITC), can reduce your solar panel system's cost by 30%. Your entire system qualifies for this incentive, including equipment, labor, permitting, and sales tax.

The average cost for a 5kW solar panel system is around $15,391 in Colorado. Once you factor in the 30% credit, the cost comes down to $10,774."

Businesses: Businesses can take advantage of the same ITC as homeowners. Check with your accountant to find out whether you can also write them off as a business expense on your taxes: often times, they are classified this way.

With 245 days of sun per year, our state is one of the sunniest states in the U.S. And with so many incentives for solar in Colorado, it could be a really sensible move for your home or business.

The movement is definitely bringing changes for Fiske Electric: while we will always continue to work with conventional power sources, adapting to the changing technology has kept us in business since 1977. We see this movement as a responsible, sustainable and profitable one too, and we are here for it.