With more than 17 MW of residential solar deployed across the state of California, the company continues to hold its distinct market position as the largest installer of residential solar since the CSI program began, in addition to being the largest residential installer in 2010.
Outside of California, the company also experienced significant growth with Colorado, Arizona and New Jersey recording double-digit gains, topped by a 110 percent year-over-year rise in revenues in Arizona.
REC Solars residential leadership position is driven in part by its success in reducing the cost of solar for consumers. Since the start of the CSI program, the company has made significant reductions in the cost of designing and installing a home solar electric system. System automation of key supply chain components including inventory management, engineering, installation, and rebate and interconnection processes, combined with in-house development of components such as REC Solars proprietary racking system, have been instrumental in driving price declines.
In addition to continued growth in the residential sector, REC Solar rapidly expanded its commercial installation arm. The company secured commercial, federal and municipal installation agreements totaling more than 27.2 MW, including a 2.9 MW installation for the Southwest Arizona VA Health Care System and a 1.1 MW system installed at the city of Madera Wastewater Treatment Facility.
Additionally, REC Solar completed the largest operating solar installation in Hawaiia 1.2 MW installation on the island of Kauai that will supply the Kauai Island Utility Cooperative with solar power through a power purchase agreement.
Whats driving growth is economics, and the solar industry is facing a bright future, said Angiolo Laviziano, chief executive officer of REC Solar. Energy costs keep rising while the cost of solar keeps falling. There are places in the U.S. where solar can compete effectively against utility rates without the help of incentives. By 2020 solar will be competitive with utility rates in the vast majority of the U.S., and thats very exciting for us. It bodes well for the solar industry and for the United States.
We have pursued strategic improvement initiatives across the entire value chain to deliver superior products and services to all of our customers, said Kam Mofid, president of REC Solar. Our extensive sales, engineering, and operational capabilities allowed us to successfully grow our presence in all segments, design and install our largest ever systems, and enter the new year very well positioned for continued growth both in our current and in new markets. I look forward to another record year in 2011.
