Pennsylvania-based solar installer Paradise Energy Solutions issued a report last week showing several metrics from solar projects installed during the first half of 2019. Operating in Delaware, Maryland, New York, Ohio, Pennsylvania and Virginia, the regional installer averaged total system size, annual production, electricity coverage, ROI, payback and environmental metrics for systems in six states from the first and second quarter of 2019.
Reporting on both systems installed for businesses and systems installed for farms, the dataset sheds light on what an investment in solar is like in the commercial sector in the Mid Atlantic region of the United States. On a state level, the highest average ROI for solar was in Maryland at an average of 18.59%, while the lowest of the six states was Ohio at 11.19%.
Solar systems in New York pay for themselves the quickest with an average payback period of 6.33 years, likely driven down by strong incentives on the state level, including the NYSERDA grant. Systems in Ohio take the longest to reach payback with an average estimate of 11 years.
In total, the largest solar systems were installed in Delaware with an average size of 139.76 kW. This number is driven up with the company’s installation of several large systems installed for the agricultural industry in the state. The smallest systems were installed in Virginia with an average size of 42.11 kW. Environmental metrics were also disclosed in the report. The average solar system across all states saves 2,060 trees or offsets 531 tons of CO2 or 187 barrels of oil.
According to the report, the agricultural sector stands the most to gain from a solar investment with an average ROI of 15.55% and a payback period of 8.1 years across all states. However, systems installed on commercial businesses are close behind, with an average ROI of 13.91% and 8.21-year payback period.
The report did not take into account residential solar investments.
News item from Paradise Energy