Type Private Key people Al Bucknam — CEO CEO Matthew Walz (Jul 2016–) Parent organizations Duke Energy, Sunrun | Industry Solar Energy Number of employees 200 (2015) Founded 1997 Founders Judy Ledford, Fred Sisson | |
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Area served United States of America Products Photovoltaic installations Headquarters San Luis Obispo, California, United States Profiles | ||
REC Solar is an installer of commercial solar electric systems in the United States. The company is focused on providing products and services to support commercial, government and utility scale solar photovoltaic (PV) installations.
Contents
Rec solar at windset farms
Company history
Mainstream Energy Corporation purchased REC Solar in 2006, combining it with its other company AEE Solar into a renewable energy portfolio. AEE Solar is a large wholesale distributor of solar energy products like solar panels and inverters.
In 2008, Mainstream Energy in turn received an investment of $40 million in return for a 20% stake in the company belonging to the Renewable Energy Corporation of Norway. Known as the REC Group, the Norwegian company manufactures silicon for incorporation in solar cells and modules in plants throughout Europe and in North America. It sells these products worldwide.
In 2007, Mainstream Energy announced that REC Solar had agreed to install large scale commercial solar arrays for Costco wholesale retailer. These arrays were to be placed on four Costco buildings in western US states, the first being a 680 kW DC installation on the Costco in Kona, Hawaii. These installations are now delivering power.
Larger scale solar power installations have become more economically competitive in an environment of higher energy prices and increasing government incentives. The American Recovery and Reinvestment Act of 2009 includes increases and extensions of a number of tax and subsidy provisions that will enable solar renewable energy projects for Federal buildings, wastewater treatment plants, schools, and most kinds of commercial businesses. A 30% tax credit is available for most residential installations, making payback periods and associated returns on investment competitive.
Included among recent projects, REC Solar installed solar arrays for companies and organizations such as Safeway, IKEA, Fresh & Easy, Taylor Farms and the Department of Veterans Affairs. These renewable energy systems are expected to last years beyond that payback date, with on-going energy production at very low cost.
In 2013, REC Solar was listed as the No. 10 solar contractor in the US, specializing in utility, commercial and residential-scale installations, by Solar Power World magazine.
In February 2014, Mainstream Energy sold the residential division of REC Solar, AEE Solar, and Snap N' Rack to Sunrun. REC Solar is now strictly focused on bringing affordable energy solutions to commercial customers.
In June 2015, REC Solar acquired Stellar Energy, a California-based commercial solar provider.
In February 2015, Duke Energy announced a majority share acquisition of REC Solar. Additionally, Duke pledged up to $225 million towards REC Solar power purchase agreements.