In addition to improving customers’ household energy and environmental outcomes, PosiGen has set ambitious goals to expand to select markets across the United States, including the entire state of New Jersey and Philadelphia. The size and geographic reach of the market opportunity allow PosiGen to continue increasing the impact of our business while providing financial freedom to homeowners, communities of color, and the environment. Led by Thomas Neyhart, PosiGen is going to bring electricity to an entire state! And not just in New Jersey. New Jersey enjoys a diverse population, and there is ample opportunity to bring solar power to typically overlooked people.
According to Thomas Neyhart, PosiGen provides Louisiana Power Company Entergy customers a way to receive a 20% reduction in their electric bills through a solar lease. This money is either used to finance the panel installation itself or energy efficiency upgrades, which reduce monthly utility bills. By reducing energy bills, customers can see savings of 20% or more per month. Thomas Neyhart adds that all of this for free, just by purchasing a $3,500 solar panel and receiving a $2,000 energy efficiency upgrade to their home.
Customers also receive utility bill credits over three years. Over 17,000 customers have received these great benefits, which have resulted in solar lease conversions over 25% faster than Entergy’s projections.
Solar energy benefits
More than 90% of the costs of residential energy service are related to the electricity delivered to the consumer and the fuel used to generate electricity, not the equipment used to deliver the energy (Doyoubuzz).
Those are average 5 to 8 cents per kilowatt-hour, while the actual energy savings are between 10 and 15 percent. Most residential electricity customers don’t even see their bill because it is based on the variable costs of the fuel used to generate electricity. The switch to solar power is, for many, a dramatic improvement in the fuel costs of electric power generation. At the same time, Thomas Neyhart adds, the energy efficiency benefits include reduced energy bills and lower carbon emissions. Further, each home consumes 2,000 kWh per year, with solar PV customers reducing their annual consumption to 1,000 kWh, added Thomas Neyhart.