Solar Rainbow Services, founded 11 months ago in Brooklyn, NY with additional offices opening in Edison and East Rutherford, New Jersey. A solar energy provider that designs, installs, and owns solar photovoltaic systems through the Power Purchasing Agreement (PPA) structure for commercial customers of all sizes, Solar Rainbow also provides turnkey installation for customers who opt to own the system and benefit from all solar incentives. We spoke to founder and CEO Solar "Soly" Bawabeh about his company's rapidly accruing success and what sets Solar Rainbow Services apart from other solar energy providers.
Your company, Solar Rainbow, has grown in less than a year from a start-up to a business that's large enough for you to need to open two new offices in New Jersey which will employ approximately 40 people. And you're only 31! What do you attribute your rapid success to?
I grew up being involved in my family's commercial real estate development business, where I learned about construction, leasing, and financing. Recently, my partner and I saw a growing market for solar energy. Through the years, I have made many relationships with property owners who happen to be great candidates for solar PV installations. I have been able to show them the financial benefits of going solar and I have assisted them with securing the financing for their solar projects.
I believe in the need for sustainable energy and the need for our country to be energy independent. I understand how solar can be a great business investment and I have been successful in trying to educate property owners about its financial benefits.
Clients love the fact that I am involved in every part of my clients' projects-when I meet with them in their offices I'm in a suit. The next meeting, I am up on their roof in work boots.
New Jersey is renowned for its solar industry, which is second only to California's. What sets Solar Rainbow apart from the competition?
There are not too many solar installers on the East Coast that have been in this industry for more than two or three years. With my construction background, as well as successfully hiring the right talent and teams of experienced professionals who have been in this industry installing solar power plants for over 15 years, Solar Rainbow has a unique edge on our competition.
Solar Rainbow has even been hired by many local solar installers to engineer/design the systems that they have been contracted to install, since many of them outsource such work.
But I believe what really sets us apart from other installers is that, in addition to building and installing turnkey systems, we are adequately funded to own systems and sell back the electricity through the Power Purchasing Agreement (PPA) model. Our recent acquisition of a stake in a roofing company enables us to assist and support our clients in ways our competitors cannot.
How does Solar Rainbow's one-stop solar panel installation shop work?
Solar Rainbow manages every aspect of project execution-from site acquisition to engineering, design, roofing, installing and long-term maintenance, so commercial customers of all sizes get the benefits of solar power as quickly as possible.
Rooftop solar installations have a lifespan of 25 years, and in order to take advantage of the full life of the system, the roof must also last 25 years. Additionally, repairs to solar integrated rooftops are very expensive, as the solar panels must be relocated to service a faulty roof. Therefore, Solar Rainbow recently acquired a stake in a roofing company-this is an aspect of the business that most companies have to outsource.
Your company started in New Jersey-do you plan to work solely in your home state, or are you taking on projects throughout the Tri-State area? And if you're also doing projects in neighboring states, do you find the receptivity to solar any different there, compared to New Jersey's?
Actually, I am from Brooklyn and I started my company there and have added these two new offices-in Edison and East Rutherford-to the company. Yes, we are definitely looking to do projects all along the East Coast and of course, as an entrepreneur, I am not thinking of stopping there!
The reason solar installations have skyrocketed in New Jersey is because the state has the most aggressive Solar Renewable Energy Certificate (SREC)-based incentive programs in the Northeast. There are over 8,500 solar installations in the state. Additionally, the New Jersey Master Plan has set the goal of generating 20% electricity renewable sources by 2020.
As New York State prepares to adopt an attractive solar program, similar to the one in New Jersey, Solar Rainbow will be ready to assist companies.
Tell us about the projects you have under construction.
Solar Rainbow has 6 megawatts under construction and another 25 megawatts in the works for commercial real estate in New Jersey. We are installing:
- A 1-megawatt project on a 120,000-square-foot roof for Omni Holdings. The Omni Holding Complex includes: Braco Manufacturing Co. and Magic Safety Products, Ronpak, and Toyo, Inc. The companies manufacture quality disposable products, innovative lens cleaning safety products, ink and packaging for national chains.
- a 2.3-megawatt project on a 900,000-square-foot roof for JORDACHE Enterprises. JORDACHE Enterprises, based in New York City, is a privately held international conglomerate which designs and manufactures a wide variety of denim, apparel and accessories.
- an 800 kilowatt project on a 251,000 square foot warehouse for Paramount Assets, a full service real estate company that owns, leases and manages properties.
- a 500-kilowatt system on our office in Edison, NJ
- a 1-megawatt system on a shopping center in Egg Harbor, NJ
You were named Solar because your family already had too many Solomons, so I have to ask when exactly you started thinking about solar energy as a career? And do you believe in fate?
I was doing research on how to make my family's commercial properties more sustainable and energy efficient when my friend, now my business partner, approached me with the idea for Solar Rainbow. He said he thought of me first because of my name, but I thought the coincidence of my working on a solar project and he coming to me at the same time was very fateful.
We then started working with projects in NJ because of the SREC (Solar Renewable Energy Certificate) based incentive program which offer a quick return on client investment.
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