A fast-growing solar company wants to help area businesses and residents take advantage of federal tax incentives with a new county-focused initiative.
EightTwenty, which has offices in Charlestown, Indiana, and Oklahoma City, recently launched the Shelby Solar Initiative, a community solar buying program in partnership with the Shelby County Chamber of Commerce and the Shelby County Industrial & Development Foundation. It's a three-month engagement, from July 1 through Sept. 30, that's been tailored for the needs of the county, including offering tax strategies and free solar evaluations.
“We are committed to arming Shelby businesses with the resources to support their growth and long-term success.” said Ray Leathers, president/CEO of Shelby County Industrial Development Foundation and executive director of Shelby County Chamber of Commerce, in a statement. “We are excited to work with EightTwenty, a trusted partner in our community. The Shelby Solar Initiative program will provide knowledge to local businesses about opportunities to best utilize federal tax incentives and the most effective ways for solar to reduce their energy costs.
"We see this program as a great way of improving our business community while also driving greater sustainability.”
As Louisville Business First previously reported, EightTwenty was founded by Kent Cissell and Tony Capucille, two former executives of Heartland, a division of Global Payments Inc. (NYSE: GPN). Cissell, who lives in Southern Indiana, serves as the company's president and has been scaling its Charlestown, Indiana, office that opened in the fall of 2022.
EightTwenty also has an office in Oklahoma City, where a majority of its 80 employees are based. It's grown to $20 million in annual revenue since its founding in 2021.
Cissell explained that now's the time to take advantage of solar tax incentives, thanks to the Inflation Reduction Act that was signed into law last August. The new law expanded the Federal Tax Credit for Solar Photovoltaics, also known as the Investment Tax Credit, which is a 30% credit that can save homeowners $7,500 on average, according to the U.S. Office of Energy Efficiency and Renewable Energy.
The problem is, Cissell said, is there has not been enough awareness about what benefits are available, or if residents and business owners are aware, they are unsure about where to start.
“When we talk to people and businesses in our communities, everyone is excited about the possibilities that solar offers — lower electricity bills, greater energy independence and more sustainable power generation," he said. "The core issue they face is just knowing where to get started. The Solar Initiative program is all about bringing the resources and expertise needed to our local businesses and individuals so they can better understand their solar options and the various tax incentives available to them.”
As of the first quarter of 2023, Kentucky ranks 43rd in the U.S. for solar adoption, according to the Solar Energy Industries Association. Only about 0.27% of the commonwealth's power comes from solar, and $276 million has been invested in the renewable energy.
That means there's a lot of opportunity for growth, and while EightTwenty is prioritizing its efforts in Shelby County to start, Cissell said the company is working with local leaders to launch similar programs in the coming months with Spencer County, Trimble County and other communities in the Louisville metro region.
“Our goal at EightTwenty is always to be a trusted resource through the entire solar process — from designing the solar solution that meets a business’ unique goals, to maximizing cost savings, to installing the most effective and reliable systems," he said. "We have seen the profound impact of solar on businesses within our community, not only in terms of financial benefits but also in shaping their organizational culture. These types of long-term investments unlock more than just a smaller electricity bill, and that bigger impact is what these Solar Initiatives are focused on delivering."
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