Solar Growth in Indiana

Renewable energy has become a crucial alternative to more traditional, carbon-intensive energy sources like coal and natural gas. Significant technological advancement in solar energy, in particular, has made it one of the most affordable and accessible sources of renewable energy. In 2020, and for the second year in a row, solar led all technologies in new electric-generating capacity added, accounting for 43 percent of total capacity added in the US.

Solar Background

Solar power, known more technically as photovoltaic (PV), is energy generated from the sun through specialized cells which convert sunlight into electricity. While the earliest solar cells were only able to capture about 6% of the sun’s energy, significant technological development has resulted in solar cells now able to capture up to 22%, and efficiency is only expected to improve.

Community Benefits of Solar

Given these recent strides in technology, solar is an increasingly critical source of renewable, low-emissions energy which brings benefits not only to the environment, but also to individuals and their local communities. Rural areas of the country, in particular, are in a unique position to benefit from solar. These benefits include the following:

1. Protection against power interruptions: Power outages in rural areas are common and can extend for hours or even days. With renewable solar energy, rural homes and businesses can weather storms with a much lower risk of losing power. Further, the localized nature of solar energy means that even if one area sustains damage from a severe weather event, others will likely be unaffected.

2. Energy independence: Solar energy enables communities to produce their own energy, thereby reducing reliance on global energy markets. On a national level, this means that the US is more insulated from fluctuating energy prices and supply disruptions.

3. New economic opportunities: As the US shifts away from carbon-intensive energy sources like coal, the renewable energy sector represents a critical opportunity for economic development. Areas of the country which once relied heavily on the coal industry now stand to benefit from high-quality jobs in solar. Indeed, the renewable energy sector is adding jobs 12 times faster than other job sectors.

Hoosier Solar:

Given these benefits, it’s clear that the solar industry is one ripe for expansion and investment. At Hoosier Solar, we’re committed to financing solar projects which not only generate strong financial returns but also create a lasting, positive impact by improving community access to clean energy and invigorating local economies.

In Indiana, Hoosier solar seeks to utilize Indiana land, labor, supply chains, and manufacturers to provide many levels of economic and social impact. Hoosier Solar is developing over 1600MW, with many of these projects expected to be fully operational by 2023. In a state with deep ties to its land and tremendous opportunity for solar growth, we’re excited to work with Indiana community leaders to not only deliver competitively priced, reliable power but also create high-quality jobs in a burgeoning industry.