Three major solar companies, Sunrun, Vivid, and SolarCity, have set up shop in New Hampshire, joining a growing number of companies pursuing business opportunities in the state. This year alone, NH’s solar industry is expected to grow by 33%. The solar market in NH is poised to increase its contribution to the state’s economy, providing significant job opportunities for graduates and sparking growth in other industries.
According to the New Hampshire Solar Center, by 2022, the solar industry is projected to grow by 66%, generating up to 4,000 new jobs and contributing $24.5 million to the state’s economy.
The companies’ expansion into the Granite State follows a trend of establishing headquarters there. Sunrun established a headquarters in Concord in 2016 and SolarCity followed suit in 2018. (Google Maps)
Why New Hampshire?
Located in the Northeast, New Hampshire is one of the nation’s most popular sports destinations, with professional teams like the Boston Red Sox and the New England Patriots. The state is also home to some of the country’s most respected universities, including the Massachusetts Institute of Technology and the University of New Hampshire. Additionally, New Hampshire is one of the most educated states in the country, with 69% of its residents holding a bachelor’s degree. As a result of this highly educated population, 74% of the state’s jobs are in high-paying industries like tech and science. Furthermore, 71% of the households in New Hampshire earn more than $100,000 per year, compared to the national average of 57%.
Considering all these potential benefits, it’s not surprising that industry leaders are looking to establish themselves in New Hampshire. With highly competitive tax incentives and subzero winters, what is holding the state back from a bustling solar community?
The Growth Of The State’s Solar Industry
With the development of more efficient solar technologies, like solar hot-tubs and thin-film solar cells, homeowners have more options than ever to harness their own power supply. As a result, the demand for these products is expected to rise, providing lucrative opportunities for those with the know-how to enter the industry.
The solar industry in New Hampshire grew significantly in the 2000s, with GTM Research predicting in 2022 that the state will have 33% of the nation’s total solar capacity. This growth is likely due to the fact that New Hampshire is the perfect place to test new products and bring innovative ideas to market. For instance, SolarCity identified New Hampshire as the perfect place for its first solar project, since the state has some of the longest daylight hours nationwide and the majority of its residents own a smartphone, making it the perfect testing ground for the company’s app, which tracks local solar energy production and allows users to monitor their individual solar energy production and purchase energy credits.
New Hampshire’s Eco-friendly Infrastructure
Along with its high-tech industries, New Hampshire is home to a growing number of sustainable businesses, with the state pursuing eco-friendly policies and establishing new businesses designed to reduce their impact on the environment. In 2021 alone, New Hampshire is expected to create 18,000 new jobs through its eco-friendly initiatives, supporting the state’s pursuit of a greener future. For example, the New Hampshire Wind Power Farm, a 650-acre wind energy project, is expected to produce enough electricity to power over 90,000 homes and businesses. It is the largest wind farm in New England and the second largest in the country, after Texas’ Alamo Wind Power Project.
According to an EcoDistricts program that ranks states according to their commitment to sustainable development, New Hampshire is ranked third in the nation for its commitment to green infrastructure and jobs, due in part to the state’s willingness to accept corporate projects, such as wind farms, that produce clean energy. In January 2021, New Hampshire passed a law that grants qualified companies, like those in the energy sector, the ability to receive property tax exemptions on machinery and equipment used for energy efficiency or renewable energy generation. Additionally, the state’s investment in renewable energy projects provides significant opportunities for graduates with science, engineering, and business degrees.
Attracting Talent And Boosting Industrial Development
Solar energy isn’t the only area that sees promising growth prospects in New Hampshire. The state’s high unemployment rate and desire to attract new businesses has led to an increase in opportunities for those looking to enter the field of real estate, tech, and science. In fact, in 2021 alone, New Hampshire is projected to add 44,700 new jobs and 15,800 new households, contributing significantly to the state’s economy. That same report projects that by 2025, the number of jobs in the state will reach 67,400.
New Hampshire’s real estate market is particularly attractive to corporate professionals seeking to invest in a third home or to establish a second home. Some of the state’s most luxurious real estate offers the perfect place to relax and unwind, while the towns’ quaint colonial architecture, manicure-stone grills, and sprawling maple trees provide the perfect backdrop for a night out with friends and family.
With high levels of education and employment opportunities, it’s clear that New Hampshire is the perfect place for high-powered careers. The future of the state’s solar industry looks incredibly promising. Not only is the state seeking to reduce its dependence on fossil fuels and combat climate change, but it also offers a competitive business environment and some of the country’s most beautiful natural resources. With New Hampshire’s future looking so bright, let’s just hope the state can continue to attract more businesses and create more high-paying jobs.