groSolar wins first place for technology growth in Vermont

This is the second consecutive 5x5x5 Growth Award win for the White River Jct.-based company, which has seen a meteoric rise in the demand for solar energy solutions nationwide. Founded in 1998, the company is now firmly established as a national leader in solar installation and distribution, and is the largest 100 percent U.S.-owned distributor in North America. Over the last five years, the company’s revenues grew by over 3400 percent. groSolar is now the fourth-largest residential solar provider in the nation.

In 2009, groSolar’s growth accelerated as it expanded with offices in Massachusetts, Maryland, and California. The company now operates offices and warehouses in 11 states across the country.

 The company’s direct residential division has already installed 2 megawatts of solar power on homes across the nation since January and is on track to exceed 3.4 megawatts of residential installations by year’s end – targeting 250 percent growth in 2009 alone. The Distribution and Commercial channels are also on track to exceed 2008 performance, despite significant challenges related to the economic environment.

 “This is an exciting time for our company, even as we face formidable challenges related to the global economic recession. We’re grateful to Vermont Business Magazine and the local business community for this continued support and recognition,” said company co-founder and CEO Jeff Wolfe. “We’ve seen the demand for solar among homeowners grow exponentially as people understand they can now easily afford solar, and that it helps them come to grips with the dual realities of a troubled economy and the imperative of addressing global climate change. More and more homeowners want to manage their carbon footprint and reduce their utility bills at the same time. With new federal and state tax incentives, solar is the clear economic and environmental solution.”

Vermont Business Magazine’s 5x5x5 Growth Awards are given annually to the top five fastest growing Vermont businesses over the past five years in five different categories: technology, construction, wholesale, business services and manufacturing.

”This award is a recognition of groSolar’s leadership in solar energy market development, our state-of-the-art installation techniques, and solid partnerships with our vendors and customers,” Wolfe said. “Backing all this is our exceptional management team and employees, who all share the passion for installing as much solar across the nation as possible, profitably.”