Charlotte solar firm thrives amid industry slump
Plus: Panthers to debut mobile museum at stadium; Book on Charlotte things to do; Carmel Middle 6th grader killed in car accident; Toppman reviews 'Drowsy Chaperone'; Hornets headed to Amazon Prime?
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SMALL-BUSINESS PROFILE
The solar industry is experiencing a downturn in sales, forcing many national firms to go bankrupt; One Charlotte-based firm earns the No. 4 spot on the national list for fastest-growing companies
by Lindsey Banks
Declining sales have forced many big players in the solar power industry out of the game.
But a Charlotte-based solar company is defying the odds and has earned one of the top spots on Inc. 5000’s list of America’s fastest-growing companies.
Top Tier Solar Solutions, established in 2021, sells and installs residential solar panel systems in nine states in the mid-Atlantic and south. The company increased its revenue over three years by a staggering 410 times, which earned the No. 4 spot on the Inc. 5000 list, an annual list of the top 5,000 fastest-growing private companies in the U.S.
There were 61 Charlotte-area companies on this year’s list — in sectors including software, health services, security, construction and several others. Top Tier was the highest-ranked local firm. Companies are required to submit financial documentation, including tax returns and audited financial statements, to verify their revenue growth and be considered for the list.
Firms across the country have struggled with high interest rates on solar systems and new energy rates that lower the savings of going solar, and while Top Tier Solar Solutions has not been spared from the industry stresses, the company has been able to pick up customers from the bankrupt firms, said Brad Baldwin, director of operations at Top Tier.
That, along with more solar incentives from utility companies like Duke Energy, has led to Top Tier’s rapid growth: It went from six employees three years ago to 126 today.
“[Homeowners] are looking [at], ‘How do we save money on the back end? How do we lower our bills?’” Baldwin said. “It’s not selling our home and trying to get into a new home. It’s how do we make our home more efficient? … Solar is one of the best ways to do it.”
A recent downturn in solar sales: Despite Top Tier Solar Solutions' growth, the broader solar industry has faced significant challenges in recent years. The overall industry’s success is closely tied to financing conditions and interest rates.
Between 2020 and 2022, solar sales boomed, with incentives like 25-year loans with 1.49% interest rates, Baldwin said. In the Charlotte-Concord-Gastonia area, 2,468 residential solar projects were installed in 2022, according to Ohm Analytics, a solar data analytics firm, compared with 1,313 projects in 2019.
Then, in 2023, general inflation led to a slump. The number of Charlotte-area residential solar projects fell to 1,391.
“It just made it hard essentially to go out and be able to make a competitive offer for customers that were really interested in just saving money,” Baldwin said.
New solar policies have also contributed to the decline in sales volume and firm bankruptcies. Many states, including North Carolina, have adopted a time-of-use billing structure that changes the rates depending on the time of day and peak hours. That means less savings for solar power users, Baldwin said.
Dozens of large national firms have gone under over the past two years because of this, leaving many customers with a 25-year or 10-year warranty with a company that no longer exists, Baldwin said. That’s where Top Tier Solar Solutions comes in.
“We call them ‘orphaned customers’ because they no longer have someone to go to for their service needs,” he said. “We’re looking out in all of our regions to try and see how we can help out with these customers, how we can provide them reasonable prices to actually get their system up and running again, or help them troubleshoot issues long-term.”
The company’s annual revenue in 2023 was around $140M.
On average, a residential solar system costs $22,200 to $30,000. Most customers choose to finance their system, Baldwin said, although some choose to pay upfront in cash. Leasing has recently become a popular way for customers to go solar without those high interest rates and upfront costs, Baldwin said. It’s called a solar power purchase agreement, and although it won’t increase the value of their home, customers can lower their energy bills.
Why are people still going solar? In the past five years, the number of residential solar projects in the Charlotte-Concord-Gastonia area increased by 65%, Ohm Analytics reported.
The upsides to going solar include lower monthly energy bills, tax benefit qualifications, clean energy use, and paying energy at a fixed cost instead of inflated utility rates.
Most people assume going solar means their home is removed from the power grid, Baldwin said, but that’s not the case. In North Carolina, homes stay connected to Duke Energy; solar panels just serve as an additional source of energy. On average, solar panels lower monthly energy bills by $30 to $50 for those financing panels, Baldwin said.
The solar market in the western part of the country is further ahead than in the east, Baldwin said. It’s also more common to see homes with solar panel-studded rooftops in California than in North Carolina because there’s more of a general knowledge of the industry, Baldwin said.
“If you looked up ‘solar,’ probably one of the most common things that pops up after is ‘scam,’” Baldwin said.
However, more recently, certifications are required for sellers and installers to ensure that all companies in the industry follow the code and play fair.
Lindsey Banks is a staff reporter for The Ledger: lindsey@cltledger.com
Today’s supporting sponsor is Landon A. Dunn, attorney-at-law in Matthews:
🏈 It’s almost game time: Panthers gear up for new season with mobile museum and elevated stadium food
The mobile Panther museum will be stationed at a different location for each home game.
OK, well, let’s tune out the Carolina Panthers game from Sunday and focus on the team’s home opener this weekend, when Panthers fans can expect a few additions to the game experience in honor of the team’s upcoming 30th anniversary.
A mobile museum will make different stops around the stadium at each game, showcasing Panthers’ history and memorabilia from the past 30 years. The museum is a small T-shaped display that features items behind glass.
Some of the more niche items include a 1995 collector’s box of Wheaties cereal that commemorated the Panthers' inaugural season, a cigar from defensive end Julius Peppers’ Hall of Fame enshrinement party, and most recently, defensive lineman Derrick Brown’s cleats, gloves, helmet and mouthpiece from his game on Jan. 7, 2024, in which he broke team and NFL records for the most tackles in a season by a defensive lineman.
“Our history connects the past with the present,” said team historian David Monroe, “so there are going to be fans who come along. … We’ll have pieces to showcase for them to see from before they were born.”
Monroe said he was inspired by the idea for a mobile museum by the Minnesota Vikings.
New on the menu: Stadium food has come a long way since the classic hot dogs, popcorn, and pretzels — although those options will still be available at Bank of America Stadium.
Panthers executive chef Jarod Higgins has devised a new lineup of elevated stadium food, including the Carolina burger, loaded nachos, Buffalo chicken mac and cheese, smoked Carolina beef rib, marinated steak and mushroom tacos, a BBQ bacon dog and a pork sandwich called Pork Chopp’ed.
“We want it to be a destination,” Higgins told The Ledger at a media event last week. “We want you to come here, and of course, you’re going to watch the Panthers. That’s our team. But we also want to celebrate the Carolinas, the local farms and local businesses. So you can go outside, watch the game, come onto the concourse and have something different every single game throughout the season.”
👨🍳 The chef’s rec: The Ledger asked Higgins what he would recommend, and he said, “If you were coming and you could only get one thing in the stadium: the Carolina burger. It’s incredible. If you want something that’s just gonna hit you, and put you in your seat with a good beer or soda or water and watch the game, that’s the one right there.”
The Carolina burger is a double patty burger served with house-smoked brisket chili, slaw, cheese, onions and mustard. —Lindsey Banks
🎭 Review: Theatre Charlotte’s ‘The Drowsy Chaperone’ revives the Golden Age with humor and heart
Ledger arts critic Lawrence Toppman took in Friday night’s performance of Theatre Charlotte’s “The Drowsy Chaperone,” which runs through Sept. 22 at Theatre Charlotte.
In his review for The Ledger, Toppman writes:
Looked at coldly, the central narrative might seem bleak: A lonely, embittered agoraphobe with gender identity questions flees real life, staying in his apartment and finding joy mainly in recordings of old musicals that he plays again and again. He enters this fantasy world metaphorically, then literally in a kind of mad dream.
Yet we’re encouraged to laugh with and occasionally at him, as he provides two running commentaries: one on the indignities of modern life and one on the scratchy cast album he drops onto the turntable to play for us. Kyle J. Britt’s performance has so much vitality that we enjoy his biting remarks while being touched by small revelations of pathos.
Check out Toppman’s full review, with information if you want to go:
🎧 New pod: Axios writer Brianna Crane on ‘100 Things to Do in Charlotte Before You Die’
While some Charlotteans might struggle to list even 50 must-do activities in the city, Axios reporter Brianna Crane recently faced the opposite challenge.
In her new book, “100 Things to Do in Charlotte Before You Die,” narrowing it down to just 100 was the hard part.
On a recent episode of The Charlotte Ledger Podcast, Crane discussed with Ledger editor Tony Mecia how she compiled the Charlotte-things-to-do list — and what she learned about the city in the process.
“I think what I realized really sets Charlotte apart — because every city has things to do and things to offer — is these small business owners are some of the kindest, most open people you will ever meet,” she said. “… They want to create experiences that people crave.”
She also discussed Charlotte’s perception as a “boring” city — and how the book showcases just the opposite — as well as advice for newcomers, the process of book-writing and how she balanced including hidden gems alongside Charlotte mainstays. The list contains some well-known favorites (hiking Crowders Mountain, visiting the U.S. National Whitewater Center) along with lesser-known experiences (eating a burger at Rusty’s Deli & Grille, shopping for plants at Oakdale Greenhouses).
This episode is sponsored by HopeWay, a nonprofit mental health organization offering life-changing treatment and education. HopeWay is holding an event Sept. 18 called “Unveiling Mental Resilience with Alexi Pappas.” Details and ticket info here.
The Charlotte Ledger Podcast features conversations on local topics including business, nonprofits, education and more. It’s available on major podcast platforms including Apple Podcasts and Spotify. Check it out!
You might be interested in these Charlotte events: Ledger puppy playdate, mixed media class, mental resilience discussion, business sustainability event
Events submitted by readers to The Ledger’s events board:
SATURDAY: Charlotte Ledger Member Puppy Playdate. Ledger members are invited to drop in and hang out with the Ledger team. We’ll socialize, get to know each other, and give any dogs that show up a chance to sniff around and make friends. Coffee and snacks provided. Free. (Time, location and other details here.)
SEPTEMBER 17: “Mixed Media 101,” 6-8 p.m., Arts+ Uptown Studios, 601 E. 5th St. Learn how to create large scale works using a variety of materials including collage, paint, oil pastel and graphite in this 6-week group class for adults. This is a 6-week class that runs every Tuesday from 9/17 through 10/22. $275.
SEPTEMBER 18: “Unveiling Mental Resilience with Alexi Pappas,” 7 p.m., Central Piedmont Community College Parr Center New Theater, 1201 Elizabeth Ave. Join HopeWay for an inspiring evening as we delve into the depths of mental resilience with acclaimed Olympic athlete, bestselling author and award-winning filmmaker Alexi Pappas. In this thought-provoking event, she will share her personal journey, weaving tales of triumph, resilience, and self-discovery in the face of mental health challenges. $35.
SEPTEMBER 26: Sustainability As a Business Development Strategy, 5 p.m., 300 S. Brevard St., Charlotte. Join the Eastern European Business Network (EEBN) for an enlightening event focusing on the critical importance of integrating sustainability into business development plans in the U.S. Hear from expert speakers from Novant, UNC Charlotte, Green Worldwide Shipping and Wells Fargo about sustainable practices that drive business growth and attract investors. Additionally, a comprehensive overview of sustainability concepts and practices will be provided. $49.
➡️ List your event on the Ledger events board.
In brief:
Deadly car wreck: A juvenile was killed and four others were injured in a car crash Saturday on the 4000 block of Sharon View Road in south Charlotte, police said, according to WSOC. Separately, on Sunday, the principal of Carmel Middle School said in a message to families that 6th-grader Emery Layson died in a Saturday car accident, and that her mother was injured in the same accident. The message said her father and younger brother were not in the car.
Amazon to stream Hornets’ games? Amazon is in talks to livestream Bally Sports broadcasts of 12 NBA teams this season, including the Charlotte Hornets, according to the New York Post, which cited unnamed sources. Such a deal would mean that Amazon Prime subscribers would not need a cable subscription to watch the games.
Nonprofit donations for Charlotte: The Knight Foundation announced $17M in donations to Charlotte institutions. According to a news release, recipients are LISC Charlotte ($8.75M) for a westside grocery store; Charlotte Ballet, to support its efforts to build a mixed-use development in the North Tryon corridor ($5M); the N.C. Local News Lab Fund ($2M) to “strengthen Charlotte’s local news ecosystem”; and Historic West End Partners ($1M) to help small businesses and commercial development.
General Assembly leaders reach deal on spending, immigration: Republican leaders in the state House and Senate say they have reached a deal that would fully fund vouchers for private schools, increase spending on public schools and community colleges, expand rural broadband and Medicaid and require sheriffs to cooperate with Immigration and Customs Enforcement (ICE). Votes are planned this week. (WRAL)
DMV seeks more money to relieve waits: Officials with the N.C. Divisions of Motor Vehicles say they need the General Assembly to allocate money for more entry-level staffing positions to alleviate long waits at DMVs in urban areas. Appointments are scarce, and some residents wait in line for hours. (Carolina Public Press)
Antisemitic vandalism: Workers at the Morrison Family YMCA in Ballantyne discovered spray-painted swastikas and antisemitic messages on the site on Sunday morning. (WBTV)
Long line as marijuana made available: More than 65 people lined up in the darkness early Saturday on the first day that North Carolina’s only marijuana dispensary was open to all adults, on tribal land in Cherokee, three hours west of Charlotte. The marijuana was previously available only to those with tribal affiliations or an approved medical cannabis card. (Observer)
NIL deal between OrthoCarolina and Providence Day senior: OrthoCarolina made its first NIL deal (name, image and likeness), with Providence Day senior David Sanders, an offensive tackle committed to the University of Tennessee. New rules allow students at private high schools to sign NIL deals. Sanders broke his femur freshman year and was treated by OrthoCarolina physicians. Terms weren’t disclosed. (Biz Journal, subscriber-only)
Restaurant closes: Zada Jane’s Corner Cafe in Plaza-Midwood was set to close on Sunday after 17 years. (Observer)
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Executive editor: Tony Mecia; Managing editor: Cristina Bolling; Staff writer: Lindsey Banks; Business manager: Brie Chrisman