In these uncertain financial times, one industry is shining: solar energy. Wade Fulghum, program manager for economic development at the Solar Center said the solar market “is booming.”
According to Fulghum, installed solar capacity has grown 849 percent from 2000 to 2007.
“Investors are bullish on every sector of solar, because there are many areas where innovation and cost reduction can be realized,” he said. “In fact, JP Morgan recently reported that the U.S. solar market will surpass Germany by 2011, becoming the largest solar market globally.”
Many industries have fallen upon hard times in the last few months, but solar has not. Fulghum said a mixture of recent legislation, environmental concerns and the lure of earning a profit while doing something good for the world has investors interested.
“Clean technology secured $8.4 billion in venture capital in 2008 despite the recession and credit crisis, and solar led the way. With the federal tax credits recently renewed until 2016, this market will continue to grow,” Fulgham said.
“It’s really cool,” junior in biochemistry Jimmy Huang said. “I can tell from watching commercials on TV that most of the world, if not our own country, is going green.”
Fulghum said there is no longer a choice of whether to be green.
“We can’t ignore the science behind climate change. People are realizing that we are growing and consuming resources at a rate that is unsustainable using fuels sources that pollute and will eventually run out,” he said.
Time is a hot commodity for Fulghum, who stays busy these days to keep up with the growing market demand. He said he seeks to bring private investment and jobs to North Carolina that specialize in sustainable energy and clean technologies.
Part of bringing solar business to the state is making presentations and forming partnerships.
“Last week, Dr. Alex Hobbs and I made a presentation to a European company interested in exploring landfill and other methane capture projects in the state,” he said. “This week, Tommy Cleveland and I helped a local start-up solar company who imports Chinese thin-film panels partner with a North Carolina greenhouse manufacturer.”
In the coming weeks, Fulgham plans to work with a Japanese company to form some in-state partnerships. Although it works on a global scale, Fulghum said the Solar Center never loses sight of the Old North State. “In everything we do, we look for ways to benefit local companies and create jobs for North Carolinians,” he said.
Though the market demand for green energy keeps him busy at work, Fulghum insists this occupation is more than just a job. “I love what I do,” he said, “Renewable energy makes sense to my 6-year old son. He gets it, he wants to start a flying solar taxi service one day. He’s probably inspired by Richard Petty and the Wright Brothers, but when he’s ready, the Solar Center will be here to assist him in turning his business dreams into a plan of action.”
