The Los Angeles Business Journal names Verengo to its List of 100 Fastest-Growing Private Companies for the second year in a row. The list recognizes companies with year-over-year revenue growth and a significant positive impact on Southern California’s economy. Verengo’s revenues grew from $27.3 million in 2010 to $108.1 million in 2012. The company is the only solar installation company to make this year’s list.
Verengo has been named to the Los Angeles Business Journal’s List of 100 Fastest-Growing Private Companies for the second year in a row. The list recognizes companies with year-over-year revenue growth and a significant positive impact on Southern California’s economy. Verengo’s revenues grew from $27.3 million in 2010 to $108.1 million in 2012. The company is the only solar installation company to make this year’s list.
In order to be eligible for the list, companies must be headquartered in Los Angeles County and must have been established before January 1, 2010. They must be privately owned and cannot be a subsidiary of another company. Companies must also have at least $5 million in 2012 revenue. They are ranked by total revenue growth from 2010 to 2012.
Verengo is ranked first on the Solar Power World list of Top Residential Solar Contractors in the U.S., and the company has been named to Inc. Magazine’s List of America’s Fastest Growing Companies. The solar installer has grown an astonishing 700% over the past 4 years and has added 900 new employees over that period. In October, Verengo was named to The Build 100, a business index honoring an elite tier of companies that have expanded their employment in the past five consecutive years. Verengo recently installed its 10,000th home solar system, reaching this milestone in just six years.
Solar is gaining more widespread adoption. According to a recent study by BrightCurrent, 91% of solar customers interviewed would recommend solar to their friends. Customers who went solar through a lease would recommend going solar at a 94% rate, and 87% of customers who purchased a solar installation would advise their friends to go solar.
“The residential solar business grew 62% in 2012 and our company growth reflects the increasing acceptance of rooftop solar by the American public,” said Verengo CEO and Co-Founder Randy Bishop. “Nearly 83,000 homes installed solar PV last year. As utility rates continue to rise, and the costs of solar installation continue to drop, more and more homeowners in Los Angeles and across the nation are choosing the financial independence and savings created by solar energy.”
Verengo President and Co-Founder Ken Button added: “Middle-class households are leading the rooftop solar revolution. A recent Center for American Progress study found that over 70% of today’s installations are occurring in middle-class incomes ranging from $40,000 to $90,000. The areas that experienced the fastest growth were the nation’s three leading solar adapting states: California, Arizona and New Jersey. This finding will have far-reaching implications as utilities across the country consider revising their solar programs and rate structures, which benefit lower- and middle-class people — who are increasingly installing solar — and not just wealthier people.”