When Keith Murphy, founder and CEO of Astrawatt Solar, and Tyler Tucker, co-owner and chief development officer, began working in the solar industry a decade ago, the industry was relatively unknown to the general public. Today, the proven potential of the solar power industry is widely discussed and growing at a steady rate worldwide. By Elice Morgenson
When Keith Murphy, founder and CEO of Astrawatt Solar, and Tyler Tucker, co-owner and chief development officer, began working in the solar industry a decade ago, the industry was relatively unknown to the general public. Today, the proven potential of the solar power industry is widely discussed and growing at a steady rate worldwide. Since being founded in 2016, Astrawatt Solar, a residential solar sales and installation company, has become the third fastest-growing solar company and the eighth fastest-growing energy company in the U.S., according to Inc. 500.
“Now, people understand that solar is a fundamentally viable substitute for the fossil-fuel-powered electricity you get from a grid,” Murphy said. “A homeowner sees a solar power system go up in their neighborhood, and that piques their interest. Data shows that if one person in a neighborhood goes solar, the likelihood of another person going solar is guaranteed; it is a domino effect. Solar panel pricing has also decreased between 60% and 70%, and at the same time, utility rates are increasing. These factors have contributed to our continued growth.”
Solar is one of the fastest-
growing industries in the country. According to the National Renewable Energy Laboratory, the number of residential PV (photovoltaic) systems installed annually has grown by approximately 32% every year since 2005. Also, more than one in seven U.S. homes are projected to have a rooftop solar PV system by 2030, according to the U.S. Department of Energy.
Astrawatt Solar makes it easy for business owners to enter the solar industry, with a seamless business model and a dynamic franchisee support system. “We bring the franchisee in and outline every position in the company, from sales to project management. We offer training and full-end support to run, own and operate the business without any trial and error. We are vertically integrated, so we sell the project, provide the project management and perform the installation. Our business model is designed for someone with no prior experience in the field,” said Tucker.
Although the brand is new to the franchising world, Astrawatt’s proven model has already delivered stellar results. With a high-energy team committed to helping franchisees enter a booming solar market with ease, Astrawatt is poised to help others tap into a system that works and has high revenue potential.
“We started franchising three months ago and have already opened our first franchise location in Oklahoma. They’ve exceeded their sales targets, already achieved $1 million in sales revenue and hired an in-house installation team to serve all of their customers. Business owners have the unique opportunity to join solar, with territories available everywhere in the country,” Murphy said.
Astrawatt lowers the barrier of entry for a solar franchise in many ways, including by keeping its initial investment low. Opening your own solar business can cost upward of $500,000 in the first year, according to the information company Truic, and that does not include the lengthy time required to build vendor relationships and access to consumer financing options. The total investment for Astrawatt is between $89,850-$158,750 and includes extensive vendor relationships, consumer financing options, a lean business model, complete training and ongoing support for the life of the business.
Elice Morgenson