New Indiana law limits amount energy companies pay for solar energy, increases demand

n a news release, officials from SIREN announced that six weeks into a second phase of solar panel installations, they were already oversubscribed. The group credits the increased interest to several factors including a new law that passed earlier this year.The law decreases the amount utility companies are required to pay for excess energy being produced by sources like rooftop solar panels.If the panels are installed before December 31, they maintain their eligibility for higher reimbursement rates for 30 years.Several solar initiatives across the state have encouraged Hoosiers to sign up for solar installations now before the rates change at the end of the year. Because of this, solar companies are faced with a high demand without the ability to supply to all of their customers.Solarize Bloomington contracts out to the solar installation company Third Sun Solar.Organizers are currently looking for a second contractor to fulfill more installations by the end of the year.