Since we began in 2011, we’ve completed over 300 solar installations. Those projects generate close to 80 million kiloWatt hours (kWh) of clean energy – enough to power over 10,000 homes per year. The power offsets over 50,000 metric tons of CO2. That’s the equivalent of taking 12,000 cars off the road!
While we’re working on the completion of our detailed Impact Report, we thought we’d share a quick recap of 2024. We usually extol the numbers of MW and GHG offsets as we mentioned above, but this year, thanks to our increasingly diversified approach to clean energy projects, we can get a little more nuanced to give a better picture of our capabilities.
Financial Overview
Between 2022 and 2023 the company increased revenue by 28%, and between 2023 and 2024 revenue increased 77%.
Most importantly Net Ordinary Income, which is the indicator we use internally to track our financial progress, increased over 200% last year while holding our expenses virtually the same.
Norwich Technologies continues to grow our assets by approximately $3 to $5 million each year for the past three years. Many of these assets provide ongoing income for the company.
Lastly, our operational divisions of Breakaway Renewable, Norwich Solar, Norwich EV and our main company Norwich Technologies allows for diverse revenue sources.
Updates by Division
Norwich Solar
Last newsletter we mentioned that the Norwich Solar EPC team was overseeing 10+ active projects and another five were scheduled to come online in January. We actually had SIX projects energized in Q1 totaling 10.5 MW AC. All told, in 2024, Norwich Solar (NS) energized 11 Projects.
There’s no slowing down for mud season for this crew. NS currently is tracking 13 projects at various stages of EPC, with several more in the pipeline.
New in 2024 was direct EPC work that we built for other developers.
We worked on a total of 6 projects from outside developers, totaling 10 MW AC, including the trio of 2.2 MW AC single axis trackers with Standard Solar. We will continue to offer our expert EPC services to other solar developers in the region. Our team knows how to estimate the jobs right and deliver high quality work throughout the entire EPC process.
Breakaway Renewables
In 2024 Breakaway Renewables completed the sale of nine projects to investors. The team has another 25 projects in the near-term (2025-2026) pipeline with over 30 MW AC of power in those designs. Many of them can be completed by our Norwich Solar EPC team.
RunTime Solar
The Runtime team has been busy! Not only taking care of emergent issues for Norwich Solar arrays and other clients, but they’ve been acting as project managers for smaller projects and the EPC crew for our EV charging projects.
On the O&M side, all told, they closed 410 total cases, and made 18 QA/QC visits across VT and ME.
The RunTime crew is also our hands-on support team for construction projects. They helped with approx. 300 kW of PV installation, and provided project management support on several Norwich Solar projects. Our skilled electricians also provided invaluable support to the Norwich EV division completing multiple L2 charger installs for businesses and multi-unit residences.
Norwich EV
The NEV team also had a fruitful year. In addition to installing several EV chargers for businesses and apartment complexes inVermont, they instated public chargers in Vergennes and Waterbury that were funded through the VT Agency of Commerce and Community Development. Earlier in the year we installed one of the first NEVI funded charging stations in the US in Bradford, VT, but now with Federal NEVI funding currently frozen, the EV team will focus their attention on state funded projects and commercial, municipal and multi-unit housing EV charging installations.