Covid’s effect on the New York solar industry
June 3, 2020
A survey conducted by New York Solar Energy Industries Association (NYSEIA) has set out to quantify the impacts of Covid-19 on the state’s solar industry. Between March and May, 63% of the workforce was laid off or furloughed, equating to approximately 6,800 lost solar jobs. For retained employees, 75% had their pay or hours reduced by at least 20%, with 23% of retained employees seeing reductions of 80% or more. Half of the solar firms surveyed expect 2020 revenue losses of 50% or greater stemming from the impacts of Covid-19. Most New York State distributed solar firms are small-to-medium businesses. 54% indicated their firms do not have sufficient liquidity to operate beyond 6 months. 84% have applied for fiscal relief and half of those who applied for Paycheck Protection Program funding received it. 74% estimate it will take a year or longer to recover, with project completion timelines extended by an additional 6 to 12 months.