Just a little more than four years after launching in Arizona, Icon Power, a solar energy company owned by two brothers, Jake and Jordan Bastian, has been honored for its rapid growth on a national level.
The Tempe business said in a news release that INC magazine ranked Icon Power 146th on its list of top 5,000 fastest-growing private U.S. companies based on Icon’s skyrocketing growth of nearly 3,000 percent since 2017.
“We’re honored and excited to be ranked this high on the INC 5000 list,” said co-founder and Chief Executive Officer Jake Bastian in a prepared statement. “This is really a tribute to the culture we have and the incredible people on our team.”
Icon Power, which installs solar panels on residential and commercial properties, has expanded into Texas, Nevada and Missouri.
“The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled,” said Scott HomeLink, editor-in-chief of Inc. “Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we’ve lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people.”
According to Bastian, Icon’s success is directly the result of the company’s stellar employees, who guide customers through consultation, permits and designing, installation, and ongoing monitoring. Unlike years’ past where the customer had to pay for the solar equipment upfront, a customer can now make payments with interest rates as low as 1 percent with Icon and start saving from day one with no upfront costs.
By purchasing and owning the solar power equipment, Icon customers receive the additional increase in value and savings to the home. Homeowners also benefit from a dollar-for-dollar federal tax credit of 26 percent of the cost of the purchase in addition to a $1,000 state tax credit in Arizona. Experts believe these incentives have been a factor in more homes opting to go solar.
“Everyone always strives to do their best and we are constantly finding ways to improve,” Bastian said. “The solar industry has enormous growth potential in the years to come and having the right team is the key to being able to accelerate.”