Verengo Inc. Named to Los Angeles Business Journal "Fastest Growing Private Companies" List
December 10, 2013 - Torrance, CA
TORRANCE, CA--(Marketwired - December 10, 2013) - Verengo Inc., the nation's leading solar specialist, today announced that it has been named to the Los Angeles Business Journal's List of 100 Fastest-Growing Private Companies for the second year in a row. The list recognizes companies with year-over-year revenue growth and a significant positive impact on Southern California's economy.
Verengo Inc. revenues grew from $27.3 million in 2010 to $108.1 million in 2012. Verengo is the only solar installation company to make this year's list.
"Speaking for our founders Ken Button and Randy Bishop, the Verengo team is thrilled to be honored by the Los Angeles Business Journal, as it recognizes the hard work of the Verengo Team and the trust of our customers," said Senior VP of Human Resources Rob Shneer while attending the 2013 LABJ Honorees Reception in Beverly Hills.
"The residential solar business grew 62% in 2012 and our company growth reflects the increasing acceptance of rooftop solar by the American public," said Verengo CEO and Co-Founder Randy Bishop. "Nearly 83,000 homes installed solar PV last year. As utility rates continue to rise, and the costs of solar installation continue to drop, more and more homeowners in Los Angeles and across the nation are choosing the financial independence and savings created by solar energy."
"Middle-class households are leading the rooftop solar revolution," said Verengo President and Co-Founder Ken Button. "A recent Center for American Progress study found that over 70% of today's installations are occurring in middle-class incomes ranging from $40,000 to $90,000. The areas that experienced the fastest growth were the nation's three leading solar adapting states: California, Arizona and New Jersey. This finding will have far-reaching implications as utilities across the country consider revising their solar programs and rate structures, which benefit lower- and middle-class people -- who are increasingly installing solar -- and not just wealthier people."
In order to be eligible for the list, companies must be headquartered in Los Angeles County and must have been established before January 1, 2010. They must be privately owned and cannot be a subsidiary of another company. Companies must also have at least $5 million in 2012 revenue. They are ranked by total revenue growth from 2010-2012.
Anyone interested in "going solar" may learn more and request a free, no-obligation consultation at www.verengosolar.com.
Verengo Inc. is changing the way America thinks about solar! Verengo is ranked #1 on the Solar Power World list of Top Residential Solar Contractors in the U.S., has been named to Inc. Magazine's List of America's Fastest Growing Companies and consistently maintains an A+ rating with the Better Business Bureau. The company markets, sells and installs solar photovoltaic systems, which enable homeowners to save money on their electricity bills and replace dirty electricity with clean, renewable energy. Verengo has grown 700% over the past 4 years and has added 900 new employees over that period. A recent survey found that 97% of Verengo customers would refer the company to their friends and family. The company has earned this recognition and customer satisfaction by making solar easy and affordable for its customers and delivering superior customer service. All of this, while making the planet a better place to live. For more information on Verengo Solar, visit www.verengosolar.com.