Dive Brief:

A new study from California-based investment firm Wiser Capital estimates there are more than 274,000 commercial buildings in the Northeast which would be appropriate for solar power installations, potentially yielding about 95,000 MW of capacity, Greentech Media reports.

The study examined solar potential in New York and Massachusetts, to determine the Northeast region could potentially see $67.5 billion in investment.

The firm sees mid-tier commercial solar developments as an "untapped market" largely because financing options have lagged, but said a better understanding of solar economics has the potential to shift the balance.

Dive Insight:

A new study that looks at solar potential in the Northeast concludes a large market has been largely neglected, as solar developers focused on residential and utility-scale power. Assuming an average mid-sized solar system of 350 kW, the firm believes the Northeast's suitable commercial buildings have 94,733 MW of untapped solar potential.

"The mid-scale solar market is ripe for expansion in the Northeast," the report concluded. "A solid mix of available space, potential savings, and investment appetite combine to attract financiers to the market."

Wiser estimates that just New York represents a potential investment of $20 billion, and Massachusetts would require $11.5 billion to put solar panels on all appropriate commercial rooftops. Extrapolating those figures, the firm sees a $67.5 billion investment potential in the region. But it isn't just space and sun -- Wiser said the region stands out as a strong investment possibility because policies in place make solar viable.

“Many people assume that sunny states like Texas or Florida are automatically good markets for solar, but that’s simply not the case,” Nathan Homan, executive director of Wiser Capital, told Greentech. “Adequate sun for solar electricity exists across the U.S. The Northeast is a prime market for solar due to available commercial roof space, higher-than-average utility rates and regional incentives.”

New York's installed solar capacity grew 300% between 2011 and 2014, outpacing nationwide solar growth. The huge boom in solar was in part thanks to New York's $1 billion NY-Sun initiative, which aims to boost clean energy technology as part of the state's Reforming the Energy Vision (REV) strategy.

Massachusetts strong market for Solar Renewable Energy Certificates has given the state a boost, the report finds. An average 350 kW system, installed at $3.07/watt and offsetting about 80% of consumption, would save $12,170 at the end of their first year, reducing the company’s electrical

utility bill by 17.75%.