Being part of the solar industry is often described as riding the solarcoaster — there have been many ups and downs, whether it’s receiving favorable tax credits that boost installs or facing tariffs that stall supply. No company has taken the ride more often in the last 30 years than REC Solar (No. 89 on the 2025 Top Solar Contractors List). The distributed generation (DG) contractor has sold portions of its business, been bought by a utility, put up for sale and now finds itself under private equity investment — and the REC Solar brand has never been stronger. The secret to success might be the dedication of its employees, especially those who stayed through all of REC Solar’s transitions.
REC Solar has made a name for itself in the distributed generation market.
REC Solar was founded in 1997 as a solar installation company working across all markets. In 2014, REC Solar sold its residential division to Sunrun, choosing to focus entirely on distributed generation. At the time, many electrical utilities recognized the growing popularity of DG projects and wanted to expand their energy portfolios. Duke Energy acquired a majority interest in REC Solar in 2015, which allowed REC Solar to offer additional financing options to customers, including leases and PPAs. In 2017, Duke Energy fully acquired REC Solar, and the solar company became a branch of the Duke Energy Renewables organization. In 2021, Duke combined its renewable businesses under a new commercial brand name: Duke Energy Sustainable Solutions.
After years with REC Solar under its umbrella, Duke wanted out of the installation space so it could focus on its utility and grid efforts. In 2023, it sold its utility-scale line to Brookfield, and the commercial business, along with REC Solar, went to investment firm ArcLight Capital Partners.
Matthew Thomas has been with REC Solar through every major event of the last decade-plus. Thomas started at REC Solar in 2009 in residential operations before ultimately landing in finance. Currently acting as REC Solar’s CFO, Thomas has been in the room when many of the company’s versions were taking shape.
“I consider this, for myself at least, as REC 4.0,” he said. “We’ve gone through several different iterations since I’ve been around, but I feel really good about our ownership [today]. They want us to succeed.”
REC Solar VP of sales and marketing Ann Kroll agrees that ArcLight is providing REC Solar with the resources to succeed now as an independent power producer instead of just an EPC.
“I got to go through the sale process and talk to all the companies,” she said. “Working with an investment firm can be intimidating, but ArcLight made it clear they were the smartest and most helpful people. They’re here to help us succeed. They’re bringing in people to help us.”
Kroll came to REC Solar in 2016 during the Duke investment, even becoming a Duke Energy employee before hopping back to REC Solar today.
“I was in tech, and I liked what I did but I did not connect with the product,” she said about her career before REC Solar. “To move into solar and actually care about what I did was a lovely thing. That’s the culture, and when I came into REC, I noticed that as a difference. They were kind and smart people who were there for the long-term. It wasn’t a culture of ‘me,’ which I saw in the tech world. It was [about working] collaboratively. That cultural DNA really does help us take whatever chapter we need to support customers and evolve.”
The Duke-REC Solar relationship was mutually beneficial. Duke Energy wanted influence in the DG world, and REC Solar wanted the financial backing to offer customers better options to go solar. Even though they’ve gone their separate ways, Kroll said Duke was necessary for setting REC Solar on its path to success today.
“It provided differentiation that we had a really firm and solid foundation to back and provide PPAs with,” she said. “From a branding standpoint, we’re not just a mom-and-pop shop. We have real backing to finance and own systems for the long-term. Duke enabled us to have financing, and now we have ArcLight, which is super respected and they have that firm foundation.”
Thomas said that outside support and respect for REC Solar as a brand has resonated internally too.
“There are not a lot of solar companies out there still doing what we’re doing, 10 or 20 years later,” he said. “I don’t think we’re complacent at all. It took a lot of work to make it 20 years. It’s going to take a lot of work to keep doing it. We’re seeing many employees coming back [to REC] that left at one time. I think that speaks to people working in the industry [recognizing] that REC has something special.”
A few dedicated REC Solar employees: Matthew Thomas, CFO (left); Ann Kroll, VP of sales and marketing (center); Robb Jetty, CEO (right).
One new hire who recognized REC Solar’s magic and wanted in is CEO Robb Jetty. Having an already lengthy career in solar, Jetty joined REC Solar in 2024.
“Not only has REC Solar been a respected industry leader for decades, but it also remains one of the most recognized brands in the industry,” he said. “I was drawn to the opportunity of helping to grow another company in the distributed generation space and working with such a talented, respected and purpose-driven team.
“Solar is a constantly evolving industry driven by new technologies, markets and incentives. You have to choose a team that you know will be here for the long term,” Jetty continued.
Through whatever the next three decades bring, REC Solar will adapt, and dedicated employees will continue on the ride.
“We’ve got a lot of wind to our back, especially with the uncertainty in the market right now. If feels like we’re still going in a positive direction. It’s the solarcoaster, right?” Thomas said. “Maybe it’s because I’ve seen everything [in 16 years at REC], but I feel like right now we’re in the best place that we have been, and we’re setting up the company for success.”
This story was featured exclusively in our 2025 Top Solar Contractors issue. See the issue and full list of top U.S. solar installers here.