Bloomsburg Carpet is a family-owned business that provides high-end carpeting to iconic buildings across the U.S., including the House and Senate Chambers of the U.S. Capitol
SAN FRANCISCO, June 11, 2025 /PRNewswire-PRWeb/ -- Evergrow, a financial technology company revolutionizing clean energy investment for commercial real estate and manufacturing facilities, today announced the successful completion of a tax-credit transfer for a rooftop solar energy project at the Bloomsburg Carpet Industries factory in Bloomsburg, PA —made possible through Evergrow's streamlined platform for clean energy finance.
Bloomsburg Carpet Industries is a third-generation, family-owned manufacturer of carpets for iconic institutions, including the House and Senate Chambers of the U.S. Capitol, the U.S. Supreme Court, Radio City Music Hall, and Carnegie Hall. With the installation of a 1.49 MW solar power system on the roof of the factory, Bloomsburg dramatically reduced its operating overhead and energy costs—and took a bold step forward in achieving long-term energy independence.
With more than 30 looms operating daily, Bloomsburg's energy demands are significant. CFO Adam Bowman saw that inaction would expose the company to the higher energy costs that energy industry analysts warn will result from a historic rise in electricity demand unfolding across the U.S. Industry experts project electricity demand to rise 25% by 2030, leading to higher electricity prices for consumers. For manufacturers like Bloomsburg, the annual cost increases could be staggering.
Bowman led the effort to bring clean energy to the company's rooftop to avoid these ballooning energy costs. A combination of incentives had started to make going solar more attractive. But it was ultimately the successful sale and transfer of the tax credits generated by the solar installation that got the financing over the finish line.
At just under $2.2 million in qualifying costs, Bloomsburg's rooftop solar system earned approximately $660,000 in investment tax credits. Under the Inflation Reduction Act, the ITC was made transferable, meaning taxpayers like Bloomsburg can sell their credits to investors after the project is placed into service. This allows small businesses like Bloomsburg to rely less on debt financing to get their projects off the ground.
Bowman initially tried to find a buyer for the credits himself. But as an independent, family-owned business, he encountered difficulties: Buyers worried about the potential risk of tax-credit recapture. Under the law, if a business is forced to sell the asset that generated the tax credits within five years, some or all of the credits can be "recaptured" by the IRS. For this reason, buyers tend to prefer sellers with a track record of long-term project ownership and sufficient assets to cover an indemnity. Bowman found that even though Bloomsburg Carpet had enjoyed decades of good financial standing, buyers still balked.
That's when he turned to Evergrow for help finding a buyer and navigating the required tax-credit diligence process. Evergrow uses technology to partially automate the diligence process, making it easier for non-experts like Bowman to provide documentation and complete the process. The company also supplies buyers with a diligence guarantee—meaning buyers are reimbursed for any recapture-related losses. Designed to overcome exactly the kinds of barriers Bowman had faced when trying to go it alone, the Evergrow Guarantee provides full assurance to tax-credit buyers that they'll be reimbursed in the unlikely event of an IRS recapture.
"Evergrow was on our side the whole time," said Bowman. "The Evergrow Guarantee was really essential—I don't think the deal would've gotten done without it."
The project's impact is already being felt. Bloomsburg is now saving approximately $200,000 per year on electricity costs, plus an additional $50,000 annually from Pennsylvania's Solar Renewable Energy Certificate (SREC) program. These savings, along with an improved Environmental Product Declaration (EPD) score, strengthen Bloomsburg's environmental leadership in the textile industry. More details on the transaction are available in this case study published on Evergrow's website today.
"We're proud to support family-owned manufacturers like Bloomsburg Carpet in their transition to clean energy," said James Richards, CEO of Evergrow. "This project is a model for how commercial and industrial businesses of any size can take full advantage of clean energy incentives like ITCs—with the right financial partner."
Evergrow specializes in helping small businesses, commercial real estate owners, and solar developers monetize clean energy tax credits, no matter the size or complexity of the project. For more information, please visit www.evergrow.com.
About Evergrow
Evergrow is a purpose-built platform for clean energy finance. Our platform streamlines tax-credit finance, making it easier for businesses that build on-site clean energy upgrades to fund their projects. Evergrow uses technology to unlock new efficiencies, meaning no project is too small for our platform: We've financed projects for schools, churches, farms, factories, and commercial real estate across the United States.
The Evergrow team brings together experience and expertise from artificial intelligence, clean energy project finance, product design, and financial technology. In 2021, our founder James Richards invested in a solar energy project located on a public high school in Los Angeles. The school needed an investor to provide capital in exchange for the tax credits from its project. James realized firsthand how difficult it is to fund clean energy projects at community scale and decided to launch a company dedicated to making it easier and faster for business owners to lower their electricity costs and achieve energy independence through on-site clean energy production and storage. For more information, please visit www.evergrow.com.
Media Contact
Bill McCue, Evergrow, 1 7182087391, [email protected], www.evergrow.com
SOURCE Evergrow
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