Two major local employers will install a total of more than 8,300 solar panels, making them the latest participants in the growing solar panel industry.

Assurant Specialty Property is spending $7 million to put in more than 6,200 solar panels to save money on energy costs and as part of the company’s launch of a bundled insurance program for commercial-scale solar installations.

Urbana University is also installing more than 2,100 solar panels near its football field to provide a fifth of the university’s energy needs.

Ohio is rising in the use of solar energy. Last year, Ohio was ranked 18th amongst states for the amount of installed solar power, according to the Solar Energy Industries Association. So far this year, Ohio is ranked 14th.

And nationally, the solar energy market increased 45 percent from the first quarter to the second quarter of 2012, and has jumped 115 percent compared to a year ago.

“It’s a big, growing part of the economy and it’s bringing a lot of jobs so we’re just at the economic tip of the iceberg,” said Geoffrey Greenfield, president of Third Sun Solar, the Athens-based company installing panels at Assurant. “Renewable (energy) is still less than 2 percent of energy used but it shows how far we can go.”

And in a sluggish economy, it’s increasingly a way for companies like Assurant to lower costs.

“Because of the economy slowing down, companies are always looking for ways to save money,” said Lou Carmellini, spokesman for Tangent energy solutions, the company that owns Assurant’s solar installation and will manage it for the next 20 years.

“On site electricity generation like solar panels is just another arrow in that quiver,” he said.

Assurant’s 1.76-megawatt project will produce more than 1.9 million kilowatt hours of solar power annually, about a third of Assurant’s energy use.

“It’s the right thing to do for the environment,” said Ray Rafferty, vice president for Assurant’s Springfield location. “There’s major reductions in greenhouse gases, and of course the financial aspect and reduction in costs.”

Assurant didn’t disclose the total savings it expects, but it will purchase solar energy from Tangent at a discounted rate. Tangent said the company will see a positive return on investment before the 20-year contract is up.

Not only will using solar save Assurant money, it will also help some of the company’s neighbors, Greenfield said. By using solar energy at peak times — like hot, sunny days — Assurant will relieve some of the burden on utility companies. When utility companies push a lot of electricity through their channels, it costs more to get it through, adding to the costs of electricity.

Most of Assurant’s roofs are covered with panels, and the company will next install solar carports that will provide covered parking and a surface for more panels. The project is expected to be completed at the end of the year.

Urbana University’s solar project will also be done near the end of the year. The university is working with Cincinnati-based Melink Corp. to install a 500-kilowatt solar array near the athletic field. The project could provide a savings of about $2 million over the 30-year lifespan of the project, said Steve Melink, president of the company.

Melink, along with several partners including PNC Bank and DP&L, will enter a power purchase agreement with the university. Melink will install the project, perform the engineering and procurement and construction services to install the solar array at no cost to the private university. In turn, Urbana has agreed to purchase the energy produced from the solar array.

PNC Bank and Melink will own the solar array for the first 10 years of the project, according to the agreement. Urbana University will then have the option to purchase the site once available tax credits expire. As a non-profit, Urbana can’t take advantage of those tax credits, Melink said.

The company has also installed a solar array at the Cincinnati Zoo that provides about 20 percent of the zoo’s power.

The agreement will ensure more stable energy prices for the university during the life of the project, Melink said.

“This is a way of hedging against unpredictable rate increases,” he said.

Urbana University has made a push in recent years to become more environmentally sustainable, and this project is a significant step in that direction, said Stephen Jones, university president.

“Since the day I arrived I talked about our campus community walking the walk of sustainability,” Jones said.

Along with university curriculum that includes classes on sustainability, Jones also said the university is considering a plan that would use solar and thermal energy to provide hot water at Sycamore Hall on the campus in the future.

“We at Urbana University are committed to leading by example when it comes to sustainability,” Jones said. “This includes everything from the operation and maintenance of our buildings and grounds, the educational offerings to our students and the generation of on site power to make possible all the other things we do possible.”

Only a handful of other universities and colleges across the state have similar projects in place, but it will likely become more common in the next few years, Melink said.

“We hope many more schools and businesses will follow their example,” Melink said.