Newsletter #4
The future is solar. Catch up on the latest news and updates!
Happy Friday!
Welcome to the latest edition of the Solar Business Insights bi-weekly newsletter!
We’re happy you’re here.
Stay up to date on the latest solar market trends, technology, policy updates, strategies, and more. We do the research on each topic and gain insights from solar professionals. Our goal is to provide everything you need to know about solar business, all in one place.
Have a question, idea, thought, or comment? Send them our way with this quick form.
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Solar Market Trends
Wood Mackenzie released the latest US solar market report, which included updates on the impact and benefits of the Inflation Reduction Act. Here are a few highlights.
The IRA generated optimism and prompted numerous announcements of new solar manufacturing facilities across the supply chain.
It has not significantly advanced solar projects through final development stages due to high interest rates, increased hardware and labor costs, and local opposition.
Another challenge is the uncertainty about IRA benefits and qualifications.
Despite challenges, there is a strong outlook for the US solar industry.
Increase solar capacity by 32 GWdc in 2023 and expected to triple in size over the next 5 years. The main driver is utility-scale solar.
By the end of 2028, the US is expected to have 375 GWdc of installed solar capacity.
The latest Rocky Mountain Institute (RMI) report shows that solar, wind, and storage batteries are following a similar path for new technologies. Learning and developing is leading to decreased prices and growth in capacity. Here are some interesting points from the experts at RMI.
Solar and wind will continue to grow 15-20% a year.
The cost of solar power will decrease 50% by the end of the decade.
Solar and wind generation will triple by 2030 to produce more than 14,000 terawatt hours of electricity, and overtake fossil fuels.
This year, 62% of global energy investments are expected to go towards clean energy technology.
One of the main challenges the clean energy industry faces is opposing regulatory policies.
Regulatory Updates
Arizona: The proposal that would reduce net metering compensation by 37% was removed before a commission vote. Jim O’Connor, the Commission Chair plans to discuss the Value of Solar in October.
California: The CPUC proposed a new bill regarding virtual net metering and net energy metering aggregation programs. Various groups are protesting the proposal as the new bill could deny multifamily properties the ability to participate.
United States: 50 US mayors sent a letter to the Treasury Department to express their appreciation and recommend a program supporting eligible applicants to take advantage of tax credits. The proposed program allows tax-exempt entities, like nonprofits, tribes, rural cooperatives, and local governments, to use the credit to support the clean energy transition. Feedback and recommendations from the mayors include clarifying:
The timeline for the registrations and elective payment processes.
Eligibility requirements for the entity and project.
Conditions that the Treasury considers a reasonable cause for the entity to receive a penalty for excessive payment.
Business Strategy & Funding
PV Magazine released an article explaining how solar developers can use the IRA for business growth. Here are the key points.
Increased financing opportunity: The IRA provides substantial incentives for solar energy, which opens up more opportunities and increases the likelihood of banks and investors to participate.
Market growth: Community solar projects are increasing, so businesses can expand their offering to more areas and income groups. More projects = increased revenue and market share.
Innovative financing: Solar businesses should explore new and flexible payment options to increase accessibility. This also means working with investors and partners to explore new and unconventional financing methods.
Overall, these developments signify a favorable environment for solar businesses, with improved access to financing, a growing customer base, and potential expansion of clean energy to underserved communities. By adapting to changes and opportunities, solar businesses can thrive in an evolving renewable energy landscape.
Solar Technology & Innovation
The future of parking is solar. The IRA put millions towards electric vehicle (EV) tax incentives and charging infrastructure. As the use of EVs increases, parking areas must adapt. Not all parking facilities have access to power, and that’s where companies like Beam Global come in.
Beam Global’s EV ARC 2020 charging rig can be installed in two hours and in any location with direct sunlight. It is compatible with all charger brands and takes up the surface area of one parking space.
A Princeton study linked two solar technologies increasing the efficiency and reliability of solar panels. The researchers combined conventional silicon-based and perovskite solar cells to create “tandem solar cells.” Perovskite cells are cheaper, but less efficient when shaded by trees or other obstructions.
By combining the two cells, solar panels are more stable and efficient. There are still challenges to the technology, such as resilience to heat, but provide a promising area for continued research.
What this means: The research study findings are exciting as solar panel technology develops and finds ways to increase the efficiency of solar technology.
Upcoming Events & Conferences
28th Annual National Solar Tour: October 6-8, 2023, In-Person & Online
EEBA Summit: October 10-12, Salt Lake City, UT
NESEA's BuildingEnergy NYC Conference: October 12, New York, NY
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Have an incredible weekend!
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