systems

Since the beginning of her administration, Maine Governor Janet Mills has emphasized expanding renewable energy sources to lower the prices Maine residents pay for electricity, mainly by developing more solar and wind power. The policy shift from his Republican rival and predecessor in office, Paul LePage, was symbolized when Mills installed solar panels on the roof of the governor’s Blaine House residence in Augusta. “May these solar panels inspire a new generation dedicated to renewable energy and fighting climate change,” Mills said at the launch. Because more than half of Maine’s carbon emissions come from transportation, the state has offered incentives for buying an electric car. With 60% of Maine homes using heating oil, there are also incentives for installing energy-efficient home heat pumps.”Maineys spend $5 billion a year out of pocket to support the fossil fuel industry for heating!” Mills said on Earth Day 2021. Mills signed a first-in-the-nation law by young climate activists demanding that the state and public employee pension fund divest from fossil fuel companies, a move LePage opposes. “We were the first state to divest. I let me tell you — ridiculous politics,” LePage said in July. In October, LePage said to put offshore wind turbines as a threat to fishing and lobstermen. becoming an obstacle.” LePage sees limits to solar power even though state capacity has quadrupled under Mills’ tenure. “We can’t have solar farms. We have to have farms that grow food,” LePage said in the candidates’ first debate. Maine’s 2nd Congressional District Republican challenger and former congressman Bruce Poliquin agrees with LePage on increasing energy production. “Heating oil, gasoline diesel, all of the above. increase our supply to lower the price,” Poliquin said at a Lewiston roundtable last month. Incumbent Democrat Jared Golden describes his vote for the Inflation Reduction Act as helping to boost production and cut costs. “It will force the Biden administration. allow more oil and gas drilling on interior public lands. It’s more domestic oil and gas production than foreign dependence,” Golden said in an interview last month.

October 27, 2022 — —

Since the beginning of her administration, Maine Governor Janet Mills has emphasized expanding renewable energy sources to lower the prices Maine residents pay for electricity, mainly by developing more solar and wind power.

A policy shift from his Republican rival and predecessor in office, Paul LePage, when Mills installed solar panels on the roof of the governor’s residence in Augusta, the Blaine House.

“May these solar panels inspire a new generation dedicated to renewable energy and the fight against climate change,” Mills said at the launch.

Because more than half of Maine’s carbon emissions come from transportation, the state has offered incentives for buying an electric car. Since 60% of Maine homes use heating oil, there are also incentives for installing energy efficient home heat pumps.

“It’s costing the people of Maine $5 billion a year to support the fossil fuel industry!” Mills said on Earth Day 2021.

Mills signed a first-in-the-nation law by young climate activists demanding that the state and its public employee pension fund divest from fossil fuel companies, a move LePage opposed.

“We’re the first state to divest from fossil fuels. Let me tell you, ridiculous politics,” LePage said in July.

LePage wants to see more drilling for oil, expansion of greenhouse gas-free nuclear power and more hydropower.

He opposes the Mills Administration’s plan to deploy offshore wind turbines, seeing them as a threat to fisheries and lobstermen.

“The vibration from the mills stirs the waters and everything moves away, so there’s a barrier in place,” LePage said in October.

LePage also sees limits on solar power, even though the state’s capacity has quadrupled during Mills’ tenure.

“We can’t have solar farms. We have to have farms that grow food,” LePage said in the candidates’ first debate.

Back in the race for Maine’s 2nd Congressional District, Republican challenger and former congressman Bruce Poliquin is agreeing with LePage to increase energy production.

“Heating oil, gasoline diesel, all of the above. Increase our supply to lower the price,” Poliquin said at a Lewiston roundtable last month.

Incumbent Democrat Jared Golden describes his vote for the Inflation Reduction Act as helping to boost production and cut costs.

“It will force the Biden administration to allow more oil and gas drilling on local public lands. It’s more domestic oil and gas production rather than being dependent on overseas,” Golden said in an interview last month.

Solar stocks have long beguiled thrill seekers, staging dazzling price run-ups only to leave investors gasping in the inevitable next dive. But the tax credits promised in the new Inflation Reduction Act could put solar energy companies on a less gut-wrenching path.

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The federal IRA, as it’s known, passed in August. Solar energy stocks already were getting a boost from international agreements to slash carbon emissions and lessen the impact of global warming. The act kicks in $369 billion to expand renewable energy over the next 10 years, the largest spending plan for alternative energy in U.S. history.

Since lawmakers reached agreement on the IRA in late July, First Solar (FSLR) stock has doubled as of Wednesday. Enphase Energy (ENPH) climbed 37% and Array Technologies (ARRY) rocketed 147%. Other winners include Maxeon Solar Technologies (MAXN), up 46%, and Shoals Technologies (SHLS), 16% higher.

Others such as Daqo New Energy (DQ), Canadian Solar (CSIQ), JinkoSolar (JKS) and SunPower (SPWR) could feel the glow from federal subsidies as well.

Lower Prices For Solar?

Economics also are pushing renewables such as solar and wind energy to the fore, thanks to tax credits and cheaper equipment. According to the International Energy Agency, solar is now less expensive than natural gas and coal. Some analysts believe it’s as much as 33% cheaper on a raw production basis, though others note battery storage costs can make it more expensive as an all-day energy source. Some also contend startup costs for solar can be formidable.

Regardless, massive solar farms are popping up throughout the U.S. as utilities tap the skies for power sources along with residential installers. Utilities are now the largest solar energy producers and transmission providers.

The massive government subsidies aim to hurry the conversion to clean energy. Rebates and tax credits in the new law are designed to spur renewable energy demand and adoption by electric utilities.

“The incentives in the IRA are like pouring gasoline on a fire,” Pol Lezcano, a solar industry analyst at research firm BloombergNEF, told Investor’s Business Daily.

Solar Stocks And New IRA Law

According to research firm Wood Mackenzie, large community and utility installations will lead the solar industry’s growth over the next five years.

President Joe Biden signs the Inflation Reduction Act in August, opening the door for solar stocks to prosper. (ZUMAPRESS.com/Newscom)

Signed into law by President Biden on Aug. 15, the Inflation Reduction Act aims to expand U.S. solar manufacturing, thanks partly to long-term tax credits well above anything in the past. Equally important, it hopes to ease the nation’s reliance on solar panels from China, the dominant supplier by a wide margin.

The landmark climate and energy law contains more than $60 billion for clean energy manufacturing in the U.S., including tax credits for producing wind turbines, solar panels and electric vehicles.

“Our outlook is bullish heading all the way into 2023,” said Lezcano.

Solar industry manufacturers have matured from in the past few years. Companies now specialize in making various key elements of a solar energy system and don’t always try to be the one-stop shop.

Those components include solar panels, inverters, batteries and trackers. By focusing, companies became more efficient and profitable.

Shackles Come Off For Solar Companies

In years past, the solar industry was restrained by tariffs, import barriers and insufficient tax benefits. The tax benefits, while well-intentioned, sometimes failed to provide adequate stimulus, leading to financial uncertainty as solar energy stocks rose and fell, analysts say.

Only a year ago, the solar energy sector was getting slammed. Rising materials costs, accusations of forced labor among Chinese solar firms and a worsening trade war caused investors to retreat into cash.

But solar energy stocks have mostly roared since lawmakers paved the way for passage of the Inflation Reduction Act. Further, utilities will likely see substantial demand for renewables from business and residential customers. They need to be prepared.

The IRA is designed to entice utilities to reduce carbon emissions by making the transition to renewables more financially appealing. Tax credits provide incentives to scale up the deployment of renewables and accelerate the development of decarbonization technologies.

Among utilities making this transition is NextEra Energy (NEE). NextEra Chief Executive John Ketchum recently said the IRA will drive clean energy growth for the next two decades.

Solar Stocks: Renewables ‘In the Money’

“We already have been making advancements in preparation for what’s coming because we thought, with or without IRA, renewables were going to be in the money,” Ketchum said at an energy conference in late September.

NextEra has a 100-gigawatt head start on the rest of the industry in terms of project siting and development potential, he said.

NextEra Energy says it was preparing for growth in renewable energy even before the Inflation Reduction Act. (Casimiro PT/Shutterstock)

“We are scaling up big time across the board, but the good thing is we already have the pieces in place.”

Meanwhile, the IRA pushed many solar energy stocks to new highs.

The legislation supports the development and build out of solar power and other renewable technologies in various ways. One is unprecedented tax credits that last 10 years. That time frame provides a significant amount of time for clean energy companies to build new capacity and reap the benefits.

“Right now, demand for solar energy is at a fever pitch, the highest it’s ever been,” Michelle Davis, principal analyst at Wood Mackenzie, told IBD. “The solar industry has gone though many ups and downs, but this is first time the industry has a 10-year certainty, as a result of tax credits. It used to be one or two years, or sometimes five (for previous tax credits).”

Solar Energy Expansion Plans

A record amount of renewable energy capacity was established in 2021, according to the Solar Energy Industries Association, or SEIA. That’s despite post-pandemic delays, supply chain woes, rising raw material costs and tariffs, it said.

Shortly after Biden signed the Inflation Reduction Act, First Solar announced plans to invest $1 billion to build a new solar panel plant in the Southeast. It also tossed in another $200 million to expand production in Ohio.

First Solar plans to invest $1 billion in a new panel-making facility and is looking to expand production at its Ohio facilities. (First Solar)

“We continue to evaluate more investments in incremental capacity and could announce further expansion plans in the future,” First Solar Chief Executive Mark Widmar said in written remarks with the announcement.

First Solar is just one of multiple companies to commit to new domestic facilities. These expansion plans are an early sign of the IRA doing what legislators intended.

“The Inflation Reduction Act will catalyze the already rapidly growing clean energy sector,” said Raghu Belur, co-founder and chief product officer at Enphase Energy, in an email to Investor’s Business Daily.

“We believe there is a tremendous amount of opportunity ahead for solar, batteries, electric vehicles and other technologies to make the ways we use energy every day more sustainable and affordable,” Belur said.

Reshuffling The Portfolio For Solar Stocks

Goldman Sachs analyst Brian Lee, in a note to clients in early September, said the rapid growth in many solar stocks caused him to reshuffle his portfolio to reflect the major upside drivers from the Inflation Reduction Act.

Enphase Energy sees a “tremendous amount of opportunity” ahead for solar players. (Igor Golovnev — stock.adobe.com)

Lee wrote: “The number one question we are fielding from investors after the move is ‘What to do with the solar energy stocks from here’ especially considering the consensus view that IRA is a significant positive for the entire solar sector and the group has acted that way.”

Further, he believes the major upside drivers of the new policy include greater medium- to longer-term demand. That’s due to extended tax credits and higher returns stemming from other manufacturing incentives.

Lee upgraded First Solar and Maxeon to buy from sell but downgraded Shoals to sell from buy. He also downgraded Canadian Solar.

He has buy ratings on Sunrun (RUN), SolarEdge (SEDG), Enphase and Array Technologies.

“We believe the IRA bill is positive for the entire solar sector,” he said. “But we are more selective on the group and highlight our rating changes.”

Parts Makers Share The Wealth

Among solar stocks that will benefit early on are the makers of solar modules. Also benefiting are makers of solar inverters, batteries and trackers. Companies in this field include First Solar, Enphase, SolarEdge and Array.

First Solar is a leading maker of solar modules.

SolarEdge is the leading supplier of inverters, which convert direct current produced by solar panels into alternating current. It’s also transitioning to supplying home energy systems: solar, storage, and software.

Meanwhile, Array is one of the largest manufacturers of trackers, used in ground-mounted solar energy projects. Trackers adjust and align solar panels throughout the day to face the sun at the optimal angle.

Along with other companies, Enphase designs, develops and sells all-in-one energy solutions for homes, including battery storage. The popularity of electric vehicles has implications for home energy management.

China Remains The Dominant Solar Supplier

China currently dominates the global supply chain for solar panels, producing a significant share of the materials and parts needed.

Solar module buyers in the U.S. are relying heavily on Chinese firms for parts that they need. (Dancing Man — stock.adobe.com)

For now, most solar module buyers in the U.S. will continue to rely heavily on factories in Southeast Asia. These are owned by Chinese firms, such as Longi Green Energy, JinkoSolar and Trina Solar.

But supply chain constraints are hindering the process, and that might last through 2023, according to Wood Mackenzie’s Davis.

BloombergNEF’s Lezcano has a different view. He believes most manufacturers have sorted out business issues. As such, import bans and tariffs will not be a major problem for the U.S. solar industry.

“The bottom line is manufacturers will find ways around this threat,” he added. “2022 will be an absolute record year for residential solar in the U.S.”

Targeting Zero-Carbon Emissions

Another solar energy driver is what’s called Net Zero. The term refers to a global effort to achieve zero-carbon emissions globally by 2050 to avoid a climate crisis. The Paris Climate Accord signed in 2015 set the target.

The Biden administration wants to generate 100% of the nation’s electricity from carbon-free sources by 2035. Today it’s about 40%.

Many scientists contend carbon dioxide emissions need to fall 45% from 2010 levels by 2030 to prevent serious climate damage. Further, they say, emissions need to reach net zero around 2050. That means every sector of the global energy economy eliminating carbon emissions by midcentury.

To hit that target, analysts say businesses and governments must invest trillions of dollars into renewables. Besides solar, renewables include wind, biofuels, hydroelectric and wood.

“The IRA will lead to a new era for the solar industry,” Wood Mackenzie’s Davis said.

Performance Of Solar Stocks

IBD’s Energy-Solar industry group holds the No. 2 spot out of 197 industry groups tracked. It held top spot for several weeks.

Large solar projects aren’t the only hot business. Another bright spot is residential solar. The demand for rooftop solar in the second quarter set its fifth quarterly record. Equally significant, the number of new homes with solar systems was up 37% year over year. It represents about 180,000 residential customers installing solar in one quarter.

One gigawatt is enough energy to power about 750,000 homes. According to the Department of Energy, it takes over 3 million solar panels to generate one gigawatt of solar power. Also, the U.S. installed 4.6 gigawatts of solar capacity in the second quarter of 2022, reaching 130.9 gigawatts, says the SEIA. It says solar energy could account for 60% of new global renewable capacity in 2022.

“The big takeaway from IRA is the long-term certainty it gives the entire solar industry,” Morningstar analyst Travis Miller told IBD. “Solar companies have matured a lot from being a speculative investment and have a transparent pathway to growth for many years.”

Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.

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Solar Energy UK has welcomed the official launch of the Commons inquiry into solar technologies. Photo: Getty.

Solar Energy UK has welcomed the official launch of the Commons inquiry into solar technologies.

The Environmental Scrutiny Committee has announced that it will investigate the role that solar technologies and energy storage can play in the UK’s transition to net zero. These technologies have received numerous supports from the government to drive innovation in the sector.

In addition, the Committee will consider supply chain issues and grid connectivity as well as regulatory, technical, development planning and other barriers to scaling up both small and large-scale facilities.

Chris Hewett, chief executive of Solar Energy UK, said: “The launch of an inquiry into solar energy by the Environment Agency is timely given the rapid growth of the sector this year, a direct result of the energy price crisis.”

“However, this is still being held back, particularly due to both the lack of existing connections to the grid and trained installers, potential solutions that we will be discussing with MPs.”

The survey is also expected to cover whether the sector has enough capacity to meet the rapidly growing demand for residential and commercial solar panels. This could be an important development, especially for solar technologies.

A recent study by the United Kingdom Warehouse Association (UKWA) found that there is a total of 18,500 acres of unused roofs on warehouses that are not currently being used for solar energy. This means the UK is missing out on 15 GW of solar power.

If the survey demonstrates the potential for solar technologies in the commercial sector, further support may be provided through government legislation to integrate solar energy into various buildings. This is something that has been investigated by the Scottish government in recent weeks.

Solar Energy UK also welcomed Prime Minister Rishi Sunak’s stance on renewable energy. Criticizing solar power and its “impact” on farmland during the leadership contest with Liz Truss, he backed the scale of renewable technologies in his announced presence for COP27. This could see additional government support for solar energy.

“The Prime Minister’s decision to attend COP27 and highlight the economic, energy security and carbon benefits of renewables is to be welcomed,” Hewett said.

“It also shows that the new government has abandoned former Environment Secretary Ranil Jayawardena’s plans to sabotage the expansion of cheap energy from solar farms, which would have been a disastrous policy. However, we need more clarity from the top of the government to address investors’ concerns.”

SunPower, KB Home, University of California, Irvine, Schneider Electric, Southern California Edison and Department of Energy team up to create a blueprint for new home communities of the future

Neighborhoods use solar systems paired with battery storage to create a self-supporting microgrid for sustainable, reliable, grid-supporting energy source

RICHMOND, Calif., Nov. 2, 2022 /PRNewswire/ — SunPower Corp. (NASDAQ:SPWR), University of California, Irvine (UCI), Schneider Electric, and Southern California Edison (SCE) announced their collaboration with KB Home (NYSE: KBH), as the strategy, research, technology, and energy providers for the homebuilder’s newly launched Energy-Smart Connected Communities in Menifee, California. More than 200 state-of-the-art, all electric homes will be solar powered, equipped with individual battery storage and connected to a microgrid powered by a large, shared community battery. These power-outage resistant communities are the first of their kind in the state and are designed to offer a blueprint for sustainable and resilient new home development of the future.

Residential energy use accounts for roughly 20% of greenhouse gas emissions in the U.S., contributing to more severe and frequent weather events. Between 2013 and 2020, blackouts caused by events such as snowstorms, wildfires and hurricanes have tripled in duration, according to the latest data from the U.S. Energy Information Administration.

KB Home, SunPower and UCI joined forces to reimagine what a new home community could look like if built to reduce carbon emissions, cut energy costs, and provide new ways of producing reliable and resilient energy. With a $6.65 million Department of Energy (DOE) grant, microgrid design and engineering support from Schneider Electric, and strong collaboration with SCE to ensure a smooth transition between grid and off-grid electricity, these innovative homes are now available to the public.

“SunPower and KB Home have a long-standing history of leading the new home industry with energy innovation and sustainability,” said Matt Brost, Vice President of Sales, New Homes, at SunPower. “With this project we are taking a large leap toward creating communities from the ground up that are designed to produce sustainable and affordable energy and resiliency to the impacts of climate change on our grid. We are thrilled to leverage our learnings from this project to influence continued innovation in home building.”

Purpose-Built for Sustainability and Resilience

All 219 of the homes in the new Durango and Oak Shade communities will be built to meet the Department of Energy’s Zero Energy Ready Home criteria, which include ENERGY STAR®, WaterSense, and Indoor airPLUS. These additional features could help homeowners reduce average energy use by up to 40%. Each home comes with a SunPower Equinox® solar system designed to achieve net-zero energy, a 13kWh SunVault® Storage battery, high efficiency appliances, flexible loads such as electric heat pump water heaters and HVAC systems and other smart technologies like Schneider Electric’s Square D™ Energy Center and Connected Wiring Devices.
All homes will be pre-wired to be smart Electric vehicle (EV) charger ready, and some will demonstrate bidirectional charging, which enables an EV to be an additional source of energy for the home during a power outage. EV chargers will be available for purchase at the time of sale.

These communities offer a new vision for how individual homes interact with the electrical grid. Every home, while maintaining its regular service with local utility Southern California Edison, is designed to operate during an outage as part of a self-supporting microgrid, drawing energy from its own SunVault storage system as well as a large community battery. Together, they are designed to support critical loads such as lights, refrigeration and WiFi, as well as additional high-capacity loads like HVAC and domestic hot water. When the sun is shining, individual and community batteries can be continually recharged using excess solar generation until the grid connection returns.

Additional energy services offered by SunPower allow residents to enroll in a Virtual Power Plant (VPP) program through which their battery storage, EV chargers and other flexible loads can automatically dispatch to support the electric grid. Enrolled homeowners may be eligible for compensation for their participation in the program. UCI will also simulate the connected microgrids, analyze data from the VPP program, and collaborate with SCE to determine its effectiveness in supporting grid infrastructure.

Joining Forces to Create a New Homes Community of the Future

The project encompasses a unique, multi-disciplinary partnership comprised of several organizations:

KB Home one of the largest and most recognized homebuilders in the U.S., is responsible for the design and construction of the energy-smart connected new home communities.
SunPower Corp. conceptualized the project and is the project lead. It will oversee the project partners, provide energy services and technology, and ensure the home energy systems support the microgrid operations. It will also provide solar panels, battery storage and EV charging options for each home.
The Advanced Power and Energy Program (APEP) at the University of California, Irvine will acquire and archive data from microgrid events and conduct research to enhance the technologies deployed in similar applications in the future. It will ensure that the microgrid controller meets the national standards that evolved from prior research conducted by APEP for the DOE using the UCI Microgrid as a platform for both the development and demonstration.
Schneider Electric will be providing home electrical technology, including the smart load panel called the Square D Energy Center and Connected Wiring Devices that integrate and control the distributed energy resources. Additionally, Schneider Electric will design and engineer the community microgrid.
Southern California Edison is the utility partner providing new power service to the community, managing the grid, assisting in microgrid engineering, ensuring local utility equipment safely and reliably supports microgrid operations and providing cybersecurity review.

“We are excited to partner with industry and academic leaders to bring these advanced technologies and energy solutions to our homeowners. The new KB homes at Oak Shade and Durango at Shadow Mountain will be the first in California to be equipped with smart technologies, a backup battery and microgrid connectivity. These will provide a self-supporting energy system with a community battery that powers the neighborhood,” said Dan Bridleman, Senior Vice-President of Sustainability, Technology and Strategic Sourcing for KB Home. “We look forward to conducting research to measure the energy efficiency and resiliency of our all-new energy-smart connected communities.” 

“This is at the cutting edge of the next generation of home developments,” said Scott Samuelsen, Professor of Mechanical, Aerospace, and Environmental Engineering at UCI and the Co-Principal Investigator with SunPower. “For homeowners, the digital and connected future and home charging and discharging of electric vehicles will benefit from the enhanced home energy security provided by microgrid technology.”

“This project represents the future by evolving the smart home into a smart, sustainable community addressing core energy challenges facing homeowners today, including power resiliency and rising utility costs,” said Richard Korthauer, Senior Vice President, Home and Distribution, Schneider Electric. “The new electric future is a home with safe, efficient and reliable power that meets our changing needs, without compromising our cost of living, sustainability goals or comfort.”

“SCE is pleased to support this innovative community microgrid project, and looks forward to supporting others in the future,” said Katie Sloan, SCE Vice President of Customer Programs and Services. “Microgrids can provide resiliency benefits for our customers and help integrate new grid technologies into new community developments.”

For more information, please visit sunpower.com/connectedcommunities.

About SunPower

SunPower is a leading solar and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.   

About KB Home

KB Home is one of the largest and most recognized homebuilders in the United States and has built over 655,000 quality homes in our more than 65-year history. Today, KB Home operates in 47 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our homebuyers — from those buying their first home to experienced buyers — allowing them to make their home uniquely their own, at a price that fits their budget. As the leader in energy-efficient homebuilding, KB Home was the first builder to make every home it builds ENERGY STAR® certified, a standard of energy performance achieved by fewer than 10% of new homes in America, and has built more ENERGY STAR certified homes than any other builder. An energy-efficient KB home helps lower the cost of ownership and is designed to be healthier, more comfortable and better for the environment than new homes without certification. We build strong, personal relationships with our customers so they have a real partner in the homebuying process. As a result, we have the distinction of being the #1 customer-ranked national homebuilder in third-party buyer satisfaction surveys. Learn more about how we build homes built on relationships by visiting kbhome.com.

About The Advanced Power and Energy Program (APEP) at the University of California, Irvine

Established in 2000, APEP engages over 120 graduate and undergraduate students, faculty, research staff, and visiting scientists to address the broad utilization of energy resources and the emerging connection of electric power generation, infrastructure, transportation, water resources, and the environment. It seeks to develop, promote, and deploy highly efficient and environmentally sustainable power production and energy conversion, with a focus on the creation and sharing of new knowledge through fundamental and applied research, education, and outreach.

About Schneider Electric

Schneider Electric’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

About Southern California Edison

An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.

SunPower Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected project plans, product performance, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

© 2022 SunPower Corporation.  All Rights Reserved.  SUNPOWER, the SUNPOWER logo, SUNPOWER EQUINOX and SUNVAULT are registered trademarks of SunPower Corporation in the U.S.

SOURCE SunPower Corp.

The global solar PV market is expected to accumulate approximately 829.79 GW by 2030 and grow at a CAGR of 14.52% from 2022 to 2030. Increasing demand for sustainable energy resources coupled with favorable regulatory policies is expected to drive market growth during the forecast period. .

Supportive regulations involving federal subsidies and incentives are expected to be key factors positively impacting industry growth. Europe has been a key market for solar PV due to early adoption of the technology in the region due to high consumer awareness and a positive government outlook in the region.

Increasing demand for sustainable energy sources coupled with favorable regulatory policies is expected to drive the market growth during the forecast period.

Growing demand for renewable energy sources is expected to drive growth due to increasing consumer awareness of the cost benefits associated with the technology. In addition, depleting fossil fuel resources and increasing demand for renewable energy sources are expected to positively impact industry growth.

The global solar PV market size was 244.93 GW in 2021 and is expected to reach approximately 829.79 GW by 2030, growing at a CAGR of 14.52% from 2022 to 2030.

This technology offers low conversion efficiency compared to conventional energy sources, including oil and biomass. In addition, the performance of solar PV is affected by various factors including the type of raw material used to manufacture the solar cell, availability of sunlight, and solar PV designs, which are expected to hinder its growth during the forecast period.

The COVID-19 outbreak had a very minor impact on market growth and had a negative impact on the supply chain in the first and second quarters of 2020. In 2020, global solar PV capacity additions were estimated to be approximately 107 GW, representing steady growth from 2019. the main factor driving the global solar PV market is the decreasing cost of solar PV and related systems. In 2020, solar PV module prices have decreased by more than 80% compared to 2010. This reduction can mainly be attributed to improved material efficiency, production optimization and economies of scale. However, factors such as the growth of other renewable technologies such as wind and bio-energy are expected to hinder the market growth during the forecast period.

– The solar photovoltaic market worldwide is dominated by the ground-mounted segment more than the rooftop segment due to higher capacity installations in the ground-mounted segment. With strong demand from China and many emerging markets around the world, utility-scale demand is expected to continue over the forecast period, installing significant amounts of ground-mounted equipment.

– Efforts by several governments across developing countries in regions such as Africa and Southeast Asia to provide 100% access to electricity in remote areas, as well as technological advances in off-grid applications and solar PV modules, are expected to provide ample opportunities. in the near future.

– Asia-Pacific region with leading countries such as China, Japan and India is expected to dominate the market during the forecast period.

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Frequently asked questions

– How long is the study period of this market?

– What is the growth rate of Solar Photovoltaic (PV) Market?

– Which region has the highest growth in Solar Photovoltaic (PV) Market?

– Which region has the largest share of the Solar Photovoltaic (PV) Market?

– Who are the key players in the Solar Photovoltaic (PV) Market?

Key Market Trends

Ground Mounted Solar PV to dominate the market

– Ground-mounted solar PV accounted for more than 60% of global solar PV capacity in 2020, with countries such as China, the US, Germany and India leading market growth.

The dominance of the ground-mounted solar PV segment can be attributed to factors such as the increasing number of utility-scale projects, solar energy targets, and decreasing costs of solar PV installations.

– Countries around the world plan to develop large-scale solar PV projects to reduce their dependence on fossil fuel-based electricity generation and diversify their energy mix.

– In January 2021, Sembcorp Energy India Ltd announced that it had won a new 400 MW solar project in the Indian state of Rajasthan. Similarly, in February 2021, construction began on the Samson Solar Energy Center, the largest planned solar farm in the United States. The solar farm is expected to have a generating capacity of 1,013 MW and be completed by 2023.

– Additionally, the utility-scale solar PV sector in the United States led the overall solar market in terms of installed capacity, accounting for nearly 60% of installed capacity in 2020. Four new states, Washington, Wyoming, Vermont and Connecticut, added their first utility-scale solar project in 2018. Three-quarters of all states in the country are now equipped with one or more utility-scale solar projects.

– Therefore, due to the above points, increasing installation of large-scale utility solar PV projects is expected to make ground-mounted solar PV a dominant segment during the forecast period.

Application concepts

In 2021, the utilities segment witnessed the highest number of installations accounting for 49.6% of the total demand. Continuous energy supply and relatively lower costs than conventional energy sources have made solar PV technology attractive for utility applications. This factor is expected to drive the market growth during the forecast period.

The non-residential segment also saw significant capacity additions in 2020 and is expected to continue through 2021 due to the end of federal subsidies after 2021. The residential segment is expected to witness significant growth due to reduced capital cost and improved efficiency of solar PV modules. . However, the end of federal subsidies after 2021 is expected to witness a decline in installations, especially from the residential segment.

The residential application segment is expected to grow at an estimated CAGR of 27.0% during the forecast period. The growing popularity of photovoltaic systems due to its use in electricity generation to provide low-cost heating to residential buildings is expected to drive the market growth during the forecast period.

Regional views

The Mexican government has installed various solar, photovoltaic and CSP projects throughout the country. Some of these include a 46.8 MW photovoltaic project in Puerto Libertad, Sonora. The World Bank has provided US$50 million in financing for a 14 MW combined-cycle gas turbine facility with energy collection troughs located in Aqua Prieta, Sonora. As a result, the demand for photovoltaic systems in the country is expected to increase during the forecast period.

Increasing awareness among consumers regarding the environmental benefits of renewable energy is expected to boost market growth. In addition, large capacity additions are expected from the utility segment due to increasing pressure to meet renewable energy targets. The US plans to provide 20% of its energy needs from renewable energy by 2020. This is likely to happen based on the current rate of installations. Regulations and incentives specific to solar rooftop PV are also expected to increase residential installations over the forecast period.

China’s annual PV grid capacity has doubled in 2021 compared to 2021, according to the IEA. In 2021, the operating capacity of the region’s PV network was 34.5 GW. Rising installations of solar thermal PV plants and power plants in the region are expected to positively impact growth during the forecast period.

To dominate the Asia-Pacific market

– Asia-Pacific is the world’s largest solar PV market by 2020, accounting for more than 59% of the global installed solar PV capacity and is expected to continue its dominance during the forecast period. China, Japan and India are the key markets in the region with the largest installed capacity by 2020.

– China’s solar photovoltaic industry has grown faster than any other country in the region in the past few years. By 2020, China’s solar power capacity is expected to reach 253 GW, an increase of 24.1% over the previous year’s value.

– With increasing demand for electricity and green energy, India has set a target of 100 GW of grid-connected solar power by 2022 under the Jawaharlal Nehru National Solar Mission (JNNSM) scheme. JNNSM aims to recognize India as a global leader in solar energy by creating the policy environment for domestic deployment.

– In 2020, Japan ranked third in the world for solar power capacity, after China and the United States, and produced about 5% of the country’s electricity production. In 2020, the country had 67 GW of solar PV capacity, and as part of the Long-Term Energy Supply and Demand Outlook for fiscal year 2030, Japan’s Ministry of Economy, Trade and Industry aims to increase the share of renewable energy. 24% by 2030, which is expected to increase the solar PV market in the country.

– Factors such as upcoming solar PV projects, supportive government policies, and declining costs of solar PV modules and related systems are expected to drive the solar PV market in the region during the forecast period.

A competitive landscape

The solar photovoltaic (PV) market is fragmented. Some of the key players operating in the solar photovoltaic (PV) market include JinkoSolar Holding Co. Ltd, Canadian Solar Inc., SunPower Corporation, Trina Solar Ltd, First Solar Inc., Suntech Power Holding Co. Ltd, Sharp Corporation, Hanwha Q included. Cells Co Ltd and JA Solar Holdings Co. Ltd.

Recent Developments

– In January 2021, Royal Dutch Shell PLC commissioned the 25 MW Gabas solar power plant. The plant is located on 50 hectares within the Sohar Free Zone in northern Oman and consists of more than 88,000 solar modules. This helps prevent more than 25,000 tons of CO2 emissions every year.

– In April 2021, ACWA Power inaugurated the 300 MW Sakaka PV IPP, the country’s first utility-scale renewable energy project, with an investment value of SAR 1.2 billion. The project was awarded to ACWA Power at a record-breaking rate of 2.3417 cents/kWh (8.781 halala/kWh).

Market Segmentation

By the program Outlook

Residence

Non-Residential/Commercial

Utility

With Regional Outlook

North America

Europe

Asia Pacific

Latin America

The rest of the world

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