Solar Energy

$3.42 +0.10 (+3.01%)

(as of 06/10/2024 ET)

52-Week Range $1.76

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$12.18

Price Target$4.56

SunPower Co. NASDAQ: SPWR offers solar products including high efficiency solar panels and complete solar systems to businesses and homeowners. SunPower manufactures its own photovoltaic (PV) solar panels, Maxeon solar cells with interdigitated back contact (IBC) technology, which are more efficient than optimized passivated emitter and back contact (PERC) panels. Maxeon panels absorb more sunlight because the entire front absorbs sunlight, which converts more photons into energy. SunPower claims to be the #1 solar company in the US.

SunPower shares have been steadily rising along with their peers in the oil/energy sector. It competes with other sellers like it First Solar Inc. NASDAQ: FSLR, Sunrun Inc. (NASDAQ: RUN), and Canadian Solar Inc. NASDAQ: CSIQ.

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Catalyst for Solar Adoption with SunPower

Solar energy stocks rise strongly in 2024. SunPower offers thousands of reasons to choose solar energy, from annual savings to lower electricity bills to receiving the solar federal tax credit and federal storage tax credit. The global decarbonization effort aims to slow the rate of global warming by 2030.

Global Renewables and the Promise of Energy Efficiency

At COP28 in 2023, 118 countries committed to triple global renewable energy capacity to 11 TW by 2030. However, China, India, South Africa and Egypt did not sign the pledge. The goal is to limit global warming to 1.5 degrees Celsius and keep it below 2 degrees.

SPWR Tries to Trigger an Ascending Triangle Wrinkle

The daily candlestick chart on SPWR shows an ascending triangle pattern that has failed in 2 breakout attempts as the stock continues to pull back into the triangle range. An ascending trendline was formed at $1.77 on April 23, 2024, with higher lows on pullbacks against flat upper trendline resistance at $3.75. SPWR is nearing a tipping point, where a breakout will inevitably occur below an upper trendline or a rising lower trendline. The daily relative strength index (RSI) is cutting around the 56-band. Pullback support levels are at $3.10, $2.62, $2.16 and $1.77.

SunPower Delays Filing of 2023 Form 10-K and Q1 2024 Form 10-Q

The company previously disclosed that management’s company disclosure controls and procedures, as well as internal controls, were not effective for the four quarters of 2023, specifically January 1, April 2, July 2 and October 1. The company’s remediation plan for the material weakness in SunPower’s internal control over financial reporting will be further described in its Form 10-K for the period ending December 23, 2023. This will cause a delay in the filing of its Q1 2024 Form 10-Q report. SunPower plans to restate the Affected Prior Period Financial Statements and file its 2023 Form 10-K and Q1 2024 Form 10-Q as soon as possible.

New Tariffs May Be Coming to Asian Solar Panels

The US International Trade Commission (USITC) has voted to continue its anti-dumping and countervailing duty investigations into certain solar energy imports from Malaysia, Thailand, Vietnam and Cambodia. The ITC is reviewing applications from manufacturers who allege that imports are being sold below cost to unfairly benefit from billions of dollars in subsidies. Many of these subsidies are offered directly by Chinese government agencies. The ITC’s initial determination was that there was a reasonable showing of pecuniary injury to US producers.

The vote allows the US Commerce Department to continue investigating whether international manufacturers are dumping solar products and receiving illegal government subsidies. This may lead to the collection of initial fees starting in July 2024.

SunPower Now Offers The Tesla Powerwall 3 To Its Product Portfolio

On May 22, 2024, SunPower announced that it would offer Tesla Inc. NASDAQ: TSLA As part of the Powerwall 3 battery storage solution product portfolio. The Powerwall 3 has 11.5 KW of power and 13.5 kWh of energy to power the entire home and efficiently capture solar energy. Combining a SunPower Equinox solar system and a Tesla Powerwall 3 makes sense for homeowners. SunPower also expanded its financing. The company expects that 25% of American homeowners who install rooftop solar panels will also add a battery storage system.

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Representative image. Credit: Canva

Aptech Africa Ltd has made significant progress in bridging the energy gap by installing a ground-breaking PV minigrid with a distribution line in Mandelia, Chad. This project aims to combat severe energy poverty faced by many remote and underserved communities in Sub-Saharan Africa, where access to reliable and clean electricity is limited.

Chad, like many of its regional counterparts, has struggled to provide universal electricity access, often relying on expensive and environmentally damaging diesel generators. This energy shortage hinders economic opportunities and essential services such as health, education and communication.

In response to this pressing need, Aptech Africa deployed a 78kW solar PV minigrid system with 324kWh battery storage using Ulica solar modules, Alpha ESS inverters and Lithium-ion batteries. The system includes a remote monitoring function through the Alpha ESS system, which provides real-time information and efficient management.

One of the notable features of the minigrid is its distribution line, which extends the reach of electricity to communities far from the main grid. The facility is expected to benefit more than 100 people, including local schools and medical facilities, serving as a model for similar projects in Chad and other potentially energy-challenged regions.

The PV minigrid not only reduces carbon emissions by harnessing Chad’s abundant sunlight, but also provides a sustainable and scalable alternative to traditional fossil fuel-based systems. By highlighting the economic, social and environmental benefits of solar minigrids, Aptech Africa’s project inspires confidence and encourages further investment in renewable energy solutions.

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The tractor seat is a good place to think things through.

Baling hay with a recent day shift gave me plenty of time to think, and my mind settled on two difficult topics that seemed appropriate under the hot afternoon sun.

Reading about a new solar ‘farm’ planned for a rural area now seems commonplace. Proponents of such projects sell them to the public using feel-good terms like “renewable,” “green,” and “clean energy.”

In my opinion, this is all a farce, and there is nothing pure about large-scale solar farms when the projects consume actual farmland.

And solar energy projects are another example of how this country takes for granted the land used to grow the food that feeds us. Shouldn’t this fact alone be enough to limit the use of farmland as solar energy?

Food production is not a strong enough reason to prevent farmland from being covered with thousands of black panels.

In New York, officials estimate that 452,000 acres of agricultural land will be used for solar energy and residential use.

One solar project in central Pennsylvania consumed 1,755 acres of farmland, and more are planned for rural areas throughout the state.

One of the main drivers for solar projects is “carbon neutrality,” which means reducing emissions in efforts to combat climate change.

In fact, the earth’s climate is always changing, and solar panels on once-green farmland aren’t going to stop it.

In fact, it’s ironic that we consume farmland with solar panels to reduce the carbon sequestered by the crops actually growing there.

According to a report by the USDA Economic Research Service, three of the five primary means of carbon sequestration involve agriculture—land that becomes grassland, grassland that remains, and cropland that remains cropland.

In fact, the report found, the reduction in cropland from wind or solar projects could reduce or even eliminate emissions reductions.

Basically, when it comes to carbon sequestration and emissions reduction, cropland planted in crops or pastures has been quite efficient in accomplishing this task.

But this is what worries me about the whole solar vs. ag land debate: If carbon emissions are causing climate change, and climate change is a threat to humanity, why are so-called solutions like solar panels funded by incentives and taxes? loans by the government?

If solar is going to save the world, why do we need financial incentives to encourage people to cover the landscape with panels?

Still, there’s another caveat to consider with the current rush of paint over farmland with solar panels.

For some farmers, solar energy leases represent a greater economic return than the cost of the product produced.

And that’s what needs to be fixed.

If farmers were paid a fair, consistent price to produce the food we all need to live, perhaps solar leasing would be less likely to drive this valuable land out of production.

The land that grows our food is of immeasurable value and should not be wasted like the sun.

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It’s been a while since we’ve had this much buzz about something that has nothing to do with Donald Trump: Dozens of readers wrote letters to the editor expressing concern about the construction of a solar power project in the Mojave Desert. Melody Petersen of The Times – that would require the destruction of 3,500 Joshua trees.

This is understandable. Joshua trees mark the desert southwest in a way that perhaps only the saguaro can match. Plants that exist in a certain elevation window of the Mojave Desert—a window that is closing due to climate change—serve as a sort of unmistakable natural boundary between metropolitan Los Angeles and the high desert. Who doesn’t notice the first Joshua tree they see on the way out of LA at Cajon Pass or on Highway 14?

But we’ve come far enough on climate change that we now have to consider trade-offs, and this is one of them. Humanity needs to reduce carbon emissions, solar power is helping us get there, and there are few better places to generate solar power than the sun-drenched Mojave Desert. Readers pleading for the survival of Joshua trees increasingly suggest alternatives such as urban rooftop solar and conservation.

This is not the first environmental trade-off in the fight against climate change. I hope the Joshua tree doesn’t end up alongside the grizzly bear, the symbol of a decimated California.

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To the Editor: The photo of a 150-200 year old Joshua tree with your article on the Aratina Solar Project made my throat catch.

Why aren’t the 180,000 homes that will receive power in coastal neighborhoods getting solar on their roofs? I have solar on my roof and it doesn’t detract from the beauty of my house. Why are endangered Joshua trees and endangered desert tortoises sacrificed so far away for homes?

The well-being of citizens in Bor and neighboring small towns will also be sacrificed for the benefit of wealthy neighborhoods. Why is the detection of poisonous fungi in the soil ignored?

This is not “saving the planet”. I believe in expanding renewable energy sources, but the quick fix – bulldozing and clearing a large tract of land for households – is lazy and thoughtless.

Rooftop solar is the answer.

Starflower Thomson, Joshua Tree, California.

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To the Editor: Most environmentalists in the desert Southwest knew from the start that this “save the planet” ethic would only go as far as NIMBYISM and corporate greed would allow it.

An environmentalist horrified by deforestation in the Northeast would be less impressed by the massive destruction of cactus habitat in the California desert.

An environmentally concerned resident of grizzly bear country isn’t going to be apoplectic about eliminating rattlesnake or turtle habitats in Arizona.

Most Americans view the desert as a wasteland. Do you think they built and tested nuclear weapons in New Mexico?

It is immoral to destroy Joshua trees to serve the greater good. It is a failure to recognize that the California Public Utilities Commission (CPUC) is not protecting the public and that we have too many developed (and therefore destroyed) residential properties in urban areas that are not primarily used for energy production.

We need to promote rooftop solar so that homeowners and others can afford the cost of installing solar. Why exactly does the CPUC exist?

Denis Arcurius, Indian

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To the editor: Joshua trees, indeed most trees, are worth saving. Desert animals too.

But let’s be clear: if we hope to slow and eventually stop global warming, we must stop burning fossil fuels and switch to clean, renewable energy generated by wind, water and the sun.

Building solar farms wherever possible is not about killing trees or desert creatures, it’s about saving people. The planet will survive global warming; will not be human.

Fortunately, scientists at Stanford University have created renewable energy roadmaps for all 50 states and, to date, more than 150 other countries. It’s time to embrace clean energy infrastructure, not oppose it.

Court Casady, Palos Verdes Peninsula

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To the editor: I don’t think destroying natural habitats to provide people with electricity is a good trade-off. Conservation may be another way forward.

Joshua trees and desert dwellers (including humans) have a right to exist. Plus, over time, we humans (8 billion people) can miss out on what else our lovely planet has to offer.

John Muir had much to say about the importance of the wilderness to the human spirit. For example:

“We have fought and are still fighting because forests are part of the eternal conflict between right and wrong, and we cannot wait to see the end of it. … So we must trust to watch these trees and strive for them, and always be glad to find something good and noble.”

Erica Hahn, Monrovia

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To the Editor: When you drive around Scotland and Germany, two of the sunniest places on the planet, it’s almost shocking to see the ubiquity of rooftop solar installations. How is this possible?

They take climate mitigation personally. California obviously isn’t.

Here in sunny California, where thousands of acres of rooftops are waiting to be turned to the sun, private capital has the right to destroy a pristine wilderness with only endangered plants and animals and powerless poor people as neighbors.

A private equity developer is going to build this massive solar facility to serve the rich coastal areas, and we’re letting it happen? What is the business of this state?

Until the solar potential of every rooftop is exhausted, no more massive solar projects should be built where energy is needed.

Sarah R. Nichols, Los Angeles

..

To the editor: As the late Huell Howser explained years ago, it’s not just the Joshua tree that’s endangered, but the habitat it provides for desert-dwelling reptiles, insects, birds and small mammals.

Is it impossible to find another location for the proposed solar plant? We need clean energy, but Joshua trees take many years to grow and reproduce.

If there were only a few trees, this might be acceptable – but the destruction of thousands seems like a crime.

Kathleen Trinity, Acton

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To the editor: Members of the Kern County Board of Supervisors should be ashamed of themselves and vote out of office to approve a for-profit project that would destroy old-growth Joshua trees and protected wildlife habitat.

Who is the private equity firm building the factory to claim that its benefits outweigh this terrible affront to our natural resources? The fact that he plans to cut trees in the area to avoid visibility and backlash proves the nefarious nature of this project.

This type of development should not be part of California’s clean energy path and the project should be stopped immediately.

Peter Fennema, West Los Angeles

Lower Merion Township Receives $250,000 Grant Award for Rooftop Solar on Main Line of Ludington Library