Clean power supply
Published on December 13, 2020 | by Zachary Shahan
December 13, 2020 by Zachary Shahan
I’ve been in the solar industry for more than a decade. I remember writing about the industry that was blown up at the beginning because annual installs actually grew rapidly compared to previous years. The beauty of technology learning curves is that you can keep telling stories like this over and over again and they’ll continue to be exciting.
A few months ago I found that solar PV modules were 12 times more expensive in 2010 than in 2020 (and 459 times more expensive in 1977). Such falling costs lead to increasing acceptance. And in 2020 the trend is said to have continued. “Global demand for solar energy for households increased in 2020,” said Bloomberg New Energy Finance.
Despite the pandemic, Bloomberg New Energy Finance found that residential solar panels were 21% higher in the first seven months of 2020 than they were in the first seven months of 2019.
Bloomberg New Energy Finance posited why solar power systems have grown so much that the people who are locked became more aware of home energy costs and just had a crazy DIY craze (or just had the time for a DIY craze). Those are logical theories, but as I mentioned earlier, solar systems have grown more or less continuously as costs have fallen, so we can probably assume that systems will definitely increase in 2020.
Additionally, Bloomberg New Energy Finance found that NeoVolta (OTCQB: NEOV), Tesla (NASDAQ: TSLA), and Jinko Solar (NYSE: JKS) led the companies responsible for this growth in solar energy (and energy storage) (no pun intended). , Canadian Solar (NASDAQ: CSIQ) and Array Technologies (NASDAQ: ARRY). I’m not sure about the others, but Tesla has certainly taken some important steps on the solar front this year. The price of residential solar PV dropped to $ 1.49 / watt nationwide (after the US solar tax credit), a price that I don’t think anyone can beat, a price well below the US average, and a only one price latitude unparalleled in the US solar industry.
I interviewed Elon Musk about Tesla’s incredibly low solar prices and he emphasized that very low cost of customer acquisition (marketing) as well as easy and inexpensive financing enabled Tesla to offer such low solar prices. In his own words:
“The costs for solar modules are only ~ 50 cents / watt. Mounting parts, inverters and wiring cost ~ 25 cents / watt. The installation costs ~ 50 cents / watt depending on the system size.
“The other solar companies spend a lot of money on salespeople, advertising and complex financial instruments. We are not. “
The extremely simplified system design must also help reduce costs.
Bloomberg New Energy Finance also highlighted the strong growth in residential energy storage combined with the growth of solar energy. This is clearly a well-known area of expertise for Tesla due to its Powerwall offering and general reputation as a battery operator. Bloomberg also commented on Tesla:
“The renewable energy giant known for its electric cars is a major global player in solar energy and storage. According to the company, Tesla’s rooftop solar installations tripled in the third quarter of 2020. in the Lauderdale County, Mississippithe solar roof V3 is installed on roofs in the world’s first intelligent neighborhood. And on Twitter, Tesla has urged people to buy its solar panels at home before the federal tax credit drops from 26% to 22% in late 2020.
“In the meantime, the Powerwall has been Tesla’s flagship residential storage facility since it was launched in 2015. The company installed its 100,000th Powerwall earlier this year, and the high demand has resulted in significant delivery delays. As units are getting harder to get hold of, Tesla has also increased the price of the Powerwall by roughly $ 500. ”
I have also heard and noticed of a slow Tesla solar installation process which I believe is associated with a combination of allowable delays and a lack of staff or contractors to install the system.
The other named companies that Bloomberg New Energy Finance mentions aren’t involved in installing solar PV in residential areas (it’s unclear why they were all grouped in the press release), but NeoVolta has a significant energy storage component.
“San Diego is based on NeoVolta, whose shares are on the market $ 3.50 per share is the only pure energy storage company on this list. NeoVolta announced today that its orders from PMP Energy have been achieved $ 902,000, at the latest a reorder of $ 425,000. This is part of a three-year exclusive distribution agreement that the two companies signed in early 2020. In exchange for at least up to $ 15 million When ordering, PMP Energy offers dealers training and certification for the installation of the NV14 and NV24 storage systems from NeoVolta. To date, PMP Energy has trained and certified distributors in four states and in the field of Puerto Rico.
“This latest order followed the initial from PMP Energy $ 473,000 The purchase of NeoVolta systems was the first reorder of likely monthly orders of this size or larger.
“NeoVolta recently announced a sales increase of 211% compared to the previous quarter in the first quarter of 2021. The company reported that sales ended the quarter September 30, 2020 were USD 1,000,171, compared to $ 321,650 for the same quarter last year. With a dramatic increase in demand, NeoVolta doubled its production in 2020 and plans to quadruple capacity by the end of this year. More information about NEOV and the latest news developments can be found at: https://www.neovolta.com/news/ “
Overall, the solar energy on the roof has risen sharply in relation to the new electricity capacity, but also in relation to electricity generation in the USA. As I reported recently, U.S. solar power accounted for up to 3.4% of the country’s electricity generation in the first three quarters of 2020, up from 2.7% in the first three quarters of 2019 and 2.3% in the first three quarters of 2018 .
In terms of new installation capacity, the story looks even better. Solar energy accounted for 43% of new electricity capacity in the US for the first three quarters of the year.
Of course, this means that in addition to Tesla, other large companies such as Sunrun and SunPower also sell many solar systems for private households. There is also a large network of small, localized solar power installers across the country.
If you are new to solar and you are interested in solar energy, we recommend checking the pricing and contract details of several residential solar installers. If you choose Tesla and don’t have a friend or family member who can offer you a referral code, you can use mine – https://ts.la/zachary63404 – for a $ 100 discount.
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About the author
Zachary Shahan tries to help society, to help itself word for word. He spends most of his time here at CleanTechnica as Director, Editor-in-Chief and CEO. Zach is recognized worldwide as an expert in electric vehicles, solar energy, and energy storage. He has reported on cleantech at conferences in India, the United Arab Emirates, Ukraine, Poland, Germany, the Netherlands, the USA, Canada and Curaçao. Zach has long-term investments in NIO [NIO]Tesla [TSLA]and Xpeng [XPEV]. However, it does not offer any investment advice (either explicit or implicit).