Global Solar Power Market Size Expected to Exceed $194 Billion By 2027
West Coast energy provider Pacific Gas & Electric has committed to making renewable energy, including solar, 55 percent of its power portfolio by 2031.
PALM BEACH, Fla., Feb. 23, 2021 /PRNewswire/ -- Everything solar is booming! Solar power is now cheaper than coal in some parts of the world, and generating power from the sun is likely to be the lowest-cost energy option globally in less than ten years, according to Bloomberg. In many places around the world, solar is already the lowest-cost option. Even the big utilities are moving rapidly toward solar (and wind, which is also poised to best coal in terms of cost). The New York Times reports that Xcel Energy—which provides electricity to the middle of the country, from Colorado to Texas to Michigan—has asked for proposals to build large wind and solar power plants in Colorado, and bids are already coming in lower than the operating costs for coal plants. West Coast energy provider Pacific Gas & Electric has committed to making renewable energy, including solar, 55 percent of its power portfolio by 2031. Many experts think that California will hit the 50 percent renewables mark by 2025—maybe even sooner. A report from Fortune Business Insights said projected that the global solar power market size, which was USD 163.70 billion in 2019, is projected to reach USD 194.75 billion by 2027, exhibiting a CAGR of 5.9%. Active solar companies in the market this week include First Solar, Inc. (NASDAQ: FSLR), Green Stream Holdings Inc. (OTCPK: GSFI), SunPower Corp. (NASDAQ: SPWR), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Enphase Energy, Inc. (NASDAQ: ENPH).
Another report from Grand View was also optimistic about the submarket for solar panels, saying that: "The global solar PV panels market size was valued at USD 115.2 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Growing demand for renewable-based clean electricity coupled with government policy tax rebates and incentives to install solar panels is expected to drive the market in the coming years. Firms in commercial and industrial sectors are among the chief consumers of solar photovoltaic (PV) panels owing to their large scale requirement for green power. Economies of scale installation in these sectors compensate for any loss in panel efficiency, thereby making the solar PV systems profitable for large scale power generation. The residential sector is gaining momentum in solar PV panel installations owing to net metering schemes for on-grid systems."
Green Stream Holdings Inc. (OTCPK: GSFI) BREAKING NEWS: Green Stream Holdings (OTC: GSFI) Completes Structural Engineering for 160 Imlay Street Project; Submits for Solar Interconnectivity with ConEdison NY Grid - Green Stream Holdings Inc. ("the Company") ("Green Stream") (http://www.GreenRainSolar.com ), an emerging leader in the solar utility and finance space, announces today key updates on its flagship project site 160 Imlay Street in Brooklyn, NY.
The Company has officially completed its structural engineering for the 160 Imlay Street Project and has submitted its application to integrate its solar and photovoltaic initiatives with conEd's powerful electric distribution grid.
Con Edison provides electric services to 3.2 million customers in New York City and portions of Westchester County. Electricity is delivered through approximately 94,000 miles of underground cable, and almost 37,000 miles of overhead cable.
As the demand for solar energy soars, the industry is booming in New York. Solar clients expect prompt interconnection, but this isn't always the case. The State of New York and utility companies, such as Con Edison, both have interconnection requirements. The vast majority of solar installers apply for interconnection on behalf of their residential and commercial clients.
As part of its Clean Energy Commitment, conEd wants to make it possible for customers to buy 100 percent clean electricity by 2040. Con Edison Inc. is the second largest solar producer in North America and seventh largest in the world. Approval of Green Stream Holdings' initial application with conEd for Imlay street will facilitate the opportunity to harness renewable energy for GSFI to then lease back to the surrounding communities toward a sustainable, long-term income stream, as it continues to position itself as an industry leading lease-back utility company in the renewable energy space.
Green Stream's initiatives for 160 Imlay include implementation of a rooftop photovoltaic system providing at a minimum of 300- 450 Kw of electric Photo Voltic Power, utilizing approximately 1000-1440 panels, on approximately 22,000 square foot space on the property. Green Stream Holdings, together with Morali Architects as their joint venture partner in this project, will design, erect, construct and install or retrofit the property, increasing its value and reducing the property's carbon footprint all the while. Continued…. Read this full release and more news for GSFI at: https://www.financialnewsmedia.com/news-gsfi/
Other recent developments in the solar industry include:
First Solar, Inc. (NASDAQ: FSLR) recently announced that it has entered into a Purchase and Sale Agreement (the "Agreement") with Leeward Renewable Energy Development, LLC ("Leeward"), pursuant to which Leeward will acquire from First Solar a utility-scale solar project platform of approximately 10 gigawatts (GW)AC. The transaction is expected to close in the first quarter of 2021, after obtaining regulatory approvals and satisfying customary closing conditions.
Headquartered in Dallas, Texas, Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada's largest defined benefit pension plans. Upon closing of the transaction, Leeward will acquire the US project platform, which includes the Rabbitbrush, Madison, Oak Trail, Horizon, and Ridgely projects that are expected to commence construction in the next two years, as well as the 30 MWAC Barilla Solar project, which is operational. First Solar will retain 1.1 GWAC of projects in the US that are expected to be sold separately. Key members of the First Solar project development team are also expected to join Leeward upon closing.
SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, recently announced the new mySunPower™ app, the company's new experience for homeowners to review and manage their energy generation, consumption, and battery storage settings from a mobile device. The new mySunPower app for monitoring will be available for download for SunPower Equinox® customers on Feb. 16 on the Apple App Store and Google Play and will be available to all of SunPower's 285,000 monitoring customers by spring 2021.
Designed to integrate seamlessly with SunPower's existing homeowner platform, the mySunPower app makes it possible to optimize energy use, save money, and become less dependent on traditional energy providers in the face of rolling blackouts, natural disasters, and the impacts of climate change.
SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy, recently announced its financial results for the fourth quarter and year ended December 31, 2020. "Our fourth quarter results are reflective of strength in the U.S. residential market and record revenues from outside of Europe and the U.S., led by Australia," said Zvi Lando, CEO of SolarEdge. "The return to growth in installations in the U.S. residential market drove our sequential growth and return to the anticipated solar margins. Despite the global pandemic, we concluded the year with slight growth in revenues, healthy cash generation and are well positioned for 2021 and beyond, having invested significantly in development of new products to be released this year as well as development of our non-solar businesses, with readiness to supply full powertrain kits for the e-Mobility sector in Europe."
SolarEdge is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by PV systems. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions.
Enphase Energy, Inc. (NASDAQ: ENPH), a global energy management technology company and the world's leading supplier of microinverter-based solar-plus-storage systems, recently announced that it has agreed to acquire the Solar Design Services business of DIN Engineering Services LLP. Based in Noida, India, the business is a leading provider of outsourced proposal drawings and permit plan sets for residential solar installers in North America.
DIN's Solar Design Services business has more than a decade of experience working with local jurisdictions in the U.S. DIN leverages this knowledge to streamline the proposal and permitting process for installers. "We are pleased to join forces with the Solar Design Services business to be acquired from DIN Engineering Services," said Jeff McNeil, chief operating officer of Enphase Energy. "We look forward to welcoming DIN's current installers to Enphase upon close. We believe DIN's proposal and permit plan services will benefit Enphase's installers by enabling them to better utilize their limited resources to focus on other key areas of their business."
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