Trillion Dollar Opportunity. There’s been a shift in the financial world when it comes to what type of energy markets it is focused on. Goldman Sachs announced their renewed focus on the opportunity to finance the energy transition. The goal is to drive $750billion towards the energy transition with several markets as the core drivers, starting with clean energy.
No Deal, Big Dreams. The COP25 meeting left members without a deal to take home. In hopes to keep 2050 temperature rise below 1.5 degrees, strong policies were being debated. Without the US at the table, it was up to other nations to fill the leadership role. In reality it will rejuvenate when the US leadership is reinstitated in the future on the issue of climate change.
Settlement Rejected By Newsom. Governor Newsom, on Friday, rejected the $13.5billion wildfire settlement that PG&E announced a few weeks ago. This leaves a crucial step incomplete in the path to coming out of bankruptcy. The legislature has a June 2020 deadline for PG&E to fulfill many major accomplishments and it looks like there is a lack of forward momentum for the corporation. It leaves to wonder how much longer the shareholders will leave the current management in place while things get sorted.
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The Abs Of California. What a cool day in solar! CALSSA hosted Governors Schwarzenegger and Brown as well as Senator Kevin Murray at a Clovis public school. A huge crowd welcomed speakers that spoke about getting the bill passed and into law before embarking on a decade that led to achieving 1 million solar roofs. Arnold did what politicians don’t, he asked for a goal so grand that he wouldn’t see the final success while still in office. That’s leadership and I thank him for thinking big. At the 57 minute mark he starts speaking about solar, the abs of California, which make up the core, the center of the State. Watch the whole event here.
Social Media Call To Action. Today at 12pm Eastern / 9am Pacific please post the following on Twitter or Facebook. Your voice is needed as the Congress heads into the last week before running out of money and running out of town. “ I’m calling on @HouseDemocrats and @SenateGOP to make a deal on #cleanenergy tax policy this year. We need to #DefendTheITC to reduce emissions, create American jobs, and support local communities. Learn more at seia.org/DefendTheITC “
Seeing The Future. In both Europe and many States in the US, policy makers are finding their path to 100% renewable energy and massive carbon emission reductions. We’re in an era of polarization that shows when Trump attacks Greta Thunberg for her activism on the issue but the reality is that voters are aligned that action is needed and desired by them. How to get to the goal will differ but one thing is certain, solar will lead inside the process with ideas, job creation, retraining and wealth creation.
Clarification. Yesterday I wrote that residential solar rose 45% year over year. The year over year growth was for the entire solar market not the segment alone. Apologies for the confusion.
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Residential Solar Brings Data. According to the latest update from SEIA, in its Solar Market Insight report, residential solar is growing at a rate nobody predicted. Q3, the market for residential grew 45% year over year installing over 700MW. This kind of growth means that 15 States had the highest rate of installation in history. Don’t expect the growth to slow, this is a result of market wide maturity and cost reductions created by the ecosystem even in an era where modules are double the global market cost.
Urgency Drives Person of the Year. When Greta Thunberg started striking by herself on behalf of climate change, not much was expected by her or of her. A year later the urgency she has brought to the discussion has caused politicians around the world to deride and belittle her because she’s young or otherwise naive about the way it is supposed to be. Like all good businesses, Thunberg has a sense of urgency, the time for action is now and not everyone can handle that. Greta is the Time Person of the Year for 2019, and we all win.
New Leader In Loan Market. Wood Mackenzie has Loanpal going to the top of the solar loan market with a continued presence for third party structures. If you want to know how this happened, look at the above paragraph about sense of urgency.
New York Making Changes. Net metering is going to go through some changes in New York but not before a year extension of the current regulations. This way the solar market can get used to the changes that will likely be accepted in the near future.
Today Is The Day. Congratulations to all that installed solar in California in the past decade. You contributed to the 1 million solar roofs initiative that Arnold is celebrating with CALSSA today.
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More Tomorrow. Travel means less time for columns. Make your calls to Congress and send me your news!
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