Global Solar Charging Station Market Size Projected to Reach $2.88 Billion By 2031

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Apr 11, 2024, 08:45 ET

PALM BEACH, Fla., April 11, 2024 /PRNewswire/ -- The Community Solar industry has grown dramatically over the past few years and is expected to continue in coming years. Forbes described Community Solar as: "… a solar energy program that allows multiple individuals to share the benefits of a single solar energy system. This concept was developed to provide solar energy access to people who cannot install solar panels on their own property because they lack suitable roof space, live in rented or multi-family properties or cannot afford the upfront installation costs. Participating in a community solar project allows individuals to access clean and renewable energy while receiving credits on their electricity bills. This method also makes solar energy available to more people from different backgrounds and encourages everyone to support clean energy practices, ultimately leading to a greener future." A report on CNET.com added: "Instead of buying and installing solar panels on your home -- a decision that could see you footing steep upfront costs -- community solar programs allow residents to subscribe to pull their energy from large arrays of solar panels located nearby. Community solar programs expanded in key states in 2023 and a new report by a leading company in the industry points to significant growth in the next few years. Current community solar programs generate enough electricity to power 918,000 homes, according to the report by…. a major community solar company, but (whose) analysis expects that figure to grow to 4.5 million homes by 2027. That tracks with the goal of the Coalition for Community Solar Access, a trade organization, of 30 gigawatts of community solar projects across America by 2030." Active Companies from around the markets with current developments this week include: SolarBank Corporation (NASDAQ: SUUN) (CSE: SUNN), Enphase Energy, Inc. (NASDAQ: ENPH), First Solar, Inc. (NASDAQ: FSLR), NextEra Energy, Inc. (NYSE: NEE), Sunrun (NASDAQ: RUN).

SOLARBANK - Accelerating the North American Energy Transition

The article continued: "Principal Deputy Assistant Secretary Jeff Marootian of the Department of Energy challenged the community solar industry to triple its energy output by 2025 during his address at the National Community Solar Partnership Annual Summit. "There are at least 2.2 gigawatts of low-income community solar projects already in the pipeline," Marootian said. "Along with over 80 projects in our community power accelerator." Marootian pledged to help the community solar industry accomplish this goal, citing the necessity of making solar energy accessible and affordable for every US citizen."

SolarBank Corporation (NASDAQ: SUUN) (CSE: SUNN) Completes Mechanical Construction of 21MW Honeywell Community Solar Sites -

Projects are being developed as part of a US$41 million transaction
Over 2400 homes expected to be provided green energy once operational
Once projects are complete, expected to operate as a community solar site, selling credits to subscribers

SolarBank Corporation (FSE: GY2) ("SolarBank" or the "Company") announces that it has completed mechanical construction on the 21 MW DC ground-mount solar power projects that are under development in upstate New York (the "Projects") for Honeywell International in a US$41 million transaction. The Projects are known as SB 13-1, SB 13-2 and SB-14. The next step is completion of final electrical work and acceptance testing.

SolarBank originated the sites in upstate New York that will be developed as three separate 7 MW DC solar power projects. In September 2023, the Company completed the sale of the Projects to Honeywell and an engineering, procurement, and construction ("EPC") agreement pursuant to which the Company will continue to build the Projects for Honeywell to commercial operation. The sale of the Projects and EPC agreement have a total value of approximately US$41 million. The Company also expects that it will retain an operations and maintenance contract for the Projects following the completion of construction.

Once completed, the Projects will be operated as community solar projects. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that's generated by the project, accessing the benefits of solar without installing panels on their home. The Projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.

There are several risks associated with the development of the Projects. The development of any project is subject to the continued availability of third-party financing arrangements for the project owner and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to "Forward-Looking Statements" for additional discussion of the assumptions and risk factors associated with the statements in this press release. CONTINUED… Read this and more news for SolarBank Corporation at: https://www.financialnewsmedia.com/news-sunn/

In other industry developments and happenings in the market this week include:

Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world's leading supplier of microinverter-based solar and battery systems, recently announced that it has started shipping IQ8P™ Microinverters, with peak output AC power of 480 W, in France and Spain to support newer, high-powered solar modules.

IQ8P Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher powered solar modules through increased energy harvesting. The newly available IQ8P Microinverters are the most powerful microinverters available to date from Enphase. The product features a peak output power of 480 W and is designed to seamlessly pair with a full range of solar modules up to 670 W DC. All IQ8P Microinverters activated in France and Spain come with a 25-year limited warranty.

First Solar, Inc. (NASDAQ: FSLR) recently announced financial results for the fourth quarter and year ended December 31, 2023. Net sales for the fourth quarter were $1.2 billion, an increase of $0.4 billion from the prior quarter. The increase was primarily a result of increased module sales in the fourth quarter. Net sales for the full year 2023 were $3.3 billion compared to $2.6 billion in the prior year. This increase was driven by higher module volumes sold and average selling prices ("ASPs"). The Company reported fourth quarter net income per diluted share of $3.25 and full year net income per diluted share of $7.74.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the fourth quarter increased to $1.6 billion from $1.3 billion at the end of the prior quarter. The increase was primarily a result of operating cash flows, offset by capital expenditures related to manufacturing capacity expansions in Alabama, Ohio, Louisiana, and India.

"Few years have been as consequential to our long-term growth strategy as 2023," said Mark Widmar, CEO of First Solar. "Over the past year, we scaled manufacturing capacity, mobilized at our latest announced facility in Louisiana, produced and shipped a record volume of modules, expanded our contracted backlog to historic levels, increased R&D investment, and continued to evolve our technology and product roadmap."

NextEra Energy, Inc. (NYSE: NEE) recently announced that it plans to report first-quarter 2024 financial results before the opening of the New York Stock Exchange on Tuesday, April 23, 2024, in a news release to be posted on the company's website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of April 23, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.

John Ketchum, chairman, president and chief executive officer of NextEra Energy, Kirk Crews, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's first-quarter 2024 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on April 23. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.

Sunrun (NASDAQ: RUN), the nation's leading provider of clean energy as a subscription service, recently announced it has priced a securitization of leases and power purchase agreements. The securitized leases and power purchase agreements have been in service for an average of 6.75 years, and thus the vast majority of the portfolio is after the 'flip point' in tax equity structures.

"Sunrun's industry-leading performance as an originator and servicer of residential solar assets continues to provide deep access to attractively priced capital," said Danny Abajian, Sunrun's Chief Financial Officer. "The latest ABS transaction was priced at a credit spread of 195 basis points, a 37.5 basis point improvement from Sunrun's most recent privately placed senior securitization in February and 45 basis points lower than Sunrun's securitization in September 2023. The latest execution represents the lowest spread achieved for similarly rated transactions across the sector since 2021, a testament to Sunrun's strong track record."

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