The 2018 elections on November 6th proved to be a big day for energy and climate policies. According to a report released by Wood Mackenzie and Renewables, we could see a 17.7 GWac (gigawatt alternating current) increase in total market solar energy in five states where new governors were elected. That is if all five states (Illinois, Nevada, Colorado, Minnesota and New Mexico) pass the 50% by 2030 mandates. Three states, New Jersey, New York and California, have already mandated 50% renewable energy by 2030.
The Report Rundown
Wood Mackenzie’s recent report found that if all five of these states pass the 50% by 2030 renewable portfolio standards (RPS) policies, there will be a 17.7 GWac increase for total solar built and a 16.5 GW increase for total wind built by the year 2030. Although these findings are based on current electric demand and each state’s current wind and solar ratio, these findings could be influenced by other renewable development factors, such as: meeting current RPS mandates or being driven by voluntary utility or corporate procurement.
Illinois and Nevada Would See the Most Growth
While both of these states would benefit from a more aggressive RPS, Illinois would be the one to see the most increase—at 9.1 GWac. This makes up more than half of the total forecasted increase. Coming in second is Nevada, but even though it’s Governor-elect, Steve Sisolak (D), would like to see Nevada use 100% renewable energy, it will ultimately be up to Nevada voters. Although the November 6th election resulted in an electoral victory for the 50% renewables by 2030, the bill has to be voted on one more time before it can become a law.
These Three States Would Also Increase Their Renewable Energy Usage
Also in this report is a projection that Colorado, Minnesota and New Mexico will deploy 1-2 GWac of additional solar energy in order to meet the 50% by 2030 RPS. In regards to wind energy, Colorado and Minnesota are predicted to dominate wind energy capacity additions, but it’s important to note that these two states don’t have large populations or electric demand.
As the November 6th elections indicate, renewable energy is beginning to become the popular energy choice. The renewable energy experts at Intersect Energy are here to breakdown the report and discuss the changes that could be on the horizon. Not only does renewable energy generate savings for companies and individuals, but they’re also immensely better for the environment. Ready to join in on this popular movement and save an average of 20% in energy costs by switching to renewable energy? Contact the experts at Intersect Energy today!
It has been a great year for renewable energy! So far, U.S. corporations have invested in 4.81 Gigawatts (GW) of renewable energy–a number already up 2.03 GW from last year. A gigawatt is a unit of power equal to one billion watts, compared to a megawatt which is equal to one million watts. According to the 2018 Corporate Renewable Energy Procurement Mid-year Market Update, published by the Renewable Energy Buyers Alliance, this number is expected to easily surpass 5 GW by December of this year. Which companies have contributed to this advancement? Let’s take a look at a few of the most substantial projects.
Corporations That Have Obtained the Most GWs
Leading the way with 15 deals across various states is Facebook with a total of just under 1.5 GW. Following behind Facebook is AT&T with four deals and a total of just under 1 GW. Rounding out the top five is Walmart (five deals totaling under 1 GW), Apple (two deals totaling under 1 GW) and Microsoft (two deals totaling under 1 GW). Microsoft’s deal with sPower for 315 megawatts (MW) of solar power in Virginia, is actually 2018’s largest corporate procurement in terms of a single deal.
Which States Have Closed the Most Deals?
Although Virginia had the largest deal of the year, thanks to Microsoft, Texas has become a hub for corporate renewable deals. With an impressive 42 deals, Texas’ deals are triple that of Oklahoma’s and North Carolina’s 14 deals. However, this doesn’t mean the market is centralized. In fact, 26 states have completed corporate renewable deals to date!
Leading the Pack!
Not surprisingly, tech companies have the highest percentage of deals signed in 2018 with 29% to be exact. Following behind at 23% are consumer discretionary companies. At 13%, financial and consumer staples come in third; then healthcare at 9.7% and industrial and telecommunication companies each at 6.5%.
Since renewable energy is better for the environment, increases efficiency and decreases costs, expansion is going to continue. At Intersect Energy, we’re committed to reducing environmental impact while maximizing savings for corporations. Ready to reap the benefits of renewable energy for your own corporation? Contact the experts at Intersect Energy today to request your consultation!
Six Flags Great Adventure is partnering with KDC Solar LLC to build a 23.5 MW solar photovoltaic system. This system will be the largest net metering solar installation in the state. The project will install solar carports over selected parking lots and 40 acres of ground mounted solar panels. The system will produce 30 million kWh of clean electricity in one year. This is enough to power everything in the park all year!
This investment will lead to many financial benefits for Six Flags. Although the project is expensive, Seminole Financial Services is providing debt financing for the project through a construction and permanent loan facility. Additionally, development capital and project equity were arranged by GoldenSet Capital Partners. The park is also excited for the social impact of this project, which is equivalent to providing energy for almost 3,000 homes and getting over 100,000 cars off the road!
Net Metered Solar Systems
Within the last few years, net metered solar panel arrays have been on the rise across the nation. Net metered solar panel arrays are being installed on schools, businesses and even private homes. Net metering is simply a mechanism that offers credit to customers who produce more energy than they are using. You can even see your meter go down as you are only charged for the “net” energy used each month. This is why many states are implementing programs to encourage net metering, but are capping the size of the system you may own.
New Jersey is one of the few states that doesn’t have a cap on net metering programs. This means that the energy plant can be as large as the source needs it to be. Six Flags Great Adventure, located in Jackson NJ, is taking advantage of these laws and making huge energy strides!
Why Intersect Energy?
We at Intersect Energy are here to keep you updated on all of your renewable energy news! We focus on commercial and industrial solar energy development projects in New Jersey, New York and Massachusetts. We offer innovative solutions to facility upgrades when paired with a new solar project, at little to no capital cost to our clients. To learn more, follow us on LinkedIn!