Renewable Energy Focus
OC Register - Oct 7
California Governor Jerry Brown has signed SB350, an ambitious bill intended to combat climate change by increasing the state’s renewable electricity use to 50 percent and doubling energy efficiency in existing buildings by 2030. Brown approved the measure after losing a political battle against oil interests as he also tried to cut petroleum use by half in the state. He characterized the loss as a short-term setback. Still, the final bill lacked the punch that Brown might have hoped to deliver when he attends the United Nations climate change.
Greentech Media - Oct 6
The Internal Revenue Service is considering modifications to energy investment tax credit regulations, which could have implications for energy storage and other technologies. The IRS and the U.S. Department of Treasury issued a notice last Friday that the agencies are seeking public comments on Section 48 of the Internal Revenue Code, the commercial Investment Tax Credit (ITC), concerning the definition of qualifying energy property. Regulations that govern the ITC haven't been updated since 1987, however, so there's been growing confusion around which technologies qualify and how they must do so. The IRS and Treasury wrote last week that they "anticipate" issuing new tax credit regulations.
Solar Industry Magazine - Oct 6
New analysis from Bloomberg New Energy Finance says that the levelized cost of electricity (LCOE) for solar photovoltaic and onshore wind power technologies is approaching parity with gas-fired and coal-fired generation and is even on par in certain markets. LCOE represents the cost of generating a megawatt-hour as a function of the total cost of financing, designing, building, operating, and maintaining the plant over its lifetime.
Greentech Media - Oct 7
SunEdison detailed a restructuring plan this morning in an effort to cut costs and assuage investor fears that the company is not on a sustainable growth path. The investor call came a week after CEO Ahmad Chatila sent an internal memo notifying employees of a coming 10 percent cut to SunEdison's workforce. In an 8-K filed Monday, the company said the cuts would amount to 15 percent. Layoffs are only one piece of SunEdison's plan to take "difficult but appropriate actions" in order to comfort investors.
Fairfield Daily Republic - Oct 7
The Board of Supervisors unanimously passed an ordinance Tuesday prohibiting commercial-scale solar projects in all agricultural districts in unincorporated areas of Solano County. Despite their support of the ordinance, some supervisors indicated there could be instances in which they would make an exception. Board members acknowledged they needed to take action because the moratorium they had enacted two years ago was set to expire in less than two weeks.
Fairfield Daily Republic - Oct 7
General Electric Co has started a company to focus on energy efficiency to help corporate and other customers lower their energy bills and better manage power distribution. The new company, called Current, will integrate GE's LED, solar, energy storage, and electric vehicle businesses with GE's growing data and analytics platform. The company, which will be run by Maryrose Sylvester, who has been president of GE Lighting, will begin with $1 billion in revenue, and is expected to grow to $5 billion by 2020, GE said.
San Diego Union-Tribune - Oct 5
Renovate America, a San Diego green finance provider for home energy and water improvements, has raised $90 million in a new round of venture capital funding. The money will be used to expand the 500-employee company’s footprint into new markets as a Property Accessed Clean Energy provider, the firm said last week.
The Journal - Oct 6
The Temecula Valley Unified School District is adding a six-megawatt solar installation and an energy storage project in an effort to reduce energy costs. The project, which is expected to save more than $520,000 in its first year and $35 million over its 25 year life, will stretch across 19 campuses, with 18 solar carports, two ground mount arrays, and DemandLogic energy storage systems at five sites.
