EXCLUSIVE

READY FOR CHANGE? 

EcoNomics conducted an exclusive survey on what people really think about changing their energy source at home.

NOT REALLY

Does switching your home's energy from electric to solar cost a lot? It seems like it does, but it doesn't! Find out why you can actually make money from it.

While the initial cost of installing a solar energy system might seem like a significant investment for homeowners, a growing body of research and market trends indicate that this upfront expenditure ultimately translates into substantial long-term savings and can even boost a property's value. Factors such as electricity consumption, system size, sunlight availability, and utility rates all play a role in calculating potential savings, but the overall trajectory points toward a financially advantageous transition for homeowners.

The cost of solar technology has been steadily declining since 2009, a trend experts anticipate will continue, making solar increasingly competitive with traditional utility-supplied electricity in many areas. This decrease extends beyond just the panels themselves, encompassing installation costs like permitting and inspection. Furthermore, homeowners can maximize their energy savings by pairing solar installations with energy efficiency upgrades, reducing their overall energy needs.

Beyond slashing monthly electricity bills, investing in a solar energy system offers significant financial benefits. A recent study revealed that homebuyers across the nation are willing to pay a premium of approximately $15,000 for a home equipped with an average-sized solar array, recognizing it as a valuable upgrade akin to a renovated kitchen or finished basement. Moreover, homes with homeowner-owned solar panels have been shown to sell faster than comparable properties without them. Research supported by the U.S. Department of Energy's SunShot Initiative further confirms the added value of solar, with studies indicating a willingness among buyers to pay a premium based on the system's size and potential energy savings. As solar adoption continues its rapid growth, understanding these long-term financial benefits is becoming increasingly crucial for homeowners considering a sustainable energy future.

Find more about the study of solar panels adding value to homes here

SOLAR POWER

The giants power up: solar energy adoption soars among Big Tech

A report from the Solar Energy Industries Association (SEIA) shows that major technology companies like Meta, Google, and Amazon are significantly increasing their investments in solar energy and battery storage. This trend is driven by their rising electricity needs to power their growing data centers. 

The "Solar Means Business" report highlights Meta as the top corporate solar user in the United States, boasting nearly 5.2 gigawatts (GW) of installed solar capacity. Meanwhile, Google has emerged as the frontrunner in energy storage, with a remarkable 936 megawatt-hours (MWh) of installed battery capacity. Notably, Meta, Google, and Amazon were responsible for the largest additions to their solar portfolios through the first quarter of 2024, and they also maintain the most substantial pipelines of new solar procurements currently under contract.

The scale of their future ambitions is staggering. Amazon leads the nation with a contracted pipeline of 13.6 GW of solar energy, while Meta and Google each have nearly 6 GW under contract. These figures are over ten times larger than the procurement plans of the next-ranked companies, firmly establishing the technology sector as the dominant force driving corporate solar investment. Currently, over 18% of all U.S. solar capacity has a corporate off taker, underscoring the significant role these companies play in the nation's renewable energy landscape.

Beyond simply installing solar panels, these tech leaders are increasingly diversifying their procurement strategies. This includes a mix of on-site and off-site solar projects, as well as exploring options like community solar, green tariffs, and the increasingly crucial combination of solar and energy storage.

Google's dominance in battery storage is particularly noteworthy. With 312 MWac of installed storage capacity, the company possesses 25% more battery storage than the rest of the top ten corporate users combined. This significant investment reflects a broader market recognition of storage as a vital component for grid stability and for enabling corporations to better manage their energy consumption in real time.

Looking ahead, the integration of battery storage is predicted to be the next major wave in corporate renewable energy procurement. As companies gain experience with both on-site and off-site solar projects, the addition of batteries will offer enhanced control over energy costs, provide crucial backup power during outages, facilitate grid ancillary services, and even support the electrification of corporate vehicle fleets. The report indicates that for big tech, the answer to their growing energy needs lies increasingly in harnessing the power of the sun, both directly and through sophisticated energy storage solutions

Find the complete report here