ConveYour's Solar News Roundup - Q1 2022

Every quarter, our ConveYour team assembles a newsletter digest of the biggest news, trends, and developments in the world of residential solar. This newsletter is sent out to our subscribers before it gets posted on the site. ‍

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- The Biden Administration announced a four-year extension on solar cell tariffs, but with eased restrictions and an exemption for bifacial panels. 

- Ion Solar has announced a large investment from Greenbelt, Blackstone Credit, and Energy Impact Partners.

- Forbes has released their list of the "The Best Solar Panel Installation Companies Of 2022." Featured businesses include Blue Raven Solar, SunPro, Momentum Solar, and Palmetto Solar, among many others.  

- Titan Solar announced their pledge to donate $500,000 over three years to Phoenix Children’s Hospital.

- Lumio completed a $110 million investment from White Oak and Fiera Comox.

- Jayson Waller of Powerhome Solar had his article featured in Forbes: "How Solar Power Can Improve Your Business’ Bottom Line"

- Applications are NOW OPEN for Solar World's 2022 Top Solar Contractors List! The deadline is May 27th.

It's hard to believe that the first quarter of 2022 is already drawing to a close. In a world that feels like it's changing by the day, solar has only continued to thrive, and the future of the industry is looking brighter than ever. 

According to PV Magazine, solar power passed 4% of US energy in 2021. Looking back, 2021 was the first year that growth for residential solar outpaced the growth of solar in utility and industrial applications. 

In an already record-obliterating year for the renewable energy sector, additions of residential solar PV capacity grew more than 30% in 2021, from 18.9 GW in 2020 to 25.2 GW.

The growth isn't expected to stop here, however. Rystad Energy is also predicting rooftop solar installations to nearly double by 2025, with the US, UK, and Australia leading the charge. 

In short, the best time to get into solar was years ago. The second best time to get into solar is today.

The solar tsunami that is sweeping the nation is providing some great perspective on how individual states can respond completely differently to the same thing.

In California, proposed changes (collectively called NEM 3.0) to the state's solar incentive program drew passionate disapproval from solar advocates and industry leaders. As proposed, the changes would have reduced payments granted for net-energy metering and add monthly charges for solar customers.

This bill quickly sounded alarms with solar groups, who were quick to point out that California's residential solar adoption figure of 1.3 million was the result of their current solar incentive program. The opposition worked, and in February it was announced that the vote on NEM 3.0 would be paused indefinitely, a win for the solar industry in the state. 

Meanwhile in Florida, the exact opposite has happened. On March 7th, the Florida Senate passed a bill granting the Public Service Commission the ability the change net metering requirements and reduce the credit for solar energy provided back into the grid. 

This bill passes even as 84% of polled Florida residents have expressed their support for net metering, which would be significantly handicapped by this legislation. Opponents of the bill point to states like Nevada, who saw increased energy prices and a loss of local solar companies after passing similar legislation. 

"Ultimately, this bill would rid Floridians of their energy choices, create new fees and taxes, and destroy jobs."
- Ben Millar, CEO of Sun Harvest Energy

Time to talk about the elephant in the room. No news roundup from the past quarter is able to escape talk of Russia's war on Ukraine, a somber reminder that far-away conflicts and events still have their impact felt at home. Energy has been a key part of this conflict, whether it's talk of oil bans, nuclear power plants, or a move toward renewables and energy dependence. It leaves us all asking, what exactly is this war's impact on solar going to be? 

The current situation, of course, has been changing on a daily basis. In the short term, countries are looking to expand drilling, gas, and coal production to offset dependence on Russian oil. However, in the longer term, countries are waking up to the importance of renewable clean energy and energy independence. 

It's impossible to know how the coming weeks and months are going to go. The situation is volatile and extremely fluid. However, the last few years have been nothing short of volatile and solar power has come out on top. As it stands right now, the developments in the energy world as a result of this war are currently pointing directly toward renewable energy sources like solar power. 

Before war broke out, a climate package consisting of energy provisions from the Unites States' shelved Build Back Better Act was expected to be considered. Due to the war abroad, these priorities have been set aside for the time being.

“When there’s less certainty about other sources of energy, that will help renewables because they’re a cheap source of electricity,”
- Joe Keefe, CEO of Pax World Funds

At the end of December 2021, it was announced that the Lehi Utah-based solar company LGCY Power (also a ConveYour customer!) would become the official, exclusive solar provider for the NBA's Utah Jazz. As part of the exclusive partnership, LGCY's branding will be featured on air and in-arena, and Vivint Arena's "Legends Club" will now be known as "Legends Club presented by LGCY Power."

The CEO of LGCY Power, Doug Robinson, was also recently featured as an honoree as part of Utah Business's "2022 CEO of the Year" feature. 

"The Jazz greatly value their corporate relationships, and we are very excited to welcome LGCY Power into our partnership family."
- Jim Olson, President of the Utah Jazz.

“Part of our mission at LGCY Power is to become the best people we can be, and we are proud to become the exclusive solar provider of the Utah Jazz because they espouse the same values we do for our community,”
- Doug Robinson, CEO of LGCY Power

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