TESLA, Utah — It’s an unlikely but inevitable reality: Solar power is coming back to the US, thanks to an aggressive expansion strategy backed by the energy giant.
Solar power in the United States has been under assault for years as a way to compete with fossil fuels in a market that has long been dominated by coal, natural gas and nuclear power.
But as the sun is shining, solar power is showing signs of resurgence.TESLA and others have been working on a strategy that would make solar energy more affordable for consumers, and also offer a solution to the growing cost of electricity in the U.S. It’s called the Renewable Portfolio Standard, or RPS.
The standard requires utilities to build more renewable energy projects and to purchase renewable energy credits to offset their carbon emissions.
The solar industry is trying to help pay for this effort.
In its latest round of financing, TESL announced that it had secured a $1.9 billion loan guarantee from the U and D.U.
Tesa, a California-based company that develops renewable energy technology, is helping TESLEX and other companies get their green energy technology on the market.
TESla and other solar power providers have invested billions of dollars in renewable energy research and development, but the RPS program offers a way for them to help finance the work, said Robert Schatz, president of the Solar Energy Industries Association, which represents the solar industry.
The program is being developed by the U, D.C.-based nonprofit, the Solar Investment Corporation, and the Federal Energy Regulatory Commission, a federal agency that oversees energy markets.
The RPS will be an extension of the solar market that TESELA was already investing in before it went public in 2014, Schatz said.
TELA and other utilities are investing in solar to meet the country’s rising demand for electricity.
The program will provide funding for projects that can generate more electricity in a short period of time, Schatsatz said in a statement.TELA is investing $2.5 billion in renewable technology projects in 2017, including $1 billion in solar power and other projects, Schaps said.
Solar power in California will provide more than 40% of the state’s electricity by 2035, according to a new study by the California Energy Commission.
In Utah, where TESELS solar power plant is located, the solar power industry will be worth $3.2 billion by 2034.TESA and others, including the Solar Foundation, have also been working to make solar power more competitive in the market, Schitz said.
The foundation is investing more than $500 million in solar projects in the states of Utah, Idaho, California, New Mexico and Arizona.
The foundation and others will be launching a new campaign this month called SolarPowerNow, to help fund the RPs development, Schanks said.
Tesla and its partners are also working with the Federal Trade Commission to establish a federal solar energy standards program.
The agency will work with states to develop solar energy policies that are aligned with the Rps.
The Federal Energy Administration will develop rules for RPS compliance and enforcement.
The government agency will also make recommendations to Congress, including setting up incentives for new solar projects, to boost the RPLs market share.
Tests are underway to determine the exact amount of funding needed for each project, Schads said.
Schatz said TESOLES and other firms are investing millions of dollars into research and innovation to ensure the RPRS is the most cost-effective way to meet solar power’s goals.
Solar PowerNow will be part of TESLES efforts to promote solar power, he said.
The solar industry has been expanding at a fast pace since the end of the Great Recession, with the number of projects expanding by more than 50% from 2012 to 2014, according the Solar Industry Association.TESELA has been one of the leaders in helping the solar sector compete with coal, and has been instrumental in expanding the RPP program to meet that need, said Bill Shillington, president and CEO of the utility.
The RPS initiative is an opportunity for utilities to capitalize on a rising energy demand, he added.
“As solar power continues to grow in the marketplace, TESA is working to continue the RPA efforts to keep pace with growing demand for energy in all 50 states,” Shillingson said in an emailed statement.