Solar power forecast to shut down coal plants faster than expected

By Jess Shankleman and Hayley Warren

June 17, 2017

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Solar power, once so costly it made economic sense only in spaceships, is becoming cheap enough that it will push coal and even natural-gas plants out of business faster than previously forecast.

That’s the conclusion of a Bloomberg New Energy Finance outlook for how fuel and electricity markets will evolve by 2040. The research group estimated solar already rivals the cost of new coal power plants in Germany and the U.S. and by 2021 will do so in quick-growing markets such as China and India.

The scenario suggests green energy is taking root more quickly than most experts anticipate. It would mean that global carbon dioxide pollution from fossil fuels may decline after 2026, a contrast with the International Energy Agency’s central forecast, which sees emissions rising steadily for decades to come. “Costs of new energy technologies are falling in a way that it’s more a matter of when than if,” said Seb Henbest, a researcher at BNEF in London and lead author of the report.

The report also found that through 2040:

  • China and India represent the biggest markets for new power generation, drawing $4 trillion, or about 39 percent all investment in the industry.
  • The cost of offshore wind farms, until recently the most expensive mainstream renewable technology, will slide 71 percent, making turbines based at sea another competitive form of generation.
  • At least $239 billion will be invested in lithium-ion batteries, making energy storage devices a practical way to keep homes and power grids supplied efficiently and spreading the use of electric cars.
  • Natural gas will reap $804 billion, bringing 16 percent more generation capacity and making the fuel central to balancing a grid that’s increasingly dependent on power flowing from intermittent sources, like wind and solar.

BNEF’s conclusions about renewables and their impact on fossil fuels are most dramatic. Electricity from photovoltaic panels costs almost a quarter of what it did in 2009 and is likely to fall another 66 percent by 2040. Onshore wind, which has dropped 30 percent in price in the past eight years, will fall another 47 percent by the end of BNEF’s forecast horizon.

That means even in places like China and India, which are rapidly installing coal plants, solar will start providing cheaper electricity as soon as the early 2020s.

“These tipping points are all happening earlier and we just can’t deny that this technology is getting cheaper than we previously thought,” said Henbest.

Coal will be the biggest victim, with 369 gigawatts of projects standing to be cancelled, according to BNEF. That’s about the entire generation capacity of Germany and Brazil combined.

Capacity of coal will plunge even in the U.S., where President Donald Trump is seeking to stimulate fossil fuels. BNEF expects the nation’s coal-power capacity in 2040 will be about half of what it is now after older plants come offline and are replaced by cheaper and less-polluting sources such as gas and renewables.

In Europe, capacity will fall by 87 percent as environmental laws boost the cost of burning fossil fuels. BNEF expects the world’s hunger for coal to abate starting around 2026 as governments work to reduce emissions in step with promises under the Paris Agreement on climate change.

“Beyond the term of a president, Donald Trump can’t change the structure of the global energy sector single-handedly,” said Henbest.

All told, the growth of zero-emission energy technologies means the industry will tackle pollution faster than generally accepted. While that will slow the pace of global warming, another $5.3 trillion of investment would be needed to bring enough generation capacity to keep temperature increases by the end of the century to a manageable 3.6 degrees Fahrenheit (2 degrees Celsius), the report said.

The data suggest wind and solar are quickly becoming major sources of electricity, brushing aside perceptions that they’re too expensive to rival traditional fuels.

By 2040, wind and solar will make up almost half of the world’s installed generation capacity, up from just 12 percent now, and account for 34 percent of all the power generated, compared with 5 percent at the moment, BNEF concluded.

How Long Does It Take to Break Even With Solar Panels?

By Mikey Rox

June 15, 2017

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Solar power has advanced leaps and bounds over the past couple decades, and those grid panels that harness the power of the sun and turn it into energy are everywhere. It’s not uncommon to find at least one house in your neighborhood that has panels covering every square inch of its roof.

You may have also been approached by a solar company rep about outfitting your home with panels. (These guys and gals are almost as ubiquitous as the product they’re selling.) And maybe you don’t understand the mechanics of solar home power — or its benefit to your wallet — which may make you hesitant to explore the option.

Well, you’re not alone. Those of us who haven’t adopted solar energy yet still have a lot of questions — namely, what’s this going to cost? And when will I break even?

The cost of solar panels

First, let’s get down to the nitty-gritty of just how much solar panels will set you back. It’s not cheap to save the planet, even though the sun has been free of charge for billions of years.

The easiest way to calculate the average cost of solar panels, according to New England-based solar-installation company EnergySage, is to look at its price in dollars per watt, and those numbers are fairly consistent across the country.

This year, “most homeowners are paying between $2.87 and $3.85 per watt to install solar, and the average gross cost of solar panels before tax credits is $16,800,” says EnergySage’s data. Figure in tax credits and the price comes down to $10,000 to $13,500, based on the average 5kW (5,000 watts) system that’s typically installed in the United States. EnergySage also says these numbers are about 9 percent lower than last year, but recommends comparing prices quoted to other homeowners in your area.

Now that we know how much the system will set us back, the next reasonable question is how long will it take to break even. (See also: 10 Ways Anyone Can Go Solar and Save on Energy)

When you’ll break even

Sarah Hancock is a digital marketing strategist who manages the solar coverage at BestCompany.com, an online review site that ranks companies in different industries. She says the amount of time it takes to break even depends on three main factors.

1. Current utility price

The higher the current electricity price is in your area, the more money you will save by going solar, which results in a faster break even time, Hancock says.

“For example, an individual who lives in California, where the price of electricity currently sits at about 17 cents per kilowatt-hour, will break even quicker than an individual who lives in Washington, where the electricity price is only 9 cents per kilowatt-hour, because the Californian will be saving more on his electricity bill each month,” Hancock says.

2. Available incentives

These vary from state to state. There are a number of different incentives to take into consideration, including tax credits, rebates, performance payments, and tax exemptions. The more incentives available to you, the quicker your break-even time will be.

“One of those incentives is the 30 percent federal tax credit,” says Andy Schell, marketing manager at Paradise Energy Solutions. “This credit allows solar owners to recoup 30 percent of the project’s cost. If you aren’t able to recoup all 30 percent in year one, the remaining amount can be carried forward for 20 years until the full credit is expended. In addition, USDA grants and accelerated depreciation schedules are available for qualifying businesses and farms.”

This is a good resource to find solar-energy incentives available in your state.

3. Method of payment

According to Hancock, you can purchase the panels outright, or get them on loan, lease, or PPA (power purchase agreement — which is a financial agreement that allows a developer to arrange the design, permits, financing, and installation of a solar energy system, and lasts anywhere from 10 to 25 years).

However, there are fewer studies supporting the increased home value when you upgrade your home through a PPA or a lease. The reason is simple: With an upfront purchase or loan, the new buyer will not have to pay for any of the electricity produced by the panels because you would have already paid for it. With a PPA, the new buyer will still pay for electricity, simply at a lower rate than what other neighbors will pay to the utility company. Those agreements are easily transferable and can also be bought out by either seller or buyer if necessary.

The payment method that will result in the quickest break-even time varies from state to state depending on the two other factors mentioned above — utility price and available incentives. If you live in a state with high electricity prices and several incentives, you will probably break even quicker with a loan because your energy savings will be higher than your loan payment. However, if you live in a state with low electricity prices and few incentives, you’ll most likely break even faster with an outright purchase.

“To provide a general range,” Hancock says, “most individuals who go solar will break even in 15 to 25 years.”

Leasing versus buying a solar system outright

“We guide homeowners with what we’ve seen is the question that is most likely to help them decide what route to take: How much is your tax liability?” says Julio Daniel Hernandez, a representative of renewable energy company EnLight.Energy.

If your tax liability is big enough right now to able to take full advantage of the Federal and possible state tax incentives, he says, then you should take advantage of the available loans and tax credits. If you don’t have the tax liability, then a PPA/Lease makes more sense. You’ll get access to all of the energy your solar system can provide at a cheaper rate than your utility company (usually around 20% savings) and will not ever have to pay a dime out of pocket.

As far as break-even calculations cost go, Hernandez’s estimate is much more liberal than Hancock’s.

“Break-even with a PPA/lease is zero because you don’t pay anything; you just start saving right away similar to a third party electric company in a deregulated market,” he says. “If you buy a system, depending on the incentives available to you, break-even point should be around eight years or less.”

How incentives and pricing have evolved

As an early adopter of solar power a decade ago, you would have made out like a bandit with incentives, but that’s not the case now that so many people are switching over to the energy solution. But as with all technology, the longer it’s been around, the cheaper it becomes on the front end.

“Unfortunately, there are fewer incentives available now than there were 10 years ago due to the increased popularity of solar power,” explains Hancock. “However, the good news is that the price of solar panels has dropped by more than 60 percent over the past 10 years. So, while fewer federal and state solar incentives are up for grabs, solar power is still more affordable than ever for consumers.”

Is it a good investment?

In most states, solar power is a solid investment that will result in a significant return over the next 20 to 30 years.

“For example, an individual in California who purchases a solar system outright can probably expect to see a return between $30,000 and $40,000 over the next 25 years, while an individual in Washington could expect a return of about $10,000 for the same scenario,” Hancock says.

Although the dollar-for-dollar return isn’t as high for the Washingtonian as it is for the Californian, both individuals are still saving money with solar power.

Says Hernandez, “Your home value is estimated to go up $15,000-plus by upgrading to solar energy. Some of this depends on the size of the system, but studies are showing that the bulk of the increase comes from simply putting panels on and then there’s only a slight additional shift upward based on how big the system is.”

Solar power emerges where oil and gas once dominated

By Ryan Maye Handy

June 13, 2017

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When oil prices tanked two years ago, hundreds of Pecos County workers lost jobs working at oil and gas companies in the prolific Permian basin. Last year, the rural county lost around 20 percent of its $2.5 billion tax value.

But the unemployed residents weren’t out of work for long. Most of the 300 to 400 oil field workers found jobs installing solar panels beneath the hot and abundant West Texas sun.

Pecos now has five operational solar farms, large projects that meet the definition of utility-scale – having the capacity to generate at lease 1 megawatt, enough to power about 200 houses on a hot Texas day.

All told, the projects, including two likely to get underway within the next few years, are expected to add hundreds of millions of dollars to the tax base of the county, where solar panels stand on the same property as gas flares and drilling rigs.

“It’s a great marriage,” said Doug May, the executive director of the Fort Stockton Economic Development Council in the county.

Pecos County, which has only three people in each of its 5,000 square miles, has become a hub for utility-scale solar power. Across the nation, solar farms are poised to become a boon for rural economies that have been hard hit by the decline of industries such as agriculture, manufacturing and coal, as well as the boom-and-bust cycles of oil and gas.

In North Carolina, for instance, farmers lease fallow land to solar panel companies; in West Texas, counties like Pecos, once reliant on oil and gas extraction, are diversifying through solar and wind power.

Utility-scale projects are eligible for a state tax abatement – up to 80 percent for 10 years – an incentive that has drawn projects to places like Pecos County. Texas’ utility-scale installations, at around 783 megawatts, are expected to double in Texas this year, according to the Solar Energy Industries Association, a national trade group.

Beyond abundant sunshine, the county’s other draws are its many transmission lines that feed into the electric grid that serves the state’s population centers. More transmission lines are expected to be added in 2019 and 2020, likely driving another burst of solar installations, May said.

If that happens, solar power will exceed the county’s 700 megawatts of wind energy. In addition, solar companies will employ locals even as the price of oil remains stubbornly below $50 a barrel.

“It has basically helped to compensate for the boom and bust cycle,” said Colin Meehan, the director of regulatory and public affairs for Houston-based First Solar, which has two solar farms in Pecos. “They see it as just another source of revenue.”

Pecos is a model of how rural counties can benefit from renewable energy, said Helen Brauner, the director of origination strategy for 7x Energy, an Austin-based utility-scale solar company. In Austin on Tuesday, Brauner and other solar executives gathered at a conference hosted by the Solar Energy Industries Association.

“The typical 100-megawatt solar project should give the county about $30 million in property tax revenue” over the duration of the project, Brauner said.

The conference attendance nearly doubled this year to more than 400, a sign that Texas is primed for more investment in solar, conference organizers said.

Nonetheless, the growth of utility-scale solar in Texas suffered a setback in April of last year when Sun-Edison, the world’s largest renewable energy developer, filed for bankruptcy, delaying two major projects.

In September, Houston-based NRG Energy bought one the projects, the 154-megawatt Buckthorn solar farm in Pecos County. When the project is done next year, its sole customer will be Georgetown, a city of about 60,000 north of Austin.

Harnessing solar energy to fight local hunger

By Louis Medina

June 12 2017

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Electricity is energy. Fuel is energy. Food is energy. Manpower is energy.

All those forms of energy are essential to the running of Community Action Partnership of Kern’s Food Bank, whose food distribution poundage increased by more than 50 percent, from 9 million in 2013 to 13.6 million in 2016, to keep up with local hunger needs amplified by job losses in the agriculture and oil industries due to the drought and plunging oil prices during the same time frame.

Electricity is needed to keep the Food Bank office and warehouse operational — including 40,500 cubic feet of walk-in fridge and freezer space to ensure proper storage of fruits, vegetables, meat, and other fresh and frozen foods.

The Food Bank’s fleet of trucks needs fuel to get nutritious food to well over 100 partnering distribution locations throughout Kern County’s 8,200 square miles.

The more than 1 million pounds of food the Food Bank distributes monthly helps keep thousands of folks — seniors, families with children, homeless individuals, at-risk veterans — throughout the community from going hungry.

Our staff members and volunteers provide the manpower to collect, sort and transport the food that is either purchased or donated for the benefit of the food insecure among us.

Well, the CAPK Food Bank will soon be using another type of energy — Kern County’s abundant solar power — to significantly reduce its electricity costs.

Thanks to generous funding that includes grants from the city of Bakersfield and Kern County Community Development Block Grant program, The Bakersfield Californian Foundation and Southern California Gas Company, the Food Bank warehouse will soon boast 504 roof-mounted photovoltaic panels that will generate 254,787 kilowatt-hours of energy annually — enough to reduce its electricity costs by close to $50,000 a year.

This will result in savings and operational efficiencies that can be reinvested into the acquisition and distribution of food for the hungry.

“The grants that are allowing us to do this work are like a gift that keeps on giving,” said CAPK Executive Director Jeremy Tobias. “From now until the lifespan of these panels ends, we’re going to be receiving that money back every year. Instead of writing a check for utilities, we can spend that amount on food. It’s like an investment, almost. It’s a gift for the entire community.”

And grant dollars are staying in Kern County, as the work has been contracted to local firm A-C Solar, a subsidiary of A-C Electric Company. A-C Solar Energy Manager Jeff Petrini, who has assisted a number of nonprofits, including churches, with their commercial solar installation, knows how important grant dollars are for these organizations.

“Solar is an expensive proposition and having a zero-out-of-pocket financing option or a grant is really the only way it can happen for nonprofits,” he said, because they cannot enjoy the tax breaks for-profit companies do on their solar installs.

“The cost of energy is going up and up on a yearly basis,” Petrini said. “Being able to help nonprofits to better utilize the funds they have, for the purpose that they’re designed for, is important to us.”

The actual date for the “switch throwing party” for the CAPK Food Bank’s solar project has not been set yet, but is anticipated for some time in mid-to-late summer. CAPK is looking forward to making it a community event to inspire other nonprofits to follow suit and think outside the box to generate savings that can be invested in the real work at hand: serving people.

These Solar Panels Generate Drinking Water from the Air

By Rich Demuro

June 12 2017

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A company called Zero Mass Water has created a special solar-like panel that creates clean, drinkable water from the air. You can now install them on your home or office.

I’ve drank a lot of water from bottles, but it was never created like this.

I’m on the rooftop of a building in Santa Monica on an overcast day, checking out solar panels from a company called Zero Mass Water. These are not just your typical energy creating panels – they are busy pulling water out of the air.

“It turns out there is more water in the air than all the fresh water in the planet,” explains Zero Mass Water CEO Cody Friesen.

Friesen says he’s installed his special form of solar panels in seven countries. The panels are self-contained – with everything they need to generate clean drinking water inside. Solar cells power the device, a special membrane inside absorbs water molecules, which is then treated with minerals for a fresh taste before being stored in on-board reservoirs.

“What these panels do is very similar to the ocean, sun, rain cycle,” says Friesen.

You can hear cooling fans whirring as the panels do their job on the rooftop. Each panel costs about $2,900 and that does not include installation costs. A panel produces about ten small water bottles daily and is expected to last for about ten years. A simple water line carries the drinking water inside the building, your home or into your kitchen.

We head downstairs to a drinking fountain supplied by Zero Mass Water’s panels. As I fill up a water bottle, a digital counter says the system has filled the equivalent of 5,862 plastic water bottles so far.

The water looks and smells clean. I take a sip and am pleasantly surprised by the taste. It’s fresh, crisp and doesn’t have the flat taste I had imagined.

Zero Mass Water has managed to create a green source of water and their panels are now available to homeowners in California and Arizona, although the company says they will work anywhere in the world.

Although their current price is prohibitively expensive for many homeowners, they practically pay for themselves in about 4 years if you’re currently buying bottled water. It also just feels neat knowing that you’re going green and creating your own water supply, seemingly from thin air.

More information:

Zero Mass Water

Solar accounts for 30 percent of new energy in U.S. so far this year

By Bret Fanshaw

June 8, 2017

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WASHINGTON, DC – A new analysis released today by SEIA/GTM Research shows that solar remains a growing part America’s energy mix so far in 2017, accounting for 30 percent of new energy capacity installed.

California, North Carolina and Arizona rank as the top three states for solar installations during that time.

The report comes as President Trump withdraws the United States from the Paris Climate Agreement and as dozens of state and local leaders double down on their commitments to climate action and renewable energy.

According to SEIA, the U.S. now has nearly 15 times more solar energy capacity installed than in 2010, with enough solar to power the equivalent of over 8.7 million homes and reduce 55 million metric tons of carbon emissions annually.

The solar industry is expected to nearly triple in the next five years, as demand for clean energy grows and costs continue to fall.

The data comes from the quarterly U.S. Solar Market Insight Report by SEIA/GTM Research.

Environment America solar program coordinator Bret Fanshaw released the following statement in reaction to today’s report:

“The data released today is clear: solar power continues to boom across America.

“If state and local leaders keep stepping up their commitments to solar power, our country’s health and environment will benefit from cleaner air, water and a safer climate.

“These figures also show that even while President Trump withdraws from the Paris Climate Agreement and unwisely rolls back American commitments to act on climate change, state and local governments, businesses and institutions stand ready to ramp up renewable energy at record speed.

“In order to reach 100 percent renewable energy, we can and must continue the wave of solar adoption currently underway in our communities.

“We urge state and local leaders across the nation to stand with us for a clean, bright solar future.”

Bellevue teens build solar panels to power homeless encampments

By LiLi Tan

June 6, 2017

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For geometry teacher Walt Hickey, the thought to use solar panels in homeless encampments was a piercing revelation that started a student revolution.

Inside Interlake High School’s metal shop, Hickey is showing students bit by bit how to design, wire and build solar panels.

“I know you know how to drill,” Hickey told one student. “The U-bolt goes in there and the mast goes in there.”

The mast he is referring to supports a solar panel used to power tiny house villages in Seattle’s Ballard and Othello neighborhoods.

“Youri showed up and said let’s do this. So that’s when we did our research on the Internet, got out some schematics, plugged wires in and next thing you know we had light,” Hickey said.

Youri Babakoff, 16, is the co-founder of the club Community Impact Activists.

“We come from an area that’s really lucky and have a lot of opportunities that a lot of people don’t have 13 and I find that just small actions make a big impact on the world,” Babakoff said.

Inspired by Hickey’s work in Mexico, where he has been installing solar panels for families there for the last 15 years, 20 high school students formed the club to help families here.

“I had a friend on the bus and he’s like, ‘Dude, there’s this really cool club we can both get involved in. It’s like a mix of engineering and helping the community,’” Petros Magoulas, 17, said.

Hickey’s nonprofit Camino Maestro donates the parts to students. Each solar panel costs about $115 to build and $10 to ship via Amtrak. The panels students assembled Tuesday afternoon are bound for Mexico.

However, Babakoff says he is now creating a student-run non-profit group to build more panels for families in need in the Seattle area.

“I remember this one lady,” Babakoff said of a tiny house resident, continuing, “she came and hugged us after we installed it and you could really tell how much it meant to her. I felt that’s what really counts.”

Hickey says the solar panels come with USB charging ports so tiny house residents can charge their phones for job interviews, to arrange transportation and to get in touch with family.

Through Farmer’s Insurance, Hickey has applied for a $2,500 “Thank a Teacher” grant to provide students with more funding.

The public can go online to vote for which project should receive funding. Click here and search for Interlake High School.

© 2017 KING-TV

China Turns On The World’s Largest Floating Solar Farm

By Jason Daley

June 7 2017

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Last week, workers switched on a solar energy plant capable of producing 40 megawatts of power, which floats on a manmade lake in China’s Anhui province near the city of Huainan, reports Sarah Zheng at the South China Morning Post. The array is the largest floating solar project in the world, though at the brisk pace China is building new renewable projects it’s unlikely to hold that title very long.

Built by the company Sungrow Power Supply, the power plant will produce enough energy to power 15,000 homes, Zheng reports. While the company has not revealed the exact size of the operation, it produces twice as much energy as the previous holder of the largest-floating-solar-plant title, which is located in the same area and was launched by the company Xinyi Solar in 2016.

Anhui province is a coal-rich region, and the Sungrow plant is located on a lake that was once the site of intensive mining. Heavy rains filled the area with water. As Zhen reports, the depth of the lake varies from 12 feet to 30 feet.

So why build solar plants on top of lakes and reservoirs? Fiona Harvey at The Guardian explains that building on bodies of water, especially manmade lakes that are not ecologically sensitive, helps protect agricultural land and terrestrial ecosystems from being developed for energy use. The water also cools the electronics in the solar panels, helping them to work more efficiently, reports Alistair Boyle for The Telegraph. For similar reasons Britain built a 23,000-panel floating solar farm on the Queen Elizabeth II reservoir near Heathrow airport in 2016 to help power the Thames Water treatment plant.

The Sungrow solar farm is just one tiny piece in China’s push towards renewable energy. According to Irina Slav at Business Insider, the country recently announced it would invest $361 billion in renewable power by 2020, and by 2022 could produce 320 gigawatts of wind and solar power and 340 gigawatts of hydropower. Zheng reports that currently renewables are responsible for 11 percent of China’s energy and may reach 20 percent by 2030.

While the floating solar plant is the largest in the world, it pales in comparison to some of China’s non-floating solar projects. The Longyangxia Dam Solar Park on the Tibetan plateau hosts 4 million solar panels that produce 850 megawatts of energy. Even that will soon be eclipsed by a project in the Ningxia Autonomous Region, which will have 6 million solar panels and produce 2 gigawatts of power.

US Army Base Goes Green With Renewable Energy Project

By Reuters

June 6, 2017

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NEW YORK — 

The U.S. military’s biggest base on American soil has begun drawing nearly half of its power from renewable energy, days after President Donald Trump’s decision to pull out of a global agreement to fight climate change.

Fort Hood, in Texas, has shifted away from fossil fuels to wind- and solar-generated energy in order to shield the base from its dependence on outside sources, a spokesman said.

“We need to be autonomous. If the unfortunate thing happened and we were under attack or someone attacked our power grid, you’d certainly want Fort Hood to be able to respond,” Chris Haug, a spokesman for Fort Hood, said in a phone interview.

The project brings the Army base, home to 36,500 active-duty personnel and some 6,000 buildings, in line with the Department of Defense’s decade-long effort to convert its fossil fuel-hungry operations to renewable power.

It comes in the wake of Trump’s decision last week to withdraw the United States from a landmark global agreement to fight climate change, the Paris accord, a move that drew condemnation from world leaders and heads of industry.

The project is already fully operational. Its 63,000 solar panels, located on the base’s grounds, and 21 off-base wind turbines provide a total of some 65 megawatts of power, according to an Army statement.

Previously, some 77 percent of base’s energy was generated by fossil fuels, a 2015 draft report assessing the renewable energy plan shows.

Burning fossil fuel generates greenhouse gases that are blamed by scientists for warming the planet.

The Paris accord aims to reduce such emissions, including by encouraging a shift to clean energy.

Fort Hood’s new solar field and wind farm will result in savings of more than $100 million over some 30 years, the Army said.

Over the last decade, the U.S. military and intelligence officials have developed a broad agreement about the security threats that climate change presents, in part by threatening to cause natural disasters in densely populated coastal areas, damage American military bases worldwide and open up new natural resources to global competition.

The number of military renewable energy projects nearly tripled to 1,390 between 2011 and 2015, a Reuters analysis of Department of Defense data previously showed.

The Defense Logistics Agency (DLA), a Department of Defense agency assisting the Army in its renewable-energy shift, is also working with the U.S. Air Force on long-term renewable energy projects, a DLA spokeswoman told the Thomson Reuters Foundation.

Prince Secretly Donated Thousands To Help Solar Power Startups

By Tod Perry

June 6, 2017

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It’s been a little over a year since the world lost Prince, but his influence is still strong as ever and not just in the world of music. It was recently revealed that Prince anonymously gave $250,000 to support solar energy entrepreneurship—a generous cash infusion that ultimately led to Powerhouse, a for-profit incubator that links solar entrepreneurs with investors. Prince’s interest began after a conversation with Obama’s former green jobs advisor and current CNN commentator, Van Jones.

“He asked ‘If I have a quarter million dollars, what can I do with it?’ ” Jones said in an interview. “My wife said he should put solar panels all over Oakland.” Since Powerhouse was established in 2013 in Oakland, California, it’s helped over 43 clean energy startups create $52 million in revenue, raised $287 million in capital, and generated over 240 million megawatts of solar energy.

Nearly half of the companies backed by Powerhouse were founded by minorities and women, far beyond the industry norm. These companies include: BrightCurrent, PVComplete, UtilityAPI, and Hot 4 Solar. Prince’s investment is even more important now, given the harsh political climate in Washington. The Trump administration is expected to propose a 70 percent budget cut to the Office of Energy Efficiency and Renewable Energy. In 2018, the cut would slash up to $1.45 billion from its current $2.09 billion budget.

Prince and Jones also collaborated on the #YesWeCode initiative that works to help young people of color enter the tech industry. The initiative was inspired by the tragic death of Trayvon Martin. “I was talking to Prince and he said, ‘You know, every time people see a young black man wearing a hoodie, they think, he’s a thug. But if they see a young white guy wearing a hoodie they think, oh that might be Mark Zuckerberg. That might be a dot-com billionaire,’” Jones recalled. “I said, ‘Well, yeah, Prince that’s true, but that’s because of racism.’ And he said, ‘No, it’s because we have not produced enough black Mark Zuckerbergs. That’s on us.’”

[Correction: An earlier version of this article stated Prince’s anonymous donation was $25 million. The correct amount is $250,000. The post has been updated for accuracy.]