{"id":3836,"date":"2013-04-02T13:55:47","date_gmt":"2013-04-02T13:55:47","guid":{"rendered":"http:\/\/blogs.edf.org\/energyexchange\/?p=3836"},"modified":"2013-04-02T13:55:47","modified_gmt":"2013-04-02T13:55:47","slug":"solar-market-needs-new-investors-to-continue-growth","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/energyexchange\/2013\/04\/02\/solar-market-needs-new-investors-to-continue-growth\/","title":{"rendered":"Solar Market Needs New Investors To Continue Growth"},"content":{"rendered":"

\"\"<\/a>The recent headlines for solar power have been encouraging.\u00a0 According to the Solar Energy Industries Association (SEIA)<\/a>, the cost to install solar is declining as panel prices fell by 41% in the fourth quarter of 2012 versus the previous year. \u00a0This helped US solar installations to grow<\/a> by around 75% in 2012, from 1,855 megawatts (MW) in 2011 to 3,300 MW.\u00a0 (For comparison, the average coal plant in the US has a capacity of about 650 MW).\u00a0 Even better, they forecast that installations will continue to climb to an estimated 9,000 MW in 2016.<\/p>\n

Unfortunately, lack of investment capital may be a barrier to realizing this vision.\u00a0 If we do not have enough funding, these projects will never be built.\u00a0 Bloomberg New Energy Finance<\/a> forecasts that the industry will need $3.1 billion of equity investment in 2013, compared to $1.8 billion in 2012. \u00a0Environmental Defense Fund (EDF) is committed to helping expand the roster of investors in solar projects, as investing in these projects is often not only highly profitable but also a major contribution to the sustainability of our planet.<\/p>\n

Large investors have developed two strategies to invest in solar projects.\u00a0 The traditional method is to make investments in large, utility scale projects.\u00a0 More recently, residential solar developers have created funds for investors to take stakes in a large number of residential and small commercial projects.\u00a0 The latter strategy has made \u2018no-money down\u2019 solar available for homeowners who do not have the upfront capital to purchase solar systems, which can cost up to $15,000 or more.<\/p>\n

Unfortunately, these investment strategies can be quite complex and are generally attractive only for corporations and certain wealthy individuals. To understand why, we need to explore the tax incentives for solar investors<\/a>.\u00a0 The federal government provides tax breaks for solar investors to accelerate deals, develop a robust market that is expected to lower costs over time and allow investors to capture part of the societal benefit of avoiding development of more fossil fuel power plants.\u00a0 EDF believes that this is a very good idea.<\/p>\n

The downside, however, of using the tax code to influence investment decisions is that investors who do not pay taxes generally do not care about taxes.\u00a0 The vast majority of institutional investors \u2013 such as pension funds, mutual funds and hedge funds \u2013 do not directly pay taxes and cannot take advantage of these tax breaks.\u00a0 To make matters worse, most individuals are also unable to capture the full tax benefit.\u00a0 As a result, investing in these types of solar projects tends to work well only for profitable corporations that pay taxes and for very wealthy individuals who also receive income from real estate or oil and gas projects, among others.<\/p>\n

The roster of investors is currently dominated by the largest banks including JP Morgan, Wells Fargo, Citi, Goldman Sachs and US Bank.\u00a0 Google is also a major participant.\u00a0 Despite sitting on $1.7 trillion of cash that earns almost no returns, other non-financial corporations generally do not invest in this market.<\/p>\n

\"\"<\/a>Solar investment returns are very attractive and projects often yield more than a 10% return on investment (ROI)\u2014provided you are an investor than can utilize the tax benefits.\u00a0 These numbers are attractive when compared to investments in, for example, money markets, where returns barely cover management fees or two-year notes (which might pay 1%).\u00a0 Even the average \u2018junk\u2019 bond pays only about 5.5%.\u00a0 The great returns on solar investments are indicative of how little money is available for this market.\u00a0 If solar power demand continues its upward trajectory, this problem may only get worse.<\/p>\n

While solar investments are illiquid (not easily convertible into cash) and have long maturities (life spans), the cash flows are front-loaded, meaning an investor will earn more in the early stages, and average lives can be as short as three to four years.<\/p>\n

Based on discussions with a number of companies, we believe there are two primary reasons they avoid investment in these types of solar projects.\u00a0 First, these investments are complex and difficult to understand.\u00a0 Few companies have the resources to emulate Google and hire a team of professionals to execute deals.\u00a0 This is a problem that can be solved.\u00a0 In every investment market, most investors hire professional money managers to make decisions on their behalf.\u00a0 An example of this is a mutual fund.\u00a0 EDF has been in discussion with several market players in this space including Citi, JP Morgan, Greentech Capital and Clean Energy Advantage.\u00a0 Each of these firms are pursuing strategies to either manage money on behalf of solar investors and\/or to allow these investors to co-invest in their deals.<\/p>\n

The second barrier for companies is the belief that investing in solar power is not aligned with their core mission.\u00a0 We respectfully disagree.\u00a0 Investing in solar projects can be a highly-profitable way to further increase a company\u2019s commitment to sustainability.\u00a0 Most forward thinking companies are already working to increase their sustainable practices by reducing energy usage, recycling their waste and encouraging their employees to carpool or use public transportation, among others \u2013 and investing in solar energy is a cost-effective tool to add to the list.<\/p>\n

Solar investments can also positively contribute to the company\u2019s image and customer relationships.\u00a0 Honda recently committed<\/a> to invest $65 million of their cash in solar projects developed by a major solar installer.\u00a0 Some of the money will go to financing panels on the rooftops of dealers, which should enhance their image while reducing electric bills.\u00a0 The remainder will be used to finance projects on the rooftops of Honda owners who will receive a discount.\u00a0 From Honda\u2019s perspective, they get a great return on their investment, lower dealer electric bills and, most importantly, a stronger bond with customers.\u00a0 This is smart business and we hope to see more deals like this in the future.<\/p>\n

EDF is planning an effort to reach out to potential solar investors to make the environmental case for investing in solar and other renewable projects. \u00a0After all, investing in solar energy helps spur economic development, create American jobs, allow for energy independence and lessen our carbon footprint.<\/p>\n

Disclaimer: Please note that EDF is not investment financial advisor and does not provide investment advice.\u00a0 We are not able to provide guidance on the financial merits or risks associated with any investment opportunity, nor do we have views on the relative merits of project proposals, financial partners or developers.\u00a0\u00a0 EDF is an environmental nonprofit organization that has no financial interest or participation in these investments.\u00a0 We are not receiving any referral fees or financial participation in these projects.\u00a0 Potential investors should seek counsel from their tax, legal and investment advisors on the suitability of any investment vehicle.\u00a0 \u00a0Finally, my wife is a proud employee of SolarCity, a leading solar installer.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The recent headlines for solar power have been encouraging.\u00a0 According to the Solar Energy Industries Association (SEIA), the cost to install solar is declining as panel prices fell by 41% in the fourth quarter of 2012 versus the previous year. \u00a0This helped US solar installations to grow by around 75% in 2012, from 1,855 megawatts …<\/p>\n","protected":false},"author":6407,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[55217],"tags":[40298],"coauthors":[],"class_list":["post-3836","post","type-post","status-publish","format-standard","hentry","category-on-bill-repayment-2","tag-investment"],"acf":[],"yoast_head":"\nSolar Market Needs New Investors To Continue Growth - Energy Exchange<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/energyexchange\/2013\/04\/02\/solar-market-needs-new-investors-to-continue-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solar Market Needs New Investors To Continue Growth - Energy Exchange\" \/>\n<meta property=\"og:description\" content=\"The recent headlines for solar power have been encouraging.\u00a0 According to the Solar Energy Industries Association (SEIA), the cost to install solar is declining as panel prices fell by 41% in the fourth quarter of 2012 versus the previous year. \u00a0This helped US solar installations to grow by around 75% in 2012, from 1,855 megawatts ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blogs.edf.org\/energyexchange\/2013\/04\/02\/solar-market-needs-new-investors-to-continue-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Exchange\" \/>\n<meta property=\"article:published_time\" content=\"2013-04-02T13:55:47+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/blogs.edf.org\/energyexchange\/wp-content\/blogs.dir\/38\/files\/2013\/04\/Brad_Copithorne-199x300.jpg\" \/>\n<meta name=\"author\" content=\"Brad Copithorne\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brad Copithorne\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/04\\\/02\\\/solar-market-needs-new-investors-to-continue-growth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/04\\\/02\\\/solar-market-needs-new-investors-to-continue-growth\\\/\"},\"author\":{\"name\":\"Brad Copithorne\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/#\\\/schema\\\/person\\\/b54b55529547d9cf8664944294453b3b\"},\"headline\":\"Solar Market Needs New Investors To Continue Growth\",\"datePublished\":\"2013-04-02T13:55:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/04\\\/02\\\/solar-market-needs-new-investors-to-continue-growth\\\/\"},\"wordCount\":1116,\"commentCount\":3,\"image\":{\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/04\\\/02\\\/solar-market-needs-new-investors-to-continue-growth\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/wp-content\\\/blogs.dir\\\/38\\\/files\\\/2013\\\/04\\\/Brad_Copithorne-199x300.jpg\",\"keywords\":[\"Investment\"],\"articleSection\":[\"On-bill repayment\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/04\\\/02\\\/solar-market-needs-new-investors-to-continue-growth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/04\\\/02\\\/solar-market-needs-new-investors-to-continue-growth\\\/\",\"url\":\"https:\\\/\\\/blogs.edf.org\\\/energyexchange\\\/2013\\\/04\\\/02\\\/solar-market-needs-new-investors-to-continue-growth\\\/\",\"name\":\"Solar Market Needs New Investors To Continue Growth - 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