Tuesday Feb 07, 2023

Bright Future For Tesla Solar And Powerwall: Record-breaking Clean Energy Installations As Per Latest IEA Report – torquenews.com

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As per the report, the IEA’s primary analysis on the sector based on current policies and market developments, it forecasts the deployment of renewable energy technologies in electricity, transport and heat to 2026 while also exploring key challenges to the industry and identifying barriers to faster growth.

“Renewables are the backbone of any energy transition to achieve net zero. As the world increasingly shifts away from carbon emitting fossil fuels, understanding the current role renewables play in the decarbonisation of multiple sectors is key to ensuring a smooth pathway to net zero”, the report states. It also mentions that stronger policies and raised climate goals leading into COP26 are driving renewables to new records, but that faster deployment across all key sectors is needed to reach net zero.

Despite rising costs for key materials used to make solar panels and wind turbines, additions of new renewable power capacity this year are forecast to rise to 290 gigawatts (GW) in 2021, surpassing the previous all-time high set last year, according to the latest edition of the IEA’s annual Renewables Market Report.

The report continues “… by 2026, global renewable electricity capacity is forecast to rise more than 60% from 2020 levels to over 4,800 GW – equivalent to the current total global power capacity of fossil fuels and nuclear combined. Renewables are set to account for almost 95% of the increase in global power capacity through 2026, with solar PV alone providing more than half. The amount of renewable capacity added over the period of 2021 to 2026 is expected to be 50% higher than from 2015 to 2020. This is driven by stronger support from government policies and more ambitious clean energy goals announced before and during the COP26 Climate Change Conference.”

“This year’s record renewable electricity additions of 290 gigawatts are yet another sign that a new global energy economy is emerging,” said IEA Executive Director Fatih Birol. “The high commodity and energy prices we are seeing today pose new challenges for the renewable industry, but elevated fossil fuel prices also make renewables even more competitive.”

Tesla subsidiary Tesla Energy develops, builds, sells and installs solar energy generation systems and battery energy storage products (as well as related products and services) to residential, commercial and industrial customers. The subsidiary was created by the merger of Tesla’s existing battery energy storage products division with SolarCity, a solar energy company that Tesla acquired in 2016.

Tesla Energy’s generation products include solar panels (built by other companies for Tesla), the Tesla Solar Roof (a solar shingle system) and the Tesla Solar Inverter. Other products include the Powerwall (a home energy storage device) and the Powerpack and Megapack, which are large-scale energy storage systems. In 2020, the company deployed solar energy systems capable of generating 205 megawatts (ranked third in U.S. residential solar installations) and deployed 3 gigawatt-hours of battery energy storage products.

In 2019, Tesla reported $369 million in revenue from solar and storage. Revenue was stagnant in Q2 2020, with $370 million from that business. The first two quarters of 2021 were more than double what it brought in during the same quarters of 2019 and 2020. In July 2021 Tesla reported $801 million in revenue from its energy generation and storage business – which includes three main products: solar, its Powerwall storage device for homes and businesses, and its utility storage unit Megapack – but that’s just a sliver of the nearly $12 billion in total revenue.

Tesla has also developed a software ecosystem to support its energy hardware products. Autobidder, Powerhub, Opticaster, Microgrid Controller and Virtual …….

Source: https://www.torquenews.com/15475/bright-future-tesla-solar-and-powerwall-record-breaking-clean-energy-installations-latest-iea-report

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