The solar industry is growing at a blistering rate. In 2018, the market was valued at about $52.5 billion. By 2026, it could reach $223.3 billion. Helping, the Canadian Federal Government is strongly committed to a shift towards a greener economy with investments in solar, energy, and wind power. In fact, it just set an objective to move the national electricity grid to net zero in its 2023 budget, and is offering $20.9 billion in investment tax credits to fuel green energy investments over the next six years. Even better, analysts at Goldman Sachs say they see a “meaningful ramp-up” in solar, and also mentioned it sees China nearly tripling its targets for solar moving forward. That’s got opportunity written all over it, especially for solar companies like Westbridge Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), Enphase Energy (NASDAQ: ENPH), First Solar (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), and SolarEdge Technologies (NASDAQ: SEDG).
Look at Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), For Example
Westbridge Renewable Energy Corp. shared key highlights from the Canadian Federal Government’s continued commitment to strategic clean energy incentives announced in its 2023 budget on March 28, 2023.
Budget 2023 aims to support Canadian businesses in leveraging the global shift towards a sustainable economy by investing in solar energy, wind energy, and electricity infrastructure, facilitating the transition towards a net-zero economy by 2050. As one of Canada's prominent solar and battery storage developers, Westbridge is poised to reap substantial benefits from these policy initiatives, owing to its leading position by megawatt capacity in the sector and an expanding portfolio in Alberta, Canada.
Highlights from Budget 2023 include:
- Positioning the Growing Clean Economy as one of the three main priorities of the Budget, which also includes Health Care/Dental, and Affordability.
- The setting of a formal policy objective to move the national electricity grid to net-zero by 2035.
- $20.9 billion over 6 years in Investment Tax Credits to promote investment in green technologies, which includes, amongst other initiatives:
- Clean Technology ITC: A refundable 30% ITC on capital cost of investments made by taxable entities in wind, solar PV and energy-storage technologies, available to all project spending starting March 28, 2023, to 2034.
- Clean Electricity ITC: A newly announced, refundable 15% tax credit on the capital costs of investments made by non-taxable entities, such as Indigenous communities, municipally owned utilities and Crown corporations that make investments in renewable energy, energy storage and inter-provincial transmission and other non-emitting electricity infrastructure.
- Clean Manufacturing ITC: A 30% refundable tax credit for investment in machinery and equipment used to manufacture clean technology and extract relevant critical minerals. This tax credit is available for the manufacturing of renewable energy and energy-storage equipment, and the recycling of critical minerals.
- Recapitalization of SREPs: The Smart Renewables and Electrification Pathways (SREPs) program will receive a total of $3 billion to support regional priorities and Indigenous-led projects.
- In addition, the Budget also includes $20 billion in support for Clean Electricity investments, including at least $10 billion through the Clean Power priority area and at least $10 billion through the Green Infrastructure priority area through the Canadian Infrastructure Bank. Lastly, also an enhanced commitment to carbon-price stability via new tools in the Canada Growth Fund.
Stefano Romanin, CEO and Director, commented, “As a company committed to advancing renewable energy and clean technologies, Westbridge is encouraged by the clean energy initiatives in this year’s Federal Budget and its attempt to balance the needs of all Canadians as well as industry. Access to low- cost, clean energy is one of the most critical factors in helping Canada reduce carbon emissions, transition to a green economy, and foster economic growth. With Canada’s power usage expected to double by 2050, it is imperative to invest in clean technology that will help us meet that demand in a sustainable way. These initiatives will not only further enable companies directly working in the sector, but also help attract the nearly estimated $150 billion in investment required to help Canada meet its goal of achieving net-zero emissions by 2050.”
Mr. Romanin continued, “The recently released Intergovernmental Panel on Climate Change (IPCC) report underscores the pressing need for aggressive action on climate change. We are optimistic that a more supportive environment, coupled with increased budget allocation, will help Canada maintain its competitiveness with the U.S. and other global markets, as well as achieve energy independence. Westbridge recognizes the significance of solar power in addressing climate change and with a strong foothold in both Canada and the U.S., we are well-positioned to drive sustainable growth and innovation in the clean energy sector.”
Margaret McKenna, COO and Director, commented, “Our continued growth in Alberta is a testament to the supportive regulatory environment and opportunities that exist in the Canadian energy sector. We applaud the Canadian Government's sustained commitment to this vital industry, which fosters innovation, job creation, and most importantly, sustainable economic growth. As we continue to increase our presence in the region, we are grateful for the supportive environment that encourages companies like ours to thrive.”
Other related developments from around the markets include:
Enphase Energy started shipping IQ8™ Microinverters, with peak output AC power of 384VA, in France and the Netherlands to support newer high-powered solar modules. This follows the introduction of IQ8M™ and IQ8+™ Microinverters last year in these markets. The new IQ8 Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher powered solar modules through increased energy harvesting, while maintaining full compatibility with previously released IQ8 Microinverters. The three new microinverters – IQ8MC™, IQ8AC™, and IQ8HC™ – feature a peak output power of 330VA, 366VA, and 384VA, respectively and are designed to seamlessly pair with a full range of solar modules up to 560W DC. All IQ8 series microinverters come with a 25-year limited warranty.
First Solar and EDP Renewables announced a multi-year order for 1.8 gigawatts (GWdc) of First Solar’s advanced thin film photovoltaic (PV) solar modules. The modules, which will be delivered up to 2028, will power US projects developed by EDP Renewables North America (EDPR NA). EDP Renewables is a leading global pure renewable energy company that operates in 28 markets around the globe. North America is the company’s biggest market in terms of installed capacity and production, where the company currently operates 475 MW of solar projects, has 1.6 GW of solar capacity under construction, and has a robust solar development pipeline across the continent. In addition, EDPR operates more than 200 distributed generation solar sites throughout North America. Including both utility-scale and distributed generation, EDPR plans to add 4.8 gigawatts (GW) of solar capacity in North America in 2023-2026.
SunPower, a leading residential solar technology and energy services provider, and General Motors announced a collaboration to develop a new home energy system that will enable GM electric vehicles to provide backup energy to a home when properly equipped. GM also named SunPower as a preferred EV charger installation provider and its exclusive solar provider. The collaboration will bring together SunPower's home energy expertise and installation capabilities with GM's leadership in EV and battery technology to help provide customers with more resilient, sustainable and cost-effective energy. The home energy system and installation services are slated to be available alongside the retail launch of the 2024 Chevrolet Silverado EV, expected Fall 2023. With bi-directional charging capabilities, the Silverado EV paired with a home energy system is expected to provide enough electricity to provide whole home backup1 during a grid outage.
SolarEdge Technologies entered into a multi-year agreement with Freedom Forever, a leading U.S. residential solar installer, for the supply of residential smart energy products and solutions. As part of the multi-year agreement between the companies, Freedom Forever will offer its customers the SolarEdge Home Smart Energy Ecosystem, including the SolarEdge Home Hub Inverter, SolarEdge Power Optimizers, SolarEdge Home Battery, Backup Interface, Smart Energy Devices such as the SolarEdge EV Charger and Load Controllers. Brett Bouchy, CEO of Freedom Forever, said: “As the nation’s largest residential installer, it is imperative that we align with world-class organizations like SolarEdge as we embark on our goal to become the first company to install a gigawatt of residential solar in a 12-month period.”
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