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What surging silver prices mean for solar
How the election is moving solar stocks, surging silver prices, and Michigan’s move to stop HOAs from blocking rooftop solar
Solar Dispatch
July 04, 2024
Good morning. In today’s newsletter we’re covering how the election is moving solar stocks, surging silver prices, and Michigan’s move to stop HOAs from blocking rooftop solar.
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Today’s newsletter is 890 words for a reading time of 4½ minutes. Let’s jump in.
THE ESSENTIALS
Silver prices surging from solar demand
The price of silver is up around 22% so far this year, largely due to growing demand from the solar sector, according to Bloomberg analysis.
The solar industry consumed 16% of the world’s silver production last year, and that’s expected to increase by around 50% this year.
Demand for silver is being driven by more solar projects and a shift to TOPCon modules, which are more efficient but take more silver to make.
Why this matters: This price surge hurts manufacturers the most. They are dealing with rising input costs while their outputs—cells and modules—are cheaper than ever.
Michigan blocks HOAs from banning rooftop solar
Michigan Governor Gretchen Whitmer is expected to sign a law in the coming days that will prohibit homeowners’ associations (HOAs) from banning rooftop solar and other electrification upgrades.
HOAs often create rules around what homeowners can do with their property to preserve the aesthetic characteristics of the neighbourhood, which can sometimes mean banning rooftop solar.
29 other states and D.C. have already passed similar laws to stop these bans.
Why this matters: Around 75 million Americans live in neighbourhoods with HOAs, and rules against rooftop solar can be a significant barrier to adoption in these areas.
Presidential race moving solar markets
Shares in major publicly traded solar companies are being driven up and down by developments in the U.S. Presidential campaign.
FirstSolar, Sunrun, and SunPower all saw their share prices fall by between 10% and 15% after the debate last Thursday, which was widely viewed as a bad night for Joe Biden.
Shares in those companies surged yesterday, however, coinciding with ramped-up speculation that Biden would be replaced at the top of the ticket.
Why this matters: Markets are trying to price in the impact of the presidential election on big clean energy companies, and the chaotic nature of the campaign is making solar stocks a lot more volatile.
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WHAT ELSE IS HAPPENING
➡️ Utility-scale solar produced 6.1% of U.S. electricity in April. The Energy Information Administration reported that utility-scale solar produced 18,938GWh in April, up from 14,755GWh during the same time last year. That jump meant that solar power almost exceeded hydropower for the first time in the U.S. (More)
➡️ Public support for renewables falls. A Pew Research Center survey shows support among Americans for more solar projects has fallen from 90% four years ago to 78% now. (More)
➡️ LG pauses Arizona battery plant. LG Energy Solution has paused construction on part of a $5.5 billion battery plant in Queen Creek, Arizona. The company said it will eventually resume building the plant when market conditions are more favourable. (More)
➡️ Chinese companies move to standardize module sizes. Seven Chinese companies, including JA Solar and Yingli Solar, are calling for common standards for sizing and mounting hole positioning for n-type modules. If adopted, common standards could increase manufacturing efficiency and simplify installations. (More)
➡️ California driving battery roll-out. The state has added more than half of all new utility-scale battery capacity since 2019 and now has 8.6GW of battery storage, more than half of the country’s total. (More)
AROUND THE WORLD
🇮🇳 World Bank gives India $1.5 billion for renewables. The funding will be used to expand the country’s renewable energy capacity, with a focus on the industrial sector. India is targeting 500GW of renewable energy by 2030. (More)
🇳🇴 Europe’s largest renewable energy generator reduces solar ambitions. Statkraft, Norway’s state-owned energy producer, reduced its targets for how much solar and storage capacity it plans to add in 2026, citing a more “challenging” environment for renewables. (More)
🇦🇺 Australia rooftop solar market slides. Installations of rooftop solar fell in June to 247MW, their lowest point since January, according to the consultancy SunWiz. A company spokesperson said economic “malaise” was likely to blame. (More)
WHAT WE’RE READING
How the Inflation Reduction Act is playing out in one of the ‘most biased’ states for renewables.
The ambitious plan to power homes in Britain with solar power from Africa.
Why blocking solar from farmland may be a net negative for farmers.
A MESSAGE FROM SOLAR DISPATCH
Reach thousands of solar professionals with your message
Partnering with Solar Dispatch gets your message in front of thousands of solar industry pros — and in a format they’ll actually read.
Along with native newsletter placements, we’re now offering lead-gen ads — only pay for the leads you get.
Just reply to this email to learn more about how Solar Dispatch can give you a powerful new marketing channel at a reasonable price.