SunPower Corporation SPWR announced that it has started to construct a four-megawatt (MW) SunPower solar power system at three parking areas of the California State University, Fullerton (“CSUF”). The green energy produced from this project will be purchased by CSUF under a long-term power purchase agreement.
The power generated from the solar units will be able to provide nearly 33% of the peak electricity demand of the university. SunPower will sell the power produced from this unit to the university at a competitive rate.
The Solar Project
SunPower has already started construction of the solar project at the university campus, which is expected to be operational by the end of this year. SunPower will build solar carports on two parking structures and one on a parking lot.
Solar carports offer multiple benefits and are superior to rooftop installations. The solar carports will also provide much needed shed to the vehicles and protect them from harsh weather. And since these carports are being built at a distance from tall buildings and big trees, maximum sunrays could be utilized for the purpose of solar energy production.
At all the three sites, SunPower will install its high efficiency SunPower direct current solar panels, the best available solar panels with respect to efficiency. The solar energy produced from this project in a year will be equivalent to powering more than 2,000 electric vehicles for three decades.
More Solar Projects to Come Up
The extension of the Federal Investment tax credit will boost solar installation in North America. A recent release from the U.S. Energy Information Administration (EIA) also projects that from 2015 to 2017, utility-scale solar photovoltaic (PV) capacity will grow by about 14 gigawatts (GW).
The EIA report points out that even with new additions, utility-scale solar power generation will contribute only 1.2% of the total U.S. electricity generation in 2017. This means there is ample room for solar energy to be added in the electricity generation mix, displacing old coal-fired power generation units.
Steady Research and Development
SunPower also invests regularly in research and development activities with an objective to improve efficiency of its solar panels. Higher efficiency helps to lower the cost of solar projects and make them competitive and cost effective.
Thanks to its ongoing investment, SunPower recently announced that it has manufactured a new solar panel, the X-Series panel, with 24.1% efficiency, breaking its previous world record for panels using silicon cells (read more:SunPower Solar Panels Break Record with 24.1% Efficiency).
Zacks Rank
SunPower currently has a Zacks Rank #4 (Sell). Some better-ranked stocks in the solar space include ReneSola Ltd. SOL, Yingli Green Energy Holding Co. Ltd. YGE and 8point3 Energy Partners LP CAFD. While ReneSola and Yingli Green Energy sport a Zacks Rank #1 (Strong Buy), 8point3 Energy carries a Zacks Rank #2 (Buy).
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