CMS Energy Corp. CMS announced that its principal subsidiary, Consumers Energy, has made plans to start a new community solar program called Solar Gardens. It will develop renewable energy sources with help from Michigan residents.
Consumer Energy’s Solar Gardens
The objective of the program is simply to develop and increase the usage of renewable energy in Michigan. Through Solar Gardens, Consumer Energy aims to develop up to 10 megawatts (MW) of solar energy in the Michigan communities it serves. The first locations could be selected this summer with electricity generation expected next year.
Need for Community Solar Programs
Community solar programs can cater to a wide gamut of customers interested in utilizing renewable energy but unable to do so for some reason or the other, like the building in which they reside may not be fit for solar module installation. These community solar programs will lower dependence on grid energy and help minimize carbon emission.
Per GTM Research and SEIA's Q1 2015 U.S. Solar Market Insight Report, currently only 66MW (DC) of community solar projects are in operation in the U.S. Without a doubt, there is immense scope of and requirement for promoting community solar programs in the country.
Recently, SolarCity Corporation SCTY announced that it will form a partnership with Minnetonka-based solar developer Sunrise Energy Ventures to create a large community solar program and develop up to 100 MW community solar installations in Minnesota. The new community solar program will offer renters, schools, municipalities and other current Xcel Energy XEL customers the benefit of purchasing renewable energy without installing solar panels on their properties.
Solar Power Gaining Ground
Increasing carbon emissions from the power sector have resulted in stringent regulations. The emphasis on clean energy has led to increased usage of renewables in the generation mix.
The U.S. Energy Information Administration projects U.S. solar usage to rise by nearly 30% to 0.607 quadrillion BTU in 2016 from the 2014 level of 0.427 quadrillion BTU.
CMS Energy currently has a Zacks Rank #2 (Buy). Another well-placed stock in the space is NiSource Inc. NI, sporting a Zacks Rank #1(Strong Buy).
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