Latest news with #MaryPowell
Newsweek
14 hours ago
- Business
- Newsweek
Sunrun CEO Warns Against Congressional 'Rug Pull' on Clean Energy
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The U.S. solar industry took a hit late last month when Republicans in the House of Representatives passed the "big beautiful" budget reconciliation bill that would largely eliminate tax credits for clean energy. Those Biden-era incentives for renewable energy, battery manufacturing, EVs and other clean tech have driven hundreds of billions of dollars of investments in renewable energy. Without the tax policy, analysts warn, more than $500 billion worth of announced but pending investments in the clean tech sector are at risk. Shares for rooftop solar companies tumbled on news of the bill's passage. California-based Sunrun, a leader in combining rooftop solar with home battery energy storage, saw shares plunge nearly 40 percent on news of the bill's passage. "We immediately went to work on how we can ensure our message about the importance of what we do for Americans on energy independence and advancing the agenda around energy dominance is heard," Sunrun CEO Mary Powell told Newsweek as she and colleagues in the clean energy sector attempt to change the bill. "Without changes it would be ripping the rug out from under 5 million plus customers." The company's stock price has since regained much of its value as attention turns to the Senate where the renewable energy industry is hoping that cooler heads will prevail and restore some elements of support. Sunrun CEO Mary Powell said the budget bill produced by the House would pull the rug from under the solar and battery storage industries, harming the U.S. ability to meet energy demands. Sunrun CEO Mary Powell said the budget bill produced by the House would pull the rug from under the solar and battery storage industries, harming the U.S. ability to meet energy demands. Photo-illustration by Newsweek/Getty/Canva/Sunrun Industry executives argue that as the U.S. enters a period of surging demand for electricity, solar, wind and battery storage are often the fastest and cheapest ways to add power. Last year, some combination of renewable energy and storage accounted for roughly 90 percent of new additions to the nation's electric grid. The House bill's draconian cuts to renewable energy pose particular threats to rooftop and community solar. In addition to repealing tax credits far sooner than initially intended, the bill would eliminate the ability to transfer the credits and restrict the use of tax credits in lease arrangements for solar installations, which is a common business model for solar companies. Clean tech companies are also counting on the local economic impact of investments that flowed to red states and Republican Congressional Districts as the renewable energy industry brings more manufacturing on shore to reduce dependence on imported products. About two dozen Republican members of Congress have signed letters supporting the clean energy tax credits, including four influential members of the Senate. Newsweek spoke with Powell, a power industry veteran, about how the industry and her company hope to persuade members of the Senate to make changes. Powell has been Sunrun's CEO since 2021and before that she led Green Mountain Power Corporation, Vermont's main electricity provider, for more than a decade. This conversation has been lightly edited for length. Newsweek: What are your chances of getting this bill to change? And, I guess it would have to change somewhat dramatically from the version that passed the House. Mary Powell: We had multiple conversations with Members to make sure the depth of what we bring to the United States from an energy independence perspective was understood. All of that work will be imported as the Senate now tackles the latest language that ultimately came out of the House. I've been in energy for about 24 years, and I like to say there's always a gravitational pull towards things landing in a commonsense way, something that is supportive of what needs to happen in terms of the American economy and energy capacity. So, I continue to believe that this will land in a reasonable place because that's what would make the most sense for Americans. It also makes the most sense in the context of the President's agenda, which is really about growth, about energy capacity, about making sure that we have enough resources to grow and ensure that we're meeting all the demands of the future. Given how much of the development and economic benefits from the clean energy sector have happened in Republican districts, I think it was a disappointment to a lot of folks in the sector to not see any of those Republicans who had signed letters of support for the credits actually stand up. What do you make of that? It seems like that indicates soft support for the tax credits given the other hard choices they have to make. The reality is America has built a thriving storage and solar industry, which is powering over 300,000 jobs. We now have 330 U.S.-based manufacturing facilities and $285 billion of investments. So yes, to your point, there are a lot of reasons for folks to support this. There was strong support in the House, there have been strong supporters and statements in the Senate. This was middle-of-the-night legislation and resolving of party differences. And I feel very clear that a lot of those leaders in the House are still going to be working very hard ultimately to land us in a place that makes sense. The process is rarely, in my experience, clean, straightforward and simple. On the Senate side, we have four fairly prominent Republican senators who have signed a letter in support of keeping the clean energy tax credits. What makes you think that those senators would be more inclined to follow through on that versus what we saw happen in the House? The language as written now would have dramatic impacts in a lot of states that are really important to Republican Senate leadership. And I think the Senate is known for historically really working hard to strike that balance of what ultimately makes sense for Americans. I think they're very sensitive to not doing dramatic rug pulls out from under industry. So, as things work through the process and people start to stare at the stark realities of moving in such a knee-jerk fashion, I think you'll see more and more really start to focus on, 'How do we land this in a way that is not so disruptive to the American economy and so disruptive to the American energy independence agenda?' Many are very concerned about this issue of capacity. At Sunrun, we're really America's storage company. We're bringing on the equivalent of a nuclear power plant a year in terms of dispatchable energy capacity because we are leaning in so hard to storage. My experience would suggest—and my conversations would suggest—that their job is to land in a place that is not so highly disruptive to the economies of the very states that they all go home to. And what do you say to the critics of the tax credits who argue that your business, your industry, should be able to compete without the subsidies? What's really important is we're deploying way newer technology. So, we're using the tax structure to accelerate the adoption of storage, which from a mass market perspective has really only been around for a couple of years. It's really important to remember that the tax structure for us, for the work we're doing is not, it's not about supporting a technology that has been around for 15 or 20 years, it's actually supporting innovation around technology As a former utility executive, I care deeply about America having enough energy capacity. I'm all in on nuclear, on all these resources that we need. But the reality is, they're really hard to build and they take a lot of time. So, we can scale fast with these [storage battery] technologies. I think as people understand that it opens up a different perspective. On top of that, I would also say that what we've been advocating for is just a reasonable glide path. The languages as it sits now is sort of the opposite of fostering capitalism and a productive economy in the United States. You just don't do rug pulls, you come up with a structured way to allow capitalism and innovation to respond. On that topic, what might a glide path for phasing out the credits look like? I'll point back to what the House Ways and Means Committee did. I think things needed work from that bill, but you know, in, in the context of how I might structure a glide path, it would be maybe more extended than what they did. But it was very thoughtful. And what do you say to folks on the Hill in regard to the U.S. positioning itself to compete with China and other countries for this industry of the future? That's one of the many reasons why it's so important that we come up with a really smart, thoughtful glide path. Because we don't have a chance of winning the race with China if we don't scale at a faster clip in terms of our own energy capacity. Just look at what's happening with AI. We need to scale quickly, and this is a really strong way to contribute to that effort. This industry has contributed to America's energy dominance across the world and independence at home. A lot of onshoring has been done. Are there challenges going deep into the supply chain? Yes, as is true for a lot of products in the United States. With the appropriate glide path, you're incentivizing all of that innovation and capitalism to do that sort of last step in the onshoring. That really puts America in an incredibly strong place from an energy independence and manufacturing perspective.
Yahoo
3 days ago
- Business
- Yahoo
Innovative company makes energy breakthrough after connecting 75,000 home batteries: 'Customer-led energy revolution'
Solar panel and battery installation company Sunrun has connected 75,000 home batteries together as a virtual power plant to help fortify California's electrical grid. Over 56,000 Sunrun customers with solar and energy storage systems are now part of the solution in the face of growing power outages during heat waves and other extreme weather events, according to Electrek. CalReady is the company's program that utilizes home energy storage systems as a backup power source that can provide up to 375 megawatts to the grid when the need arises. Not only will this help residents keep cool during heat waves, but it will also lower electricity bills and put money into the pockets of residents who volunteer to be part of the collective program. Participants can earn up to $150 per battery for sharing their stored solar energy for no more than 35 days per year between May and October. Peak demand is usually between 4pm and 9pm, and CalReady's grid events last no more than two hours during that time. Solar power has been leading the way in renewable energy capacity for several years, with both solar and battery storage accounting for 84% of total capacity additions, according to the Solar Energy Industries Association. In 2024, 28% of all U.S. residential solar installations were paired with a battery storage system to provide homeowners with lower utility bills, energy independence, and increased home values. In California, however, adoption of combined systems by Sunrun customers rose to 90% that year, likely in response to increasing taxes, the report noted. Solar power also helps reduce reliance on burning planet-polluting dirty fuels, which is part of the root cause behind heat waves and the subsequent power outages due to over-taxed electrical grids. What should be done to make home solar panels cheaper? More tax incentives Lower installation costs Better loan options They're cheap enough already Click your choice to see results and speak your mind. Individuals who are looking into home solar installations can look to free services like EnergySage, which helps compare quotes from vetted installers. It can even help you save up to $10,000 on new solar projects with support from federal tax credits. Sunrun CEO Mary Powell called CalReady a "customer-led energy revolution," and added that its "decentralized nature eliminates any potential single point of failure while offering greater resilience and flexibility for the state's evolving energy needs." Commenters were supportive of the initiative, with one sharing that it's an "Awesome step toward the Future!" "Cool milestone," said another, adding, "The world's fifth largest economy is showing the US how to embrace clean energy." This was quickly corrected by another commenter who shared the recent news that, "California just surpassed Japan to become the fourth largest economy." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
The Star
26-05-2025
- Business
- The Star
Fate of US$20bil solar market in hands of Senate
WASHINGTON: The troubled US$20bil US residential solar market's future rests on whether Senate Republicans will challenge their brethren in the House of Representatives and change provisions of the massive tax and spending bill that executives and analysts alike say would devastate the industry. The bill passed by the House last week would strip away tax credits for companies that lease rooftop solar systems as well as homeowners who buy them outright. The industry is already reeling from tariffs on imported equipment, high interest rates and reduced state incentives in California, the nation's biggest residential solar market. One major rooftop solar company – Sunnova Energy International Inc – is laying the groundwork for a bankruptcy filing, and analyst Philip Shen at Roth Capital Partners warned the bill as written would effectively shut down the industry, starting next year. Now, solar executives' hopes rest on moderate Republican senators, some of whom have already said they don't favour gutting clean-energy incentives. But given the party's slim majority in the House, it's unclear how willing they will be to change the bill and risk alienating fiscal hardliners in the lower chamber. 'I think there are many senators that are also focused on the fact that you don't want to pull out the rug,' said Mary Powell, chief executive officer (CEO) of Sunrun Inc, the nation's biggest residential solar company. She called the House bill 'not workable for Americans' and warned it would 'slash consumers' access to affordable, reliable solutions.' The industry has been struggling despite subsidies from former President Joe Biden's Inflation Reduction Act. High interest rates have made it pricier for companies to raise capital and for customers to finance solar panels. California cut the amount of money solar homeowners receive for electricity they supply to the power grid, lengthening the amount of time needed to recoup the cost of their systems. In addition, the US International Trade Commission voted this week to move toward slapping tariffs on solar equipment from four South-East Asian countries that provide the bulk of imported cells and panels, with levies ranging from 34% to 3,521% depending on the country and manufacturer involved. The vote was the culmination of a trade probe, and the United States has already been collecting preliminary duties for months. US residential solar installations fell 20% last year, according to BloombergNEF data. If the federal tax credits go away, the market will see a further 18% drop over the next 10 years, said BNEF analyst Pol Lezcano. The release of the House bill last Thursday sent solar shares tumbling, with Sunrun losing more than one-third of its market value. Equipment sellers Enphase Energy Inc and SolarEdge Technologies Inc also fell. Solar executives blasted the bill for essentially repealing much of the Individual Retirement Account's (IRA), which President Donald Trump has called the 'green new scam'. Former Sunnova CEO John Berger, in an interview on Bloomberg Television, said ending the solar tax credits for homeowners would be 'patently unfair and un-American'. Israel-based SolarEdge recently opened manufacturing plants in Texas and Florida, lured by the IRA's incentives. 'Removing the credits prematurely removes the business certainty necessary to continue the US investments SolarEdge has made,' a company representative said in an emailed statement. The impact on installation companies – many of them smaller, mom-and-pop operations – could be severe if homeowners decide they can no longer afford going solar. Leon Keshishian, CEO of Civic Renewables, called the potential loss of tax credits 'a killer' that could force him to cut staff at his company, which installs residential systems in Virginia, Maryland, Pennsylvania, Ohio and Florida. 'It's going to be incredibly challenging,' he said. The loss of tax credits for solar leasing could be particularly damaging since leases account for about 70% of new solar installations, said Joseph Osha, a clean energy analyst for Guggenheim Securities. 'It's pretty dire,' he said. Solar industry leaders vowed an aggressive lobbying push in the Senate to change legislation that they say would result in economic upheaval and hundreds of thousands of job losses. 'We urge the Senate to reject the strident House approach and pass a reasonable energy policy for the American people,' Jason Grumet, CEO of the American Clean Power Association, said at the trade group's annual convention in Phoenix. — Bloomberg
Mint
24-05-2025
- Business
- Mint
Fate of $20 Billion US Home Solar Market Lies in GOP Senate Hands
The troubled, $20 billion US residential solar market's future rests on whether Senate Republicans will challenge their brethren in the House of Representatives and change provisions of the massive tax and spending bill that executives and analysts alike say would devastate the industry. The bill passed by the House this week would strip away tax credits for companies that lease rooftop solar systems as well as homeowners who buy them outright. The industry is already reeling from tariffs on imported equipment, high interest rates and reduced state incentives in California, the nation's biggest residential solar market. One major rooftop solar company — Sunnova Energy International Inc. — is laying the groundwork for a bankruptcy filing, and analyst Philip Shen at Roth Capital Partners warned the bill as written would effectively shut down the industry, starting next year. Now, solar executives' hopes rest on moderate Republican senators, some of whom have already said they don't favor gutting clean-energy incentives. But given the party's slim majority in the House, it's unclear how willing they will be to change the bill and risk alienating fiscal hardliners in the lower chamber. 'I think there are many senators that are also focused on the fact that you don't want pull out the rug,' said Mary Powell, chief executive officer of Sunrun Inc., the nation's biggest residential solar company. She called the House bill 'not workable for Americans' and warned it would 'slash consumers' access to affordable, reliable solutions.' The industry has been struggling despite subsidies from former President Joe Biden's Inflation Reduction Act. High interest rates have made it more expensive for companies to raise capital and for customers to finance solar panels. California cut the amount of money solar homeowners receive for electricity they supply to the power grid, lengthening the amount of time needed to recoup the cost of their systems. In addition, the US International Trade Commission voted this week to move toward slapping tariffs on solar equipment from four Southeast Asian countries that provide the bulk of imported cells and panels, with levies ranging from 34% to 3,521% depending on the country and manufacturer involved. The vote was the culmination of a trade probe, and the US has already been collecting preliminary duties for months. US residential solar installations fell 20% last year, according to BloombergNEF data. If the federal tax credits go away, the market will see a further 18% drop over the next ten years, said BNEF analyst Pol Lezcano. The release of the House bill on Thursday sent solar shares tumbling, with Sunrun losing more than one-third of its market value. Equipment sellers Enphase Energy Inc. and SolarEdge Technologies Inc. also fell. Solar executives blasted the bill for essentially repealing much of the IRA, which President Donald Trump has called the 'green new scam.' Former Sunnova CEO John Berger, in an interview on Bloomberg Television, said ending the solar tax credits for homeowners would be 'patently unfair and un-American.' Israel-based SolarEdge recently opened manufacturing plants in Texas and Florida, lured by the IRA's incentives. 'Removing the credits prematurely removes the business certainty necessary to continue the US investments SolarEdge has made,' a company representative said in an emailed statement. The impact on installation companies — many of them smaller, mom-and-pop operations — could be severe, if homeowners decide they can no longer afford going solar. Leon Keshishian, CEO of Civic Renewables, called the potential loss of tax credits 'a killer' that could force him to cut staff at his company, which installs residential systems in Virginia, Maryland, Pennsylvania, Ohio and Florida. 'It's going to be incredibly challenging,' he said. The loss of tax credits for solar leasing could be particularly damaging, since leases account for about 70% of new solar installations, said Joseph Osha, a clean energy analyst for Guggenheim Securities. 'It's pretty dire,' he said. Solar industry leaders vowed an aggressive lobbying push in the Senate to change legislation that they say would result in economic upheaval and hundreds of thousands of job losses. 'We urge the Senate to reject the strident House approach and pass a reasonable energy policy for the American people,' Jason Grumet, CEO of the American Clean Power Association, said at the trade group's annual convention in Phoenix. This article was generated from an automated news agency feed without modifications to text.
CNBC
22-05-2025
- Business
- CNBC
Sunrun CEO lays out impact of ending clean power credits in new tax bill
Mary Powell, Sunrun CEO, joins 'Power Lunch' to discuss the impact of the recent tax bill on Sunrun's business.
