Hello and a warm welcome to all my readers! As a solar expert, I always stay abreast of cutting-edge developments in the solar industry so that I can ensure you, my readers, are always up to date. Today, I’m sharing an exciting development in the world of solar companies which shows a step forward in utilizing more solar panels for homes and other uses.
Renowned U.S. electric vehicle (EV) manufacturer, Rivian, recently disclosed their game-changing deal to purchase Renewable Energy Certificates, more commonly known as RECs, and invest in a significant portion of a community solar project. This has set a precedent within the solar company landscape, promising a greener and more eco-friendly future for everyone.
Rivian has committed to subscribing to a whopping 10 megawatts (MW) of off-site community solar power to boost manufacturing capacity in Illinois. Also, they are set to buy RECs that are generated from 50 MW of operational solar assets.
What makes this deal even better is the strategic intent of the agreement. The REC deal is designed explicitly to support the development of solar projects in areas where there is a greater need for emission reductions. In short, the foreseeable REC-tied projects aim to be built in locales with few solar resources.
According to reports, the area where the solar projects are to be built is 67% dirtier than other regions of the U.S. electric grid. This means the area emits a staggering two-thirds more greenhouse gas from fossil fuels than other parts of the U.S. Does that smell like much-needed change to you? It sure does to me – and thankfully the Rivian-Pivot partnership smells the coffee too!
Jumping in on the climate-friendly bandwagon, these fresh REC projects look forward to generating an impressive 79,000 megawatt-hours of electricity every year according to project forecasts. To grasp the enormity of this figure, picture nearly 11,000 homes powered year-round!
This partnership between Rivian and Pivot seems to go beyond business and economic gains; it also features a massive drive to deliver socio-environmental benefits. Tieing their donation system to each MW constructed, the two solar companies plan to invest $5,000 per MW which will directly benefit local community organizations. The aim? Reducing the energy burden for low-income families, developing workforce pathways into the solar industry for residents, and sponsoring initiatives that bridge the gap between agriculture and energy production.
Rivian also disclosed an ambitious decarbonization strategy, aimed to pull off the remarkable feat of supporting 2 GW of renewable energy each year for emission-free EV charging. This commitment would sufficiently power about 7 billion miles of renewable driving with their R1 truck each year.
Rivian is pioneering a change in the solar industry with their commitment to operating their manufacturing facilities in Normal, Illinois, with more than 90% carbon-free energy. They ambitiously aim to run on 100% renewable energy annually by 2030.
I believe this development by Rivian and Pivot is a prime example of what solar companies can do to lead the way in using solar panels for homes and businesses. The potential of a solar array for home or commercial use is immense and growing each day. This step forward sets a precedent for other companies to follow, and it’s exciting to see how this will shape the solar market in years to come.
Stay tuned with me for more exciting updates in the solar industry!
Original Articlehttps://pv-magazine-usa.com/2024/05/22/ev-manufacturer-rivian-invests-in-solar-energy/