SolarCity’s new solar panel is said to be the most efficient on the market so far. The rooftop solar giant announced that it has built new modules that will generate more power, harvest more energy than any other competitor.
The renewable energy company based in San Mateo, California said it will start producing the new panel in small quantities for the first month, but that production will gradually expand when they will move operations to their major facility in Buffalo, New York. Their performance is said to be greater than that of competitor SunPower, who produced the famous X-series modules, which boasted 21.5% efficiency, as opposed to the 22% claimed by SolarCity’s latest invention.
Originally created in 2006, the company is now the top solar provider in the country, employing almost 10,000 people. Their new breakthrough is expected to boost business even more, as they intend to eventually produce from 9,000 to 10,000 modules each day.
The announcement of the modules’ efficiency has been praised by many, as one of SolarCity’s more meaningful accomplishments since they first started in the business. Moreover, the new modules are expected to save $0.1/watt on labor costs and balance of systems alone.
SolarCity wishes to install the new solar panel systems on rooftops in affordable housing communities. The electricity generated is to be distributed among both common areas and individual housing units. A policy called virtual net metering will see that residents receive credits on their utility bills based on the renewable energy allocated to each housing unit.
For many, this represents more than an engineering innovation. Activists seeking to raise awareness on climate change have also praised SolarCity’s new ambitious project for proving that big companies do not have to sacrifice their own revenue by producing new, more energy-effective modules. Since the announcement on Friday, SolarCity Corp shares went up by 6.7%.
The demand is high, as SolarCity’s popularity has skyrocketed since the announcement of their latest innovation. Many have also praised how the project is aimed for commercial use in affordable housing communities, thus saving residents money while making their homes more environmental-friendly.
With the upcoming Paris summit on the perils and effects of climate change scheduled to take place later this year, many have praised the company for its contribution in promoting green alternatives and working tirelessly in proving that renewable energy and environmental conservation can also be good business ideals.
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