Sunnova secures 3 Billion Dollars in energy department funding for rooftop solar and battery loans, boosting low-income access and installations nationwide. The Department of Energy (DOE) made a conditional promise to grant the solar firm a partial loan guarantee to increase Americans’ access to sustainable energy and make rooftop solar installations more affordable.
According to a DOE announcement from its Loan Programmes Office, the partial loan guarantee to Sunnova’s Project Hestia aims to make distributed energy resources (DERs), including battery storage, rooftop solar, and virtual power plant (VPP)-ready software, available to more American homeowners.
Virtual power plants or VPPs, are groups of homes and buildings equipped with solar panels, batteries, EV chargers, smart thermostats, remote-controlled water heaters, and other appliances.
They work together to imitate the impact of large-scale power plants on the grid. The aim is to make use of devices that are already being purchased and installed in huge amounts throughout the country, in the tens or hundreds of gigawatts, to assist in the integration of renewable energy.
The US Department of Energy said that Sunnova, as a Service provider, may be able to offer loans for clean energy systems to around 75,000 to 115,000 homeowners in the US and its territories.
If this plan goes ahead, it could create over 3,400 jobs and prevent 7.1 million tons of carbon dioxide emissions over the next 25 years, which is equal to removing 1.5 million cars from the roads. Additionally, up to 20% of the loans will be offered to homeowners in Puerto Rico who have been affected by harsh weather and power outages.
Sunnova CEO William J. Berger said that the DOE financing will help more communities access affordable, clean, and reliable energy while reducing greenhouse gas emissions by speeding up the use of solar and storage.
As Sunnova secures 3 Billion Dollars in energy department funding for rooftop solar and battery loans, the DOE Loan Programmes Office’s statement is part of a larger initiative by the Biden administration to increase the accessibility of solar and other renewable energy sources. By 2035, the administration wants the nation’s electrical grid to be carbon-free.
Source: Department of Energy