Despite recent wide-reaching changes to feed-in tariffs on solar installations, the growth of the RE100 initiative and the UK government’s maintained commitment to hitting its renewable energy targets mean that opportunities for photovoltaic (“PV”) installers remain, with PV still having a significant role to play. This is according to Trina Solar (NYSE:TSL) (“Trina Solar” or the “Company”), a global leader in PV modules, solutions and services.
The pressure on businesses to move to clean energy, both in terms of cost savings and CSR requirements, mean that the trend for global renewable energy adoption is set to continue. RE100, the global initiative committed to ensuring organisations around the world commit to becoming carbon-neutral by 2020, is a key example of this: a range of multinational companies, including Ikea, Coca-Cola Enterprises, Google and Nike, have signed up to its pledge. By setting a target of procuring 100 per cent of their electricity from renewable energy sources by a specified date, these organisations are making a bold statement about their commitment to clean energy.
Richard Rushin, Senior Sales Manager Northern Europe at Trina Solar, commented: “RE100, combined with the UK government’s desire to maintain its renewable energy targets, mean there are a lot of opportunities for PV installers. With the need to embrace renewable energy sources guaranteed to be a constant concern for businesses and governments in the coming years, alongside CSR duties, there is still a great deal of life in the PV market.
“Although some of these major multinational companies might seem out of reach to the average installer, they will inevitably be working with a large number of suppliers, who will be partly responsible for helping to achieve these renewable energy targets.”
To illustrate solar PV’s continued role in the renewable energy revolution, a recent report by the International Renewable Energy Agency (IRENA) has predicted that the share of global electricity generated by solar PV could increase from two per cent today, to around 13 per cent by 2030. In addition, investment in rooftop solar PV reached $67 billion in 2015, underlining its worldwide significance.
Rushin added: “Even in a UK without the feed-in tariffs of old, IRENA’s report predicts a bright future for the industry. Installers can leverage the growing success of RE100, and the general worldwide increase in solar PV adoption, to continue to grow their businesses. Targeting the SME sector for commercial rooftop opportunities would be a good way for installers to focus their resources, with cash-strapped small businesses eager to maximise cost savings while reducing their carbon footprints.”