State And Economic Giants Help To Lower Solar Energy Costs

Mr.  Bill Gates, yes that one, has a collective net worth of $72 billion.  Jealous yet?  Further, if we use this net worth with at a 6% rate of return, Gates would earn roughly $114.16 per second he is alive.  Could you imagine losing money to pick up a hundred dollar bill?  Ok, all envious thoughts aside, Bill Gates' income has afforded some great advances for people and now, he's helping to advance the solar energy game through is Breakthrough Energy Ventures company. 

Breakthrough Solar Energy Ventures Began Negotiations With Alphabet

In the news recently, we gained word that Bill Gates’ energy fund Breakthrough Energy Ventures began negotiations with Alphabet, a holding company that gives ambitious projects the resources, freedom, and focus on making ideas come to life.  Alphabet, the parent company of Google, has stepped in to fund a new energy storage project.  With them, the state of  Massachusetts joins the growing list of States looking to set the bar at 100% renewable energy. This joint fund is intent on creating a molten-salt storage project to expand on an innovative energy storage project, known under its code-name Project Malta.  Projects like these will potentially lower solar costs worldwide.

This project is aimed towards storing thermal energy in tanks made of molten salt. The thermal energy would start in the form of renewable electricity primarily generated by wind turbines and solar panels. This electricity would then be converted into thermal energy before being stored in the molten salt tank. Robert Laughlin, who previously won a Nobel Prize, is leading Project Malta’s efforts.

There has been no definite word on the finalization of the deal.  However, we do know that Breakthrough Energy Ventures, the possible funder, is a $1 billion fund allocated to investing in renewable energy technologies and other climate change initiatives. 

Fixing Solar Energy Storage Problems

Energy storage is a problem plaguing many of the renewable energy markets, especially the solar panel industry.  Harnessing Earth's natural and renewable energies is much easier than holding on to them.  So to overcome this hurdle, new innovative battery technologies are being tried. If triumphant, this type of energy storage will likely be less costly and more efficient at storing renewable energy for long periods of time than current storage technology. It’s a big hurdle that Project Malta, with the aid of Breakthrough Energy Ventures, expects to take on.

Along with this massive Gates/Alphabet venture, the state of Massachusetts' Senate approved energy bills to spur renewable energy growth.  The Senate approved a package of progressive energy mandates in bill S.2545. Titled “An Act to promote a clean energy future,” earlier this month.  This bill introduced some measures focused towards developing the solar energy industry, such as including eliminating Massachusetts’ net metering cap and setting a 100% renewable energy command by 2047.

On top of setting new targets and waypoints for renewable energy use in Massachusetts, S. 2545 also puts further restrictions on the varieties of demand costs that utility companies have been placing on their energy customers. If this law passed, this would oppose demand charges set for implementation for new solar customers at the beginning of 2019.

We have seen economic powerhouses such as Bill Gates and Alphabet stepping in to fund a new energy storage projects.  And at the same time, the state of  Massachusetts joins the growing list of States looking to set the bar at 100% renewable energy.  This activity demonstrates a surely exciting time to see investment and legislation driving what is sure to be a solar revolution.  

If you want to move into the future and join the solar revolution, or if you want to find out what solar panels are right for you, go to HahaSmart.com and try our price checker tool. You can see how much a system will cost, and how much you can save over the next 20 years. 

For more information relating to going solar, don't forget to visit our solar blog section for more handy guides and articles.