LAUREN: THE BIDEN ADMINISTRATION
ANNOUNCING A $425 MILLION
PROGRAM TO EXPAND STATE CLEAN
ENERGY INITIATIVES INCLUDING
INSTALLING RENEWABLE ENERGY
SYSTEMS AND CLEAN ENERGY
INFRASTRUCTURE LIKE WIND, SOLAR,
AND EV CHARGING.
SO MORE MONEY, MORE FUNDING
COMING JUST WEEKS AFTER THE
PRESIDENT SIGNED THE INFLATION
REDUCTION ACT INTO LAW AND THAT
INCLUDES MASS CLEAN ENERGY TAX
CREDITS.
WITH SO MUCH OF THE WHITE
HOUSE’S FOCUS ON CLEAN ENERGY
RECENTLY, WE BRING IN SOLAR
COMPANY UGE INTERNATIONAL CEO
NICK IN A FOX BUSINESS EXCLUSIVE
TO DISCUSS THE SOLAR BOOM AND,
YOU KNOW, YOU READING THROUGH TH
TAX INSENTEDDIVES AND EVERYTHING
GOING THROUGH THE INDUSTRY,
NICK, WHAT DOES IT MEAN FOR YOU?
>> IT’S AN EXCITING TIME TO BE
IN THE WHOLE INDUSTRY FOR SURE.
IT’S THE BIGGEST CLIMATE BILL IN
THE HISTORY OF THE WORLD AND ALL
PART OF THE INFLATION REDUCTION
ACT OF COURSE.
THIS IS A INDUSTRY THAT’S BEEN
GROWING REALLY, REALLY QUICKLY
AND IT’LL SUPER CHARGE THAT FOR
THE YEARS TO COME HERE.
LAUREN: I MEAN, WHEN YOU SEE
$370 BILLION COMING IN, I MEAN,
ARE YOU JUST LIKE SMILING LIKE A
KID IN A CANDY SHOP?
WHAT EXACTLY IN THE BILL -- DO
YOU KNOW BECAUSE IT’S A LOT TO
GO THROUGH, WILL BENEFIT YOU AND
WILL BENEFIT BUSINESSES AND, YOU
KNOW, HOMEOWNERS AS WELL.
>> YEAH, FOR SURE.
IN MANY WAYS THE IRA AS IT
RELATES TO SOLAR AND OTHER FORMS
OF RENEWABLE ENERGY, IN MANY
WAYS IT’S A CONTINUATION OF
POLICY IN PLACE FOR THE LAST
15-20 YEARS AND USING THE
INVESTMENT TAX CODE FOR
RENEWABLE ENERGY AND WE’RE SO
EXCITED ABOUT THE IRA IS NUMBER
ONE IS A TEN YEAR EXTENSION AND
THAT’S LONGER THAN ANY EXTENSION
THAN THIS INDUSTRY HAS HAD IN
THE PAST AND IT ALSO A LOT OF
WAYS INCENTIVIZES DOMESTIC
MANUFACTURING-OVER SHOW LARRA
PANELS AND BATTERY STORAGE AND
OTHER ASPECTS OF THE INDUSTRY
THAT WERE KIND OF LEFT OUT IN
THE COLD BEFORE.
WHEN YOU PUT THAT ALL TOGETHER,
WE FEEL LIKE THIS GIVES US
CERTAINTY THE NEXT TEN YEARS
THAT WE CAN JUST PUT OUR HEADS
DOWN AND BUILD AS MUCH SOLAR AS
WE (&.K LAUREN: CAN.
LAUREN: WHERE DO YOU GET YOUR
PANELS FROM?
>> PART OF THIS BILL AND
SOMETHING THAT NOT JUST THE
BIDEN ADMINISTRATION BUT PRIOR
ADMINISTRATIONS AS WELL HAVE
BEEN TRYING TO DO IS GET
MANUFACTURING BACK TO THE U.S..
TO ANSWER YOUR QUESTION, BEFORE
THIS BILL, 85% OF SOLAR PANELS
USED IN THE U.S. WERE
MANUFACTURED OUTSIDE THE
COUNTRY, LARGELY IN SOUTHEAST
ASIA SO NOT IN CHINA AS MANY
EXPECT BUT SOUTHEAST ASIA.
ONE OF THE THINS.
IRA DOES IS PROVIDES SPECIFIC
INCENTIVES FOR MANUFACTURERS TO
ON SHORE HERE TO THE U.S. AND
INCREASE PRODUCTION.
IF YOU DO, YOU GET A BETTER TAX
CREDIT OR A BIGGER TAX CREDIT
THAN YOU OTHERWISE WOULD.
WE FULLY EXPECT OVER THE NEXT
COUPLE YEARS TO BE ABLE TO USE A
LOT MORE DOMESTICALLY
MANUFACTURED PRODUCT IN OUR
PROJECTS.
LAUREN: THEN, YOU KNOW, IF YOU
PUT THIS ON THE TIME LINE, WHAT
IS THE SHARE OF POWER THAT WE
GET FROM SOLAR NOW HERE IN THE
U.S. AND WHAT IS IT PROJECTED TO
BE IN THE FUTURE THANKS TO ALL
THE INVESTMENTS?
>> YEAH, SOY THINK IT WOULD
SURPRISE A LOT OF VIEWERS THAT
AS OF THE LAST THREE YEARS,
SOLAR IS ALREADY ALMOST 45% OF
ALL NEW ENERGY THAT’S BEING
INSTALLED IN THIS COUNTRY.
LAUREN: ALL NEW ENERGY, NOT ALL
BUT ALL NEW SO WIND AND THE
LIKE?
>> THAT’S RIGHT.
SOLAR ITSELF IS 40 TO 45%.
WE PROJECT THAT THAT’LL BE 80%
OF ALL NEW ENERGY INSTALLED BY
THE END OF THIS DECADE.
IF YOU THINK ABOUT THE OVERALL
PIE, YOU KNOW, THE ENERGY
TRADITION IS VERY MUCH HERE AND
SOLAR IS LEADING THE WAY IN
THAT?
LAUREN: WHAT HAPPEN WHEN IS IT’S
NOT SUNNY OUT?
>> FORTUNATELY BATTERY STORAGE
AS COME LEAPS AND BOUNDS OVER
THE NEXT DECADE AS WELL.
IN TERMS OF QUESTIONING WHAT DO
WE DO WHEN THE SUN’S NOT
SHINING, WE’RE IN A DAY NOW
WHERE YOU CAN COUPLE SOLAR WITH
BATTERY STORAGE WITH WIND, WITH
OTHER -- THE GRID AS IT EXISTS
INCLUDING NATURAL GAS AND SO ON
ON THE GRID AS WELL.
PUT THAT ALL TOGETHER AND YOU
HAVE A VERY, VERY MUCH MORE
SECURE ENERGY SYSTEM THAN YOU
HAD BEFORE.
ONE OF THE THINGS IRA DOES IS IT
INCENTIVIZES BOTH MANUFACTURING
AND BAT STORAGE HERE IN THE U.S.
AND USAGE-OVER STORAGE FOR
PRODUCTS AS WELL.
LAUREN: THE ENERGY GRID CAN
HANDLE THIS?
>> SORRY TO CUT YOU OFF L. I WAS
TRYING TO SAY THE ENERGY GRID
CAN ABSOLUTELY HANDLE THIS, AND
I THINK THAT LIKE THE ENERGY
TRANSITION AGAIN IS SO FAR ALONG
THIS PATHWAY AND WITH THE
ELECTRIFY INDICATION OF
TRANSPORTATION AND SO ON AS
WELL, IT’S AN EXCITING TIME TO
INVEST IN THE GRID AND ENERGY
SYSTEM.
LAUREN: WE’RE LOOKING AT SOME OF
THE SOLAR PLAYERS NOW, FIRST
SOLAR IS DOWN A WHOPPING
20-CENTS TODAY AND IN A MARKET
THAT’S DONE SO MUCH, THAT’S A
BIG DEAL.
CRUNCHING SOME OF THE NUMBERSES,
WHEN THIS DEAL, THIS INFLATION
REDUCTION ACT WAS PASSED IN LATE
JULY, THE STOCK’S UP MORE THAN
50% SO A LOT OF MONEY HAS COME
INTO THIS SPACE FOR ALL OF THE
REASONS THAT YOU ATTEST TO, BUT
I WANT TO TAKE IT A STEP
FURTHER.
LOOK AT EUROPE.
EVERYBODY IS BUZZING ABOUT THE
STORY TODAY THAT NEXT MONTH OR
IN OCTOBER, FOR THE BRITISH,
THEY’RE INCREASING THE CAP ON
ENERGY BILLS BY 80% AND THEN
THEY SAY, WELL THAT’S PROBABLY
NOT GOING TO BE ENOUGH.
WE’RE GOING TO INCREASE IT AGAIN
IN JANUARY.
OH, AND THEN AGAIN IN APRIL.
I MEAN, IS EUROPE A BUSINESS FOR
YOU BECAUSE THEY’RE SO NERVOUS
ABOUT HOW THEY’RE GOING TO GET
THEIR ENERGY AND HEAT THEIR
HOMES.
IS THAT NEW BUSINESS FOR YOU?
>> FOR SURE.
IT’S SAD WHAT’S HAPPENING.
YOU THINK ABOUT THE FAMILIES AND
BUSINESSES AND HOW MUCH MORE
THEY’RE GOING TO NEED TO PAY FOR
ENERGY.
I WHOLE HEARTEDLY BELIEVE THAT
SOLAR IS THE WAY TO GET THE
COSTS DOWN AND SOME OF YOUR
VIEWERS THINK I’M BASE BIAS WHEN
SAY THAT .
THE BIGGEST REASON WITH ENERGY
PRICES INCREASE -- HERE IN THE
U.S. AT RECORD RATES IN MY
STATES WE WORK IN AT RATES THAT
WE HAVEN’T SEEN IN 50 YEARS,
IT’S BECAUSE OF NATURAL GAS
PRICES RISING SO MUCH AND SOLAR
COSTS KEEP COMING DOWN WITH THE
IRA, WE HAVE ABILITY TO BRING
THAT DOWN FURTHER, SIGNIFICANTLY
FURTHER IN THE YEARS TO COME,
AND SO WHETHER THAT’S HERE
DOMESTICALLY, WHETHER IT’S
OVERSEAS IN EUROPE OR OTHER
PLACES AROUND THE WORLD, I THINK
A UGE IS REALLY WELL POSITIONED
TO TAKE ADVANTAGE OF THE RISING
TIDE HERE FOR SOLAR ENERGY, BUT
I THINK IT’S ACTUALLY REALLY
EXCITEQUITE EXCITING ABOUT GETTI
LOWER ENERGY PRICES AND LOW -R
THAN EVER BEFORE WITH THE LOW
COST OF SOLAR.