SunPower Join Hands with Admirals Bank for $200 M Residential Solar Loan Initiative
SunPower and Admirals Bank announced a $200 million loan program for residential solar projects in all 50 U.S. states. The program will allow residents to borrow up to $60,000 for SunPower solar system within the next two years. Participants in the program will be able to apply the 30 percent federal tax credit as well as any other local incentive to their system. Admirals Bank also said it will offer preferred interest rates for homeowners who pass credit approval.
EU Gas Jumps as Russia Cuts Shipments to Ukraine
European natural gas prices rose the most in over three months as Russia cut shipments to Ukraine, threatening flows to the European Union. U.K. front-month gas climbed as much as 8.8 percent, the biggest increase since March 3. Dutch prices also spiked 10 percent, the highest level since Mat 12. The EU attempted in vain to broker an agreement between the two nations that would avoid disrupting supplies to the bloc, which acquires around 15 percent of its gas via Ukranian pipelines from Russia.
US Gas Set to Hit Six Year Seasonal High
Gasoline in U.S. pumps have climbed 1.2 cents up from a week earlier, and is expected to reach the highest level for this time of year since 2008. The surge in crude, driven by supply disruption concerns due to the fighting in Iraq, is seen to affect pump prices by 10 cents a gallon at a period when they normally drop. Oil, which accounts for two-thirds of the price of gasoline, has already gained $2.49 per barrel. If it wasn’t for the sectarian violence in Iraq, gasoline prices should be down by now, says Phil Flynn, an analyst at Price Futures Group.
SolarCity Acquires Silevo for $200 M, Plans Gigawatt Factory
In an effort to compete with fossil fuels without the help of incentives, SolarCity is looking to further streamline its solar business and lower the overall cost of solar energy. The company announced that it will buy high-efficiency solar module manufacturer Silevo for $200 million and build a 1-GW manufacturing facility in New York within the next two years. SolarCity, whose largest shareholder is billionaire Elon Musk, is driving a boom in rooftop solar by leasing systems that carry little to no upfront costs. It already has more than 110,000 customers and is anticipating to install as much as 1 Gigawatt this year.
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