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John with Tesla Owners of Silicon Valley shared some interesting Tesla Solar news for those who plan to take a loan to install it. He discovered that Tesla has launched better rates on solar loans. Previously, the loan option was for a 20-year plan with 10% down and 5.99% APR.

Recently, Tesla made the loan option much more affordable with a new 10-year plan, 10% of the cost down, and only 0.99% APR. John tweeted that this was a complete game changer and that Elon Musk is making solar more and more affordable.

In a Twitter direct message, John told me, “I had the solar loan for 20 years at 5.99%. Then I saw on the website that it changed to 0.99% for 10 years. It literally will take me half the time to pay off the same rate.”

John also shared a screenshot, and looking at his details, the loan is cheaper on a monthly basis than my own electric bill. This is with 4.08 kW of solar panels and one Tesla Powerwall. After the federal tax credit and California’s Solar Renewable Energy Credit, his total cash price goes down from $20,292 to $14,835. His estimated loan payment is $160 a month before the incentives — and afterward, they drop down to $112 a month. This is for 120 months with a 0.99% APR.

Image courtesy of Tesla

Elon Musk Explained Tesla’s Low Solar Cost In 2020

In 2020, Zach Shahan wrote an article for CleanTechnica after having a short chat with Elon Musk about the low cost of solar Tesla is offering.

Zach asked Elon Musk how it was that Tesla got the cost of rooftop solar so low, lower than seemingly anyone else in the industry. Elon said:

“Solar panel cost is only ~50 cents/Watt. Mounting hardware, inverter and wiring is ~25 cents/Watt. Installation is ~50 cents/Watt, depending on system size.

“The other solar companies spend heavily on salespeople, advertising and complex financing instruments. We do not.”

This info came soon after Tesla announced rooftop solar would cost around $2 per watt across the country, $1.49/watt after the US federal tax credit. However, all of that just covers the cash cost. When financing, as many do, you also have to pay interest. This is where the news this week comes in. Offering 0.99% APR instead of 5.99% means further savings (dramatic savings) for people who go solar with Tesla.

U.S. Solar Installations Rose By 46% In Q1 2021

Solar installations in the U.S. rose by 46% to over 5 gigawatts in the first quarter of this year, CNBC just reported. The article cited a report by Wood Mackenzie and the Solar Energy Industries Association. Here in the U.S., we are on track to install 24.4 gigawatts this year, which will be an increase of almost 24% compared to last year.

Technology costs have also declined to the point that solar is now competitive with power generated from fossil fuels.

Almost three-quarters of the total solar segment in the first quarter came from projects for utilities and other big customers. Much more is planned, too. This part of the market has almost 77 gigawatts worth of projects in the pipeline.

The demand for clean energy, especially solar, is high, and with more competitive costs and interest rates, it will only get higher.

So far, almost 100% of new power capacity added to US grids is coming from wind power and solar power. That led to 25.5% of U.S. electricity coming from renewables in March.

The Biden administration wants much faster growth, though. “The sector’s growth has also benefited from a long-standing generous federal tax credit for solar energy systems that the administration of President Joe Biden wants Congress to extend by a decade as part of its push to address climate change by investing in clean energy,” CNBC writes.

A combination of extended solar tax credits, more state & federal support for solar, lower solar costs and interest rates, and rising consumer awareness should lead to many more record quarters for solar power installations and for solar-generated electricity. Whether from Tesla, Sunrun, SunPower, Vivint Solar, or others, many more solar panels are getting installed on rooftops every day of the year. Large solar projects are also being built in open fields. Stay tuned for more sunny solar news.


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Ford Mustang Mach-E to lose EV tax credit

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Ford Mustang Mach-E to lose EV tax credit

If you are thinking about buying Ford’s electric Mustang Mach-E, you may want to do so before the end of the year. Ford expects the Mach-E will no longer qualify for the federal EV tax credit.

Ford Mach-E will no longer qualify for the EV tax credit

The Inflation Reduction Act (IRA) is due for drastric changes at the end of the year that will affect which EVs will qualify for the tax credit.

Starting on January 1, more restrictions will be put into place. EVs with battery components from a “foreign entity of concern,” including China will lose a portion of the tax credit.

In 2025, the rules will get even tighter. The changes are designed to promote manufacturing in the US while building up a reliable EV supply chain network.

Ford expects to be among several automakers with EVs losing access. Tesla has already said its Model 3 RWD and Long Range will lose $3,750, starting January 1. Meanwhile, it will still qualify for the other $3,750.

In a bulletin sent to dealers (via CarsDirect), Ford said it expects the changes to impact the Mustang Mach-E. Although Ford is “awaiting finalized requirements,” given what we know, “it is unlikely that any Mustang Mach-Es will qualify” beginning the first of the year.

Ford-Mach-E-tax-credit
2023 Ford Mustang Mach-E (Source: Ford)

The company didn’t explain why the Mach-E will no longer qualify for the EV tax credit, but it’s likely due to the CATL-supplied LFP batteries.

Qualified customers are still eligible for a $3,750 credit, “making this an excellent motivator to purchase before the end of the year,” Ford added.

Ford-mach-e-tax-credit
2023 Ford Mustang Mach-E (Source: Ford)

Shoppers can still take advantage of the full $7,500 tax credit through leasing. Meanwhile, Ford didn’t indicate the Lightning would be impacted by the changes.

Ford’s electric truck had its best sales month ever in November. All F-150 Lightning trims, except the Platinum version, qualify for up to $7,500 in savings. The Platinum model is excluded as it exceeds the IRA’s $80K cutoff.

Ready to make a move and save on Ford’s electric vehicles while you still can? You can use our links below to find great deals at a dealership near you today.

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The US’s first utility-scale offshore wind farm delivers its first power

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The US's first utility-scale offshore wind farm delivers its first power

New York’s South Fork Wind has become the first utility-scale offshore wind farm to generate power in the US.

The first operational wind turbine at South Fork Wind sent clean power to Long Island today. The project has completed the installation of two turbines around 35 miles off Montauk, with all 12 SG 11-200 DD Siemens Gamesa turbines expected to be installed by early 2024. 

The energy produced is being sold to the Long Island Power Authority under the terms of a 20-year agreement.

Stephanie McClellan, executive director at offshore wind nonprofit Turn Forward, said:

The generation of power from South Fork Wind  is an incredible moment in the American clean energy story and for the Long Island communities that will benefit from this project for decades to come.

The 130-megawatt (MW) South Fork Wind will be the US’s first completed utility-scale wind farm in federal waters.

Danish renewables giant Ørsted is jointly developing the offshore wind farm with Boston-based energy provider Eversource. South Fork Wind’s first offshore wind turbine foundation was installed at the end of June, and its first US-built offshore substation was completed at the end of July.

South Fork Wind will produce enough clean energy to power 70,000 homes in New York. It will deliver clean energy directly to the electric grid in East Hampton via a single transmission line installed in March.

It will eliminate up to 6 million tons of carbon emissions, or the equivalent of taking 60,000 cars off the road annually over a 25-year period. 

Read more: The US’s largest offshore wind farm just got the green light

Photo: South Fork Wind


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U.S. crude drops below $70 per barrel, gas prices fall to 11-month low

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U.S. crude drops below  per barrel, gas prices fall to 11-month low

Gas prices at a Shell gas station in Washington, DC, US, on Tuesday, Nov. 28, 2023.

Al Drago | Bloomberg | Getty Images

U.S. crude declined nearly 4% on Wednesday with retail gasoline prices hitting the lowest point since January ahead of the holiday shopping and travel season.

The West Texas Intermediate contract for January fell $2.80, or 3.87%, to $69.52 a barrel, while the Brent contract for February declined $2.68, or 3.47%, to $74.52 a barrel.

U.S. crude and the global benchmark have hit their lowest levels since June, despite efforts by OPEC+ to boost prices by promising to slash supply in the first quarter of 2024.

Prices at the pump in the U.S., meanwhile, have followed oil prices lower to hit $3.22 a gallon on average as of Wednesday, the lowest price since Jan. 3, according to AAA.

Oil prices have been on a steep downward trajectory from September highs as nations outside OPEC+, particularly the U.S., pump crude at breakneck clip and worries grow about the Chinese economy.

Moody’s on Tuesday downgraded its outlook for China’s government credit raging to negative from stable.

U.S. crude inventories fell by 4.6 million barrels for the week ending Dec. 1 and gasoline supplied to the market increased by 260,000 barrels per day, according to the Energy Information Agency.

Falling inventories and rising gasoline deliveries implies higher demand, which would typically boost oil prices. Pessimism about the economic outlook in China, however, appeared to be weighing heavier on crude prices.

Oil traders have also been skeptical OPEC+, which includes OPEC members and its allies like Russia, will deliver on supply cuts of 2.2 million bpd in the first quarter next year.

Several OPEC+ members announced the voluntary cuts last week after the group failed to reach a unanimous agreement on production targets.

Saudi Energy Minister Price Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak sough to assure the market this week that they could extend or even deepen the promised cuts.

Tamas Varga, an analyst with PVM Oil Associates, said those reassurances have “fallen to deaf ears.”

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