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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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Daily EV Recap: EVs that can power your home

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Daily EV Recap: EVs that can power your home

Listen to a recap of the top stories of the day from Electrek. Quick Charge is now available on Apple PodcastsSpotifyTuneIn and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded Monday through Thursday and again on Saturday. Subscribe to our podcast in Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they’re available.

Stories we discuss in this episode (with links):

You can power your home for 21 days with a Chevy Silverado EV and GM’s new bidirectional charger

Hyundai bets on new materials to improve its upcoming electric vehicles

Tesla launches website to convince shareholders to vote for Elon’s $55 billion payday

XPeng CEO shares NGP self-driving footage in Germany, teasing full roll out coming to EU

2023 was a record year for wind power growth – in numbers

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Drop us a line at tips@electrek.co. You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!

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Daily EV Recap: EVs that can power your home

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You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.

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Disneyland faces pressure to electrify its stinky ‘Autopia’ ride, and quick

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Disneyland faces pressure to electrify its stinky 'Autopia' ride, and quick

Disney’s Autopia ride has been making headlines recently, after a park spokesperson told the LA Times that the park is “evaluating technology that will enable us to convert from gas engines in the next few years.” But activists want to put the pressure on to ensure that Disney goes all-EV with the ride, and fast.

The news was reported in many outlets suggesting that Disney is going all-electric with Autopia, but unfortunately, Disney’s statement is a little noncommittal and open on that front. We’ve seen a lot of automakers call 100% gas-powered hybrids as “electrified,” and given that Disney was nonspecific about both its timeline and powertrain source, there’s still room for pressure to ensure that Disney goes with an all-electric choice.

Autopia is a classic ride in Disneyland’s “Tomorrowland” area, but given the EV world we’re living in, its stinky gas-powered cars certainly don’t seem too futuristic.

Until 2016, Autopia vehicles were noisy, polluting two-stroke engines. Two-stroke engines differ from four-stroke in that they can create more power in small formats, but are much dirtier because the combustion process is less complete in a two-stroke engine, and thus exhaust contains ~30x higher levels of particulate emissions (for example, running a two-stroke gas leafblower for one hour can make as many poisonous emissions as driving a passenger car 1,100 miles).

The emissions from these engines cause smog and harm the health of those who breathe them – so putting them directly in front of small children isn’t the best idea. But the ride was sponsored by Chevron from 1998-2012, and that company is pretty dedicated to poisoning small children anyway, so it was apt.

Thankfully, in 2012, Disney attracted a new sponsor, Honda, and in 2016, Honda upgraded the engines to small four-stroke engines, reducing noise and pollution significantly. However, the cars still create exhaust, which is still poisonous to the children riding behind these polluting engines. It’s also poisonous to employees, to the point where Disney pays hazard pay to employees who are assigned to staff the ride.

2016 was also notably after EVs had proven themselves in the automotive realm. So upgrading to an old technology seems a little inappropriate for “Tomorrowland.” But Honda themselves have been behind the ball on the EV transition as well.

Tomorrowland is the section within Disneyland which was meant to show visions of the future. It first opened in 1955, and offers a time capsule of what a 1950s vision of the future might have looked like.

Needless to say, in the seven decades hence, things have changed somewhat. To the point where the original designer of the Autopia cars, Bob Gurr, who is now 92 and was interviewed by the LA Times, said “get rid of those God-awful gasoline fumes.”

It’s certainly ironic that in California, where EVs keep setting sales records and where you can’t even buy gas-powered “small off-road engines” anymore, a Disneyland parkgoer might drive to the park in a clean EV, only to show their children a vision of the past with a poisonous, low-performing gas engine on one of the admittedly more-fun rides in the park. Just imagine how much more fun the ride could be if it were electric.

And Disney could do a lot more to update Tomorrowland with actual visions of the future, rather than an old-timey time capsule. The original Tomorrowland featured a “Carousel of Progress” show of futuristic efficient home appliances, and the Monorail and PeopleMover which both still exist. Disney could showcase more public transport or other post-car mobility options, ideas for futuristic city planning, induction cooktops and more.

But for now, making Autopia electric seems like incredibly low-hanging fruit. Electric go-karts are nothing new, and while Disney’s commitment to move away from gas in the “next few years” is good to hear, it’s been a long time coming, and now isn’t the time to wait.

To this end, local EV advocates and Plug In America are hosting a “Dump the Pump” rally this Sunday, April 21 at 10am at Walt Disney Studios in Burbank. Not a bad way to spend Earth Day weekend, perhaps after attending one of the LA-area Drive Electric Earth Month events the day before (and one of the founders of Drive Electric Week, Zan Dubin-Scott, is organizing the Burbank rally).

Given Disney’s 2030 net-zero pledge (which is ambitious compared to many companies), it’s about time they ditch gas at Autopia – and not just in the “next few years,” but maybe before next Earth Day rolls around. How about it?

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Nissan Micra EV to debut later this year as new low-cost electric car

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Nissan Micra EV to debut later this year as new low-cost electric car

Another affordable electric car is set to be unveiled later this year as Nissan looks to boost EV sales. Nissan will unveil a new Micra EV as its newest low-cost electric car.

Nissan has been teasing an electric Micra successor for several years now. The new EV was previewed as part of the Renault-Nissan-Mitsubishi alliance.

Over two years ago, the company claimed, “This all-new model will be designed by Nissan and engineered and manufactured by Renault using our new common platform.”

The entry-level EV was part of the Alliance’s plans to invest 23 billion euros ($24.5 billion) over a five-year period to kick off its EV offensive. Nissan unveiled its own business update last month as it looks to cut costs and introduce affordable EVs.

Nissan’s new “Arc” business plan aims for “significant next-generation EV cost reduction” through its partnerships and technology.

The automaker is preparing to launch five new electric cars soon. In November, Nissan revealed an up to £3bn ($3.8B) investment to build three new EVs at its Sunderland factory, including an electric Juke, Qashqai, and its LEAF successor.

Nissan-sporty-urban-EV
Nissan Concept 20-23 electric car (Source: Nissan)

Nissan Micra EV to arrive as a new low-cost option

However, Nissan will kick things off with the Micra EV, which will be unveiled later this year. It will be Nissan’s latest low-cost electric car as it looks to satisfy growing demand.

Although Nissan has yet to reveal full details, it’s expected to ride on the same AmpR Small Platform used to power the Renault 5. The Renault features up to 249 miles range from a 52 kWh battery, and the Nissan Micra EV is expected to boast similar numbers.

Nissan-Micra-EV
(Source: Nissan)

It could also offer smaller battery options, like 40 kWh, good for 186 miles range, at a lower price point.

According to Auto Express, the Micra EV will be the first of Nissan’s new electric car lineup. The new low-cost EVs’ design is expected to be closer to that of the Ariya, as sources have also indicated with the new LEAF.

Nissan-Micra-EV
Nissan Ariya (Source: Nissan)

Nissan said it aims to reduce the costs of its new electric models by 30% by developing “EVs in families, integrating powertrains, utilizing next-gen manufacturing, group sourcing, and battery innovations.”

The automaker expects that by focusing on these areas, its electric cars will achieve price parity with gas-power vehicles by 2030 (if not sooner).

Nissan also plans to introduce new EV batteries, such as all-solid-state, to gain a competitive advantage. It kicked off construction on its new all-solid-state EV battery pilot line this week.

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