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WASHINGTON, D.C. – On a rooftop overlooking Gallaudet University in Washington, D.C., Julian Torres stands next to row after row of solar panels his company, Scale Microgrids, helped install as part of a larger system of renewable energy that has saved the college about $1 million per year in utility costs.

Torres, the company’s chief investment officer, is among many people and institutions worried that such projects will be nearly impossible in the coming years due to a planned change in banking regulations.

The plan, part of an international agreement widely known as “Basel III endgame,” is meant to prevent a global financial crisis by increasing the amount of capital that banks must hold for certain investments to cushion them against potential losses.

Torres said the proposed rule “potentially makes projects unfinanceable with the implied costs” and that he’s already heard from bankers who have said they won’t be able to continue funding renewable energy projects like the ones Scale Microgrids designed and installed at Gallaudet.

Major banks, renewable energy companies, environmental groups and more than 100 lawmakers have also expressed concerns about the proposed framework for the change being prepared by the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency.

Banks help fund the vast majority of renewable energy projects through tax equity investments, which allow the banks to benefit from federal tax credits for renewable energy. Currently, renewable energy draws $18 billion to $20 billion annually through tax equity investments, according to the American Council on Renewable Energy. Spurred by tax credit demand, that market is expected to more than double to $50 billion within the next few years.

However, the amount of capital that banks would need to fund renewable energy projects through tax equity investments would quadruple under the proposed framework.

That could result in annual tax equity investments in the renewable energy sector declining as much as 90%, according to policy analysis firm Capstone.

“Many people joke that we’re on the ‘solar-coaster,'” Torres said about the ups and downs of renewable energy. “But this is probably the biggest challenge we face right now.”

Federal Reserve Chair Jerome Powell told lawmakers that “broad and material changes” are needed to the proposed framework and that he was “aware of the commentary” around the impact to green energy.

The higher capital requirements for renewable energy projects in Basel III puts the regulation on a collision course with the Biden administration’s push for cleaner and greener energy sources. Biden championed a 2022 law that included an expansion of tax credits for clean energy.

Dominic Lacy, Gallaudet’s chief operating officer, said the university needed to replace its aging infrastructure and decided to switch to more renewable energy sources. The final system includes Tesla batteries, solar panels and engines that can run on renewable natural gas if that becomes a viable option in the future.

“If we didn’t have access to that tax credit, we would have had to figure out a different way to replace the infrastructure; it would have been incredibly difficult,” he said. “Quite frankly, I don’t know that we would have been able to replace our energy at the scale at which we did.”

The financial regulators overseeing the framework received more than 200 comments on the 1,087-page proposal.

In a joint letter, the American Bankers Association, which represents the largest banks, and the Bank Policy Institute warned that renewable energy projects would be “uneconomic” under the proposed rule’s new capital requirements.

The Clean Energy State Alliance, a bipartisan coalition of state energy agencies, also wrote to the regulators with concerns about a higher capital requirement, saying they saw little reason those investments would need to be weighed as riskier than they currently are.  

“The clean energy industry’s experience with tax equity investments does not warrant such a radical change,” the group’s letter read. “We urge you to consider the impacts of such a rule on state and national climate goals as well as the economic impacts of slowing down the clean energy transition.”

Rep. Sean Casten, D-Ill., led 106 Democrats in a letter asking the agencies to “reconsider this change in the proposed rule and consider alternatives that accurately reflect the risk profiles of tax equity investments.”

The financial regulators are expected to take comments into consideration and release a final framework later this year.

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Save $1,700 on Jackery’s Explorer 2000 Pro bundle, Pit Boss table top wood grill, Greenworks mower, and more

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Save ,700 on Jackery's Explorer 2000 Pro bundle, Pit Boss table top wood grill, Greenworks mower, and more

Today’s Green Deals are meant to maximize your summer adventures amongst nature, headlined by the Jackery Explorer 2000 Pro with two 200W Solar Panels that is back at its $1,899 low for your campsite power needs. For your campsite’s meal needs, there is the Pit Boss Table Top Wood Pellet Grill at $240, while none of your adventuring can begin before you finish up your chores around the house – namely shaping up your lawn with the Greenworks 40V 20-inch Cordless Electric Push Mower for $320. Plus, all the other hangover Green Deals that are still alive and well.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Jackery Explorer 2000 Pro bundle with two 200W solar panels hits $1,899 low

With both camping and hurricane seasons right around the corner, you’ll likely need a reliable back up power option as you roam the wilds or bunker down to wait out the storms. To accommodate these needs at a more affordable price, the official Jackery Amazon storefront is offering its Explorer 2000 Pro Portable Power Station with two 200W Solar Panels for $1,899 shipped. Down from its usual $3,599 price tag, it has already seen five previous discounts since the new year began, with the two biggest ones repeating the same drop to the $1,899 low like today’s deal. All-in-all, you’re looking at a massive $1,700 markdown that is usually reserved for major sales events like Black Friday or Christmas – which, even then, sat $100 higher, giving you a rare opportunity to stock up at the best rate we’ve tracked.

Providing a 2,160Wh capacity and 2,200W of max power output, Jackery’s Explorer 2000 Pro boasts the usual smart controls by syncing your smartphone, letting you monitor and adjust settings as you need while also giving you remaining power levels and helping you to manage power consumption. When hooked up to a maximum of six Jackery SolarSaga 200W solar panels, it can full recharge from 0 to 100% in less than three hours – or in just two hours via a wall outlet. With its eight ports, all your device’s charging needs and appliance’s power needs will be covered: three ACs, two USB-As, two USB-Cs, and one car port. You can also find the Explorer 2000 Pro bundled with only one 100W solar panel at a $1,000 markdown for $1,399. Or get the power station alone for $1,199.

Pit Boss’ Table Top Wood Pellet Grill now $240

With so many people gearing up for summer adventures, mainly in the form of road trips and camping excursions, Amazon is now offering the Pit Boss Table Top Wood Pellet Grill for $239.85 shipped. Regularly fetching $369, after 2023’s wild ups and downs between $220 and its MSRP, it ended last year at $191, the lowest price we have seen since 2022. Since the new year began, things have become more stagnant, spending the first three months at full price and barely budging during discounts. April saw the first break up of this monotony, with today’s deal coming in to repeat the savings as a $129 markdown that lands at the second-lowest price we have tracked in the last two years – only $84 above the all-time low from 2022.

This portable wood pellet grill is a wonderful addition to your camping arsenal with its compact 15-inch by 24-inch by 19-inch design. It utilizes wood pellets as a fuel source in order to give your food the smoky flavor you crave while also putting off less emissions than that of charcoal. You’ll have a wide 180-degree to 500-degree range to play with, letting you do anything from quick sears at high temperatures to low and slow cooking for classic BBQ meals – you can even sear food with direct 1000-degree heat, if you like. Its dial-in digital control board gives you real-time data through its LED display while also keeping stable temperatures so you don’t have to stress.

Greenworks 40V 20-inch Cordless Electric Push Mower returns to $320 low

Amazon is offering a lightning deal on the Greenworks 40V 20-inch Cordless Electric Push Mower for $319.99 shipped. Normally fetching $400, this particular model has seen few discounts since the new year began, with only two having occurred in March and April to the same $320 Amazon low. We have seen it go for less elsewhere in the past, dropping as low as $249. Today’s deal still comes in as a solid $80 markdown that returns costs to the lowest price we have tracked on Amazon.

With this lawn mower’s 40V brushless motor and 4.0Ah battery, you’ll have all you need to tackle yards up to 1/3 acre in size on a single charge (keep in mind that rates may vary based on the terrain and operator technique). It sports a durable 20-inch steel deck topped with LED headlights for early morning and late evening jobs, with a folding design that “saves 70% more space in seconds with vertical storage.” It offers a 7-position height-adjustment, with a 4-in-1 design allowing you to mulch, side discharge, and rear-bag your grass clippings, as well as kick it into a higher gear for turbo leaf pickup.

If you’re looking for a bigger and badder piece of equipment for your lawn, Amazon is still offering the Greenworks 60V 42-inch Cordless Electric CrossoverZ Zero Turn Riding Mower for $3,797, down from $4,800. Sitting atop a 42-inch reinforced 12-gauge steel cutting deck, this mower sports a 60V TRUBRUSHLESS motor that was designed to handle up to 1.5-acres of land on a single charge of its four included 8.0Ah batteries. You’ll also find its predecessor, the 60V 42-inch Cordless Electric CrossoverT Riding Mower for $3,497, down from $4,300. While it offers most of the same features and similar specs, the main difference here is the missing zero-turn maneuverability and control.

Spring e-bike deals!

Juiced RipCurrent S Fat-Tire e-bike being ridden by man in all black, within post for Jackery Explorer 2000 Pro bundle

Other new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Baidu talks about using Tesla Robotaxi in China

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Baidu talks about using Tesla Robotaxi in China

Baidu says that it is considering using Tesla’s upcoming Robotaxi in China as the two major companies appear to be getting closer.

Following Elon Musk’s recent visit to China, Tesla seems to have made progress toward bringing its ‘Supervised Full Self-Driving’ to the country.

The automaker has reportedly secured conditional approval to deploy the system in the market.

Along with the approval, Tesla was reported to be working with Chinese tech giant Baidu on maps for self-driving.

Tesla is already working with Baidu on navigation maps in China, but the report suggested that the two are getting closer to a deal on self-driving.

Now, a report from Shanghai Securities News states that a Baidu executive said that the company is looking to use Tesla’s upcoming Robotaxi (translated from Chinese):

On May 15, Xu Baoqiang, general manager of Baidu’s autonomous driving technology department, told a reporter from the Shanghai Securities News that for the Robotaxi (shared taxi) that Tesla will launch, Baidu will use Tesla’s specific application models and the pace of entering the Chinese market, etc., and consider possible cooperation opportunities.

Baidu has its own autonomous driving effort and offers rideshare services with its vehicles. It would be interesting to see it partner with Tesla on self-driving.

Tesla has often said that it would be willing to supply and license its self-driving technology to other companies, and recently said that it is in discussion with a major OEM.

Electrek’s Take

The real question is: does Tesla want to partner with Baidu on this, or is it being asked to as part of the approval process?

China is notoriously protectionistic when it comes to foreign companies operating in its market. Tesla is one of the rare automakers that managed to get around that with a deal to build Gigafactory Shanghai in its free-trade zone, but it doesn’t mean that it will be able to keep securing those deals.

Generally, foreign companies have been forced to partner with Chinese companies in order to establish themselves in the country.

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Rivian introduces YouTube App and Google Cast video streaming to the R1 infotainment system

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Rivian introduces YouTube App and Google Cast video streaming to the R1 infotainment system

American automaker Rivian is upping the entertainment factor for current and future owners of its flagship R1 line of EVs. Today, Rivian shared it is integrating YouTube into its infotainment system, available for streaming on your vehicle’s center display. Additionally, the automaker is adding Google Cast capabilities, giving drivers and passengers the ability to mirror their favorite content in the EV from a smartphone or tablet.

As you’re most certainly aware by now, Rivian ($RIVN) is a relatively young and exciting EV automaker focusing on bringing sustainability and comfort to US customers, whether on public roads or out exploring Mother Nature.

The automaker’s journey to scale its two flagship models, the R1T pickup and R1S SUV, has seen its fair share of bumps, but it appears to have hit its stride at its lone production facility in Normal, Illinois, as it gears up for not one but three additional all-electric models in its pipeline.

While Rivian customers are some of the most satisfied in the segment, the infotainment of its current models leaves a bit to be desired. Sure, you can download wellness apps like Headspace and Sleepio or manage your company using Workday, but in terms of entertainment, the second half and ultra-popular word in the central display’s portmanteau, Rivian could do better.

Rejoice R1 owners, for your streaming desires have been met! Rivian has added both YouTube and Google Cast, giving drivers (when parked of course) and their passengers two solid options to get their dopamine fix from the comfort of their electric truck.

Rivian YouTube
Source: Rivian

Rivian adds YouTube App and streaming from devices

This morning, Rivian shared that its current R1 infotainment system, consisting of a 15-inch touchscreen and “immersive audio system,” will soon support the YouTube App, enabling owners to stream their favorite cat videos or montages of some of the best Vines (man, I miss that app).

Additionally, Rivian is adding Google Cast capabilities, meaning you will soon be able to project Cast-enabled apps directly from your Apple or Android smartphone or tablet directly to the R1’s center display.

To begin, the EV must be parked for safety. Then, connect any phone or tablet to the vehicle’s WiFi hotspot and tap the Google Cast icon (seen in the featured image above) on your device’s screen. From there, you simply tap “Rivian” on the screen to begin the casting session, which will play your selected app’s video on the vehicle’s screen and across its sound system.

You’ll then be able to control playback directly through the R1’s display while still being able to access other apps from your phone. However, if the vehicle is shifted into Drive mode, the video will pause automatically to ensure driver and passenger safety.

Rivian says the native YouTube App and Google Cast capabilities will come via an over-the-air (OTA) update that is “coming soon,” but we do not have a confirmed date yet. Stay tuned.

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