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Bloomberg news that the coronavirus pandemic has not only hit the oil market hard, but also hit clean energy hard
.
A report released Friday by Morgan Stanley, Wood Mackenzie and Rystad Energy said wind, solar and battery growth in the U.
S.
and this year and beyond will be significantly reduced
as countries and cities implement lockdowns and economies come to a standstill.
This is a reversal
for an industry that had expected promising results.
Falling battery costs have made energy storage more attractive to U.
S.
businesses, while solar is expected to benefit from growing demand
from homeowners living in California and other places prone to wildfires, dangerous storms and blackouts.
Rystad Energy expects global wind and solar growth to be offset as the dollar rises and other currencies depreciate during the pandemic, which will drive up project costs
.
Rystad Energy said in a report that their projects will be hit
the most as the currencies of the Australian dollar, Brazil, Mexico and South Africa depreciate against the dollar.
The Oslo, Norway-based research firm predicts that growth in wind and solar will decrease by another 10%
by 2021.
Morgan Stanley expects U.
S.
residential solar power could plummet 48 percent
in the second quarter.
The shock will continue
in the second half of the year.
Analysts at the investment bank estimated year-over-year declines of 28 percent in the third and fourth quarters
, respectively.
It's not just the lockdown that has slowed
sales of roof panels.
Morgan Stanley said low home starts and consumers saying they could delay or cancel home renovations have hurt
the industry.
In terms of batteries, Wood Mackenzie lowered its forecast for built-in batteries in the U.
S.
by 31%.
Previously, 632 MW was expected to be installed this year, now adjusted to 436 MW
.
Still, that's a high
number compared to the 272 MW installed last year.
One of the reasons the research firm lowered its forecast was supply issues, travel bans and shutdowns, which created roadblocks
for projects that needed on-site workers.
If delays drag on long enough, they could make certain projects ineligible for tax credits and undermine their economic benefits
.
Bloomberg news that the coronavirus pandemic has not only hit the oil market hard, but also hit clean energy hard
.
A report released Friday by Morgan Stanley, Wood Mackenzie and Rystad Energy said wind, solar and battery growth in the U.
S.
and this year and beyond will be significantly reduced
as countries and cities implement lockdowns and economies come to a standstill.
This is a reversal
for an industry that had expected promising results.
Falling battery costs have made energy storage more attractive to U.
S.
businesses, while solar is expected to benefit from growing demand
from homeowners living in California and other places prone to wildfires, dangerous storms and blackouts.
Rystad Energy expects global wind and solar growth to be offset as the dollar rises and other currencies depreciate during the pandemic, which will drive up project costs
.
Rystad Energy said in a report that their projects will be hit
the most as the currencies of the Australian dollar, Brazil, Mexico and South Africa depreciate against the dollar.
The Oslo, Norway-based research firm predicts that growth in wind and solar will decrease by another 10%
by 2021.
Morgan Stanley expects U.
S.
residential solar power could plummet 48 percent
in the second quarter.
The shock will continue
in the second half of the year.
Analysts at the investment bank estimated year-over-year declines of 28 percent in the third and fourth quarters
, respectively.
It's not just the lockdown that has slowed
sales of roof panels.
Morgan Stanley said low home starts and consumers saying they could delay or cancel home renovations have hurt
the industry.
In terms of batteries, Wood Mackenzie lowered its forecast for built-in batteries in the U.
S.
by 31%.
Previously, 632 MW was expected to be installed this year, now adjusted to 436 MW
.
Still, that's a high
number compared to the 272 MW installed last year.
One of the reasons the research firm lowered its forecast was supply issues, travel bans and shutdowns, which created roadblocks
for projects that needed on-site workers.
If delays drag on long enough, they could make certain projects ineligible for tax credits and undermine their economic benefits
.
