Ask An Expert: Today’s Power, Inc

 

How much electricity comes from solar energy? 

In today’s energy grid, there is a diverse mix of power to ensure that we have access to reliable power. In the United States, roughly 20 percent of our grid is made up of renewable energy, and over the last seven years, we have experienced increased deployments of solar energy which currently make up roughly 3 percent of power consumed in the U.S. Producing more than 42 billion kilowatt-hours in 2020, solar is expected to make up a large portion of our energy in the years to come. According to the U.S. Energy Information Administration (EIA), solar energy is projected to account for the largest share of new capacity.

 

In Arkansas, Today’s Power has played an integral role in increased the megawatt (MW) capacity of solar in the Natural State. With more large-scale projects than any other Arkansas-based developer, Today’s Power has successfully increased the solar footprint in the state by more than 40 MWs since 2014.  

 

What are PPA’s, and how do they differ from an outright purchase? 

When deciding to add solar to your mix at your business or organization, you must decide if it is more advantageous to secure your solar energy via ownership or a power purchase agreement (PPA). For those looking to take advantage of tax incentives and see a dramatic reduction in energy consumption during daytime hours, ownership may be the right path for you. Organizations without a tax appetite may consider a PPA whereas there are no up-front costs associated with the development of the project, and tax incentives are passed along to the developer, which provides a set rate for power produced by the solar system throughout the contract term of a power purchase agreement.  

 

About how long does a solar system last, on average? 

Solar panels, also known as photovoltaic or PV panels, are built to last for more than 25 years. Indeed, many solar panels placed as early as the 1980s are still operating at expected capacity. At Today’s Power, we anticipate that solar systems may degrade at a rate of 1 percent each year, which means that after 25 years, a solar system should be operating at 70-80 percent of its full capacity.  

 

What is Battery Energy Storage? 

Utility-scale battery storage is becoming increasingly important in the operation of the electric grid, bringing cost savings, environmental advantages and unprecedented system flexibility. A battery energy storage system (BESS) is an electrochemical device that charges (or gathers) energy from the grid or a power plant and then releases that energy when electricity or other grid services are required.

 

What is one of the most common misconceptions about solar energy? 

One of the biggest common misconceptions about solar energy projects, especially for the public sector, is that taxpayers will lose millions of dollars to solar farms. But, for when renewable energy projects are built in local communities, state and local governments receive tax revenue. This means that the renewable energy projects in Arkansas have resulted in significantly more money invested in our communities and schools.

 

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