In one corner, we have the father of Tesla, new-world innovator extraordinaire: Elon Musk.
In the other corner, we have the “Oracle of Omaha,” Berkshire Hathaway’s Warren Buffett.
The race is on. And the prize?
The ability to harness the power of the sun.
This unlikely duo may not see eye to eye on all things, but there’s one thing they can agree on.
And that’s the HUGE profit potential of solar energy.
I can see why. There’s a reason solar energy made it onto our elite list of Bold Profits mega trends.
The solar power energy market is projected to top $223 billion by 2026. In America 2.0, it will create new fortunes for savvy investors who get in now.
So let’s get straight to it.
Tesla Solar Homes or Buffett New-Energy Casinos?
Industry giants, Warren Buffett and Elon Musk, see a megawatt opportunity in solar power energy.
Of course, you know we’re big Tesla fans here. And Buffett is usually stuck in America 1.0 stocks, but we don’t blame the guy for trying!
On Monday, Buffett gained U.S. approval to build the largest solar installation in U.S. history!
The $1 billion installation will be located just north of Las Vegas, Nevada.
It’s forecast to generate enough power to cover the entire residential population of Las Vegas or up to 260,000 homes.
The project backed by NV Energy Inc. — a subsidiary of Berkshire Hathaway — will generate 690 megawatts of solar power, beating the current record of 579 megawatts.
The 7,100-acre facility is set to be completed in two phases over a 28-month time period.
But Musk isn’t going to give up that easy.
In Tesla’s latest earnings call, Elon Musk showed how Tesla continues to be in innovator in electric vehicles and solar power panels.
As soon as I saw the news, I alerted my Twitter followers. (Be sure to follow me here for these updates in real-time.)
He announced big goals for Tesla’s solar roof business. In all, he outlined plans to reach 1,000 home installations per week within the next year:
Musk later announced a price-matching incentive program to help make Tesla’s solar panels a reality for more homeowners than ever before.
This price match has the potential to lower the entry cost for its solar product line.
Per Tesla:
In order to fulfill our promise of providing you with the lowest priced solar, Tesla is offering a price match guarantee. Join us in accelerating the world’s transition to sustainable energy, all while obtaining the lowest priced solar panels, within a fast and simple installation process.
So Long Oil … Solar Energy is Here to Stay
Now more than ever before, simple and easy to use solar power energy products are part of our everyday lives.
From decorative walkway lights to cellphone chargers, solar-powered items are growing in popularity and are here to stay. For me, I just added a new solar-powered LED umbrella to my patio for this summer.
According to Allied Market Research, the solar-power energy market was valued at $53 billion in 2018. It’s now projected to top $223 billion by 2026, growing at a compound annual growth rate (CAGR) of 20.5% from 2019 to 2026:
It also states:
The demand for solar cells has gained major traction owing to surge in rooftop installations, followed by increase in applications in the architectural sector.
Furthermore, the demand for parabolic troughs (a type of solar thermal collector) and solar power towers in electricity generation is expected to boost the demand for concentrated solar power systems.
With these projections, it’s important to note that this year, more than any year before, is the start of a major paradigm shift in the increased use of solar-power energy.
Due to our current worldwide situation, people aren’t using gas.
The International Energy Agency (IAE) even notes there’s been a plunge in demand for nearly all major fuels — coal, oil and gas. Only renewables (solar, wind and hydropower) are holding up.
And the energy industry that will emerge after all of this will be significantly different than the one we’re used to. The IAE says:
Renewables are set to be the only energy source that will grow in 2020, with their share of global electricity generation projected to jump thanks to their priority access to grids and low operating costs.
Based on recent statistics from the U.S. Energy Information Administration, this shift to renewable energy as a primary source is happening right now.
Check out this recent Bloomberg chart.
It shows that renewable clean energy supplied 22% of U.S. electricity in April as American’s sheltered in place.
Per Bloomberg, solar-power energy, along with wind and hydropower, gained market share as “overall demand fell, and generators throttled back older costlier coal plants.”
Most notably, the Institute for Energy Economics and Financial Analysis (IEEFA) forecasts that renewables, like solar, are on track to surpass coal for good, yearly, starting in 2021.
This is major news for the future of renewables and especially solar-power energy.
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