Solar Energy Investing

Physorg.com reports that one of the largest and most effective solar energy systems in the country is in a suburb of Chicago, Illinois - at a laundromat. The dozens of solar panels are used to supply a laundromat with hot water and electricity around the clock.

The owner of the laundromat converted to solar energy in 2001 because his heating bills were approaching one fourth of all monthly revenue. The state of Illinois offered a grant that covered 50% of the cost of the solar panels and he was able to get them installed within a few months.

The total cost for the laundromat’s solar system is approximately $150,000 but saves the owner about $25,000 per year. And while it should remain operational for at least two decades, the system will pay for itself in about five years.

Renewable Energy Access reports that the Austrailian Government has awarded grants exceeding $10 million to projects involving solar energy and other forms of renewable energy.

The funding is part of the Australian Government’s Renewable Energy Development Initiative (REDI) program. The program has issued more than $33 million in grants to Australian companies - including funds to New Energy Partners Pty Ltd.’s parabolic solar collector.

Carbon Free reports that Sustainable Development Technologies Canada (SDTC) will put $6.5 million towards Arise’s $19.8 million project to develop a new way of refining high purity solar grade silicon while allowing for the reuse of waste silicon. This could reduce silicon production expenses and lead to long-term savings in photovoltaic cell production costs.

Upi.com reports that the stadium in Taiwan that will host the 2009 World Games will be powered by solar energy. The stadium’s ceiling will be fitted with solar panels that will be self sufficient in case of electricity problems.

The stadium will also sell surplus power back to the country’s electrical grid.

Construction began a few weeks ago. The stadium will be completed in early 2009, and the World Games will be held mid-2009.

Electronicsweekly.com reports that Shanghai-based Solar EnerTech’s new 42,000 square foot research and development facility will begin producing photovoltaic cells during the 4th quarter of 2006.

WPRI-12 reports that the Massachusetts Museum of Contemporary Art has received a $700,000 grant from the Massachusetts Renewable Energy Trust. The funds will be used to purchase energy efficient technologies including solar energy panels.

dw-world.de reports that all six games of the World Cup held in Dortmund, Germany, had their floodlights powered by solar energy. The photovoltaic system located in Westfallenhalle, Dortmund provided enough electricity to power all of the game as well as the nearby media center complex.

Tmcnet.com reports that Okmetric Oyj, the Finnish silicon wafer producer, has signed a technology agreement with Norsun AS, a Norwegian solar energy company.

As part of the agreement, NorSun will develop a solar wafer manufacturing facility based on Okmetric’s technology. As part of the agreement, Norsun will be investing in Okmetics production machinery.

Finanzen.net reports that MEMC Electronic Materials Inc. and Suntech Power Holdings have signed a non-binding letter of intent for the supply of silicon wafers for use in solar panels. Under these terms, MEMC will supply solar wafers to Suntech for a period of ten years at pre determined pricing. MEMC will also recieve a warrant to buy a small equity stake (about 5%) in Suntech.

Forbes.com reports that Endesa SA and Isofoton plan to invest approximately $320 Million in a new polysilicon factory to be located in Cadiz, Spain.

Polysilicon is used to make solar panels and other electrical components. When completed, the facility will be amongst the world’s largest, producing 2,500 tons of polysilicon per year. World polysilicon demand is expected to grow to as much as 150,000 tons in 2015.