Apple Inc’s deal to buy nearly $1 billion of power from a massive First Solar Inc plant could be the first of a stampede of contracts driven by the looming change in a solar tax incentive that makes such projects particularly attractive.
Together with a sharp drop in the cost of solar power and corporate efforts to rack up green credentials, the expiring tax subsidies have large energy purchasers taking a hard look at buying solar under big long-term contracts.
Apple on Tuesday said it would spend $848 million over 25 years to buy 130 megawatts of electricity from a 280 MW plant – the solar industry’s largest-ever corporate power purchase agreement, or PPA.
Apple’s major financial commitment gives solar a level of mainstream credibility that should entice other new customers.
The Editorial Team at SolarFeeds is made up of knowledgeable solar industry insiders and experts who have a passion to share valuable, helpful and educational information. Aiming at becoming the best place to learn solar, the publication partners with industry thought leaders, journalists and influencers. Email us tips and insights at operations [at] SolarFeeds. com