162

Megawatts

installed to date, equal to the electricity used by 105,000 average US homes

4.4

Stars

based on 1,700+ verified customer reviews by residential customers

View Our Analysis

The Path to Drawdown: Solar PV Manufacturing

To solve climate change and stay below 1.5ºC of global warming, the world needs to switch from generating power from fossil fuels to using 100% emissions-free sources.

The biggest source of this clean energy is the sun (barring advances in nuclear fusion). Photovoltaic or PV solar panels (the kind you see on rooftops) have emerged as the predominant way of capturing the sun's energy and converting it into electricity.

The solar PV industry has been growing fast and, as of 2020, solar panels are now the cheapest source of electricity in most places on earth.

Solar accounts for ~2% of global electricity today. According to Project Drawdown, to be on a path to remain under 1.5ºC of warming, rooftop and utility scale solar will need to be generating a combined ~40% of global electricity by 2050.

To get there, the PV solar industry will need to continue to massively scale over the few next decades:

  • <::marker> 720 TWh of solar electricity generated in 2019
  • <::marker> 28,200 TWh needed by 2050
  • <::marker> CAGR of 12.56% from 2019 - 2050

Another analysis from the IEA predicts that, to reach a 100% clean electricity grid by 2050, annual solar panel manufacturing capacity will need to scale from 110 GWs in 2019 to 630 GWs in 2030.

What We Want to See Improve

Report GHG Emissions

While we commend Sunworks for helping their business and residential customers avoid GHG emissions by providing them with solar PV systems, we also need to see Sunworks’ own direct and indirect emissions. The company’s executives should track their scope 1, 2 and 3 emissions and report these metrics in an annual sustainability report.

Set Cear Emissions Reduction Targets

Once emissions are tracked and reported, the next step would be to reduce emissions. Sunworks’ fleet of vehicles (p. F-13), as well as regional and local offices could be transitioned to renewable electricity and clean energy. These transitioned should be in a context of science-based targets for reducing overall GHG emissions within a specific timetable, which should also be included in their sustainability report.

Scale Up to Faster

Sunworks has had a large deficit and suffered losses (p. 8) since their inception. In terms of revenue, too, the company’s sales have been on the decline in 2016. We want to see Sunworks scale up their operations and sales to the point of achieving profitability and year-on-year revenue growth.

Related Solar Energy Stocks in the Climate Index

View All Climate Index Stocks →

Allocated Company Description

2.00%

Enphase Energy (ENPH)

Enphase makes micro-inverters, which are critical components in making rooftop solar more efficient. It's a key solution to expanding rooftop solar

1.18%

SolarEdge Technologies (SEDG)

SolarEdge makes power optimizer, solar inverter and monitoring systems for rooftop solar. These are key equipment in making solar power more efficient

0.82%

First Solar (FSLR)

First Solar makes innovative solar panels from a single glass substrate, making it possible to make panels in one factory in 4.5 hours

0.76%

Sunrun (RUN)

Sunrun makes and installs residential solar energy systems. Solar is a crucial centerpiece of electrifying everything

0.36%

Daqo New Energy (DQ)

Daqo makes high-purity silicon that goes into solar panel. This is a critical ingredient in converting sunlight into electricity

0.36%

Sunpower (SPWR)

Sunpower offers residential and commercial solar power systems and solar storage. Rooftop solar PV is one of the keys to an emissions-free energy system

0.33%

Shoals Technologies Group, Inc. (SHLS)

Shoals makes all of the components necessary for solar PV systems to connect to the grid. They’re helping expand solar energy

0.31%

Sunnova (NOVA)

Sunnova provides residential solar and energy storage systems in the United States. Both are critical for electrifying the energy system

0.17%

Array Technologies, Inc. (ARRY)

Array Technologies offers machine learning-based solutions that track the sun so that solar PV systems can generate more electricity

0.17%

Jinko Solar (JKS)

Jinko Solar is the largest solar panel maker in the world and heavy investor in solar R&D. They’re a key player in expanding solar energy

0.16%

Canadian Solar (CSIQ)

Canadian Solar makes and ships solar panels all over the world. This is critical for electrifying everything

0.14%

Gibraltar Industries, Inc. (ROCK)

Gibraltar Industries makes the mounting racks for solar panels that are tailor-made for the buildings and fields where solar systems will be placed

0.07%

Azure Power (AZRE)

Azure Power develops solar power for central and state government utilities in India. Solar power is a key centerpiece of a zero-emissions energy system

0.07%

Maxeon Solar Technologies, Ltd. (MAXN)

Maxeon Solar Technologies makes solar panels and related solar system components worldwide - a critical piece in a zero-emissions energy mix of the future

0.05%

FTC Solar, Inc. (FTCI)

FTC Solar offers solar tracker systems so that solar PV systems can produce more electricity. Expanding solar energy is key to a decarbonized world

0.03%

Renesola Power (SOL)

Renesola Power develops utility-scale solar projects in over 10 countries. This is the type of effort needed to scale solar power to electrify the grid

0.02%

iSun, Inc. (ISUN)

iSun is one of the biggest commercial solar developers in the US. They’re a valuable contributor to expanding solar power

0.02%

Orbital Energy Group, Inc. (OEG)

Orbital Energy offers engineering, construction, and maintenance for utility-scale solar systems. They help expand solar power

0.02%

SPI Energy Co., Ltd. (SPI)

SPI Energy develops solar PV solutions for businesses, residential, government and utility customers. Expanding solar is key to a clean energy system

0.02%

Sunworks (SUNW)

Sunworks makes solar power systems for a wide range of markets. Solar is a key zero-carbon energy source

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