SOLAR BOOM? As the Federal Reserve implemented a rate cut by more than half-percentage point on Wednesday, solar experts are now predicting the renewable energy industry will see a big boost.
The details : The larger-than-expected rate cut will help lower the price for costly solar panel installation projects, which cost an average of around $30,000. Solar company EnergySage estimated the lower rates could result in homeowners seeing $3,000 of savings over the course of a 20-year loan.
Some background : The amount of solar panel installations on homes is expected to fall by 19% this year, per the Solar Energy Industries Association. With the majority of homeowners financing these projects, high rates have deterred some from making the switch to the renewable energy source, according to Bloomberg.
“That’s what has been holding the market back,” Gigawatt Inc. CEO Deep Patel , told the outlet. Patel predicted sales for solar installations should see a boost as a result of the lower rates.
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ADVANCING THE AI WEATHERMAN : A new startup founded by a former Google executive has emerged with $10 million in series A funding to use artificial intelligence for weather forecasting.
The details : The startup, known as Brightband, is entering a rapidly expanding industry as tech giants like Google and NVIDIA have been expanding their efforts to use AI in predicting the weather. Founders told Bloomberg that the organization plans to focus on predicting extreme weather – such as heat waves or tropical cyclones – around 10 to 15 days in advance of traditional forecasts. The company plans on using historical weather observations from federal agencies and private firms to make predictions.
Some background : Brightband was founded by physical scientist Ryan Keisler , AI researcher Amy McGovern, and two former Google employees – Daniel Rothenberg , who worked as a software engineer, and Julian Green , who headed up Google X’s moonshots.
Its first round of funding was led by Prelude Venture and saw contributions from organizations like Starshot Capital, Garage Capital, Future Back Ventures, Preston-Werner Ventures, and CLAI Ventures, as well as from entrepreneur Adrien Treuille and Slack co-founder Cal Henderson .
ICYMI WATCHDOG CLAIMS EPA RETALIATED AGAINST STAFF : The Environmental Protection Agency’s internal watchdog has claimed that the agency retaliated against several whistleblowers who expressed different opinions on new chemical risk assessments.
The details : The EPA’s Office of Inspector General said yesterday that three employees were retaliated against by senior management, a violation of the EPA’s scientific integrity policy. The employees reportedly believed the chemicals should have been considered more toxic.
After expressing the differing opinions the reports found the employees were reassigned to different divisions, skipped over for promotions and bonuses, and received lower marks on performance reviews, according to E&E News. The incidents reported occurred between 2018 and 2022.
The employees that experienced the alleged retaliation spoke with The Hill, claiming they were harassed in the office. At one point, one staffer said, a roach appeared on her desk. Another claimed to have endured bullying and name-calling.
EPA response : The EPA has insisted the concerning allegations took place during the Trump administration, saying “scientific integrity” has been restored to the agency since.
“Since day one, the Biden-Harris Administration has restored scientific integrity as the cornerstone of its work to protect public health and the environment, including reinstating key whistleblower protections that empower employees to share their own, differing scientific opinions,” a spokesperson told The Hill.
SAVE THE REEFS : Researchers in southern Florida are sending hundreds of corals to Texas for restoration and study in an effort to protect coral species from bleaching.
The details : Nova Southeastern University in Fort Lauderdale is partnering with Texas A&M University-Corpus Christi and sending around 300 corals to the Texas State Aquarium. The delicate invertebrates will be packaged inside a protective case with fresh clean sea water and extra oxygen. Each case will be inside insulated and passed coolers to ensure a swift and safe transfer across several states.
In 2023, abnormally high ocean temperatures caused massive coral bleaching throughout the Florida Keys, NSU explained. TAMU-CC looked to partner with the Florida university after its partners in the Keys were unable to provide corals for research due to the bleaching.
“Coral reefs across the Caribbean have been declining since the 1970s due to land-based stressors — sedimentation, nutrient pollution, coastal development — and rising water temperatures," TAMU-CC researcher Keisha Bahr told Axios Wednesday. “While Nova and other coral nurseries have been making strides in breeding and restoring corals, current conditions are alarming.”
Some background : Coral bleaching poses a massive risk to reefs, which around 25% of the ocean’s fish depend on, according to NOAA . Reefs located in the Northwest Hawaiian Islands support more than 7,000 species of fish, turtles, birds, plants, and other marine life alone. As bleaching makes it extremely difficult for reefs to survive, it threatens the lives of marine wildlife as well as protection against surging sea storms along coastlines.
DISCOUNTS START FOR FIRE-PROOFED HOMES : Protecting your home from wildfires can now help your wallet if you live in California – but just by a few dollars.
The detail s: As of Sept. 1, homeowners with property insurance policies through State Farm can receive a 0.1% discount on their premium as long as they install or already have fire-resistant windows, according to E&E News. However, the discount isn’t expected to be much. If an individual is paying a premium of around $13,800, they would only save $14. Industry experts are doubtful that the discount will help.
“The discounts are immaterial, and especially immaterial for any residents outside of a very high fire hazard zone,” Kate Stillwell , co-founder of wildfire mitigation startup FireBreak Risk, told the outlet.
Other insurers like Liberty Mutual are offering larger savings, of up to 21%, if policyholders meet the requirements for two community-focused discounts and have an insurance-industry nonprofit certify that they have done a sizable amount of mitigation. State Farm is also offering up to 10.1% off premiums if policyholders take 12 mitigation steps outlined by the state and receive the nonprofit certification.
Why does it matter? California is the first state in the country to mandate insurers provide discounts for policyholders that take mitigating actions against wildfires. In recent years, consumers have seen property and home insurance premiums skyrocket as wildfires become more frequent and widespread. Under the state mandate, insurers must provide credits for 12 wildfire-prevention measures, such as fire-resistant windows, decks, vents, roofs, and removing leaves or other flammable debris on a property. Each insurer is able to set its own discounts.
GETTING AROUND THE EV TAX : China is looking to build its first assembly plant in Europe for BYD, one of its largest automakers, as the European Union considers imposing tariffs on electric vehicles coming from the Asian nation.
The details : China is seeking to build the BYD plant at a 740-acre lot in Szeged, Hungary, along the border with Serbia and Romania, according to the New York Times. Construction has yet to begin, but the cornerstone is expected to be set later this year.
The aim is to start production of battery-powered and hybrid vehicles in 2026. Under trade agreements in the EU, the vehicles would reportedly not be subject to the increased tariffs.
Several other Chinese auto manufacturers, like Chery and Leapmotor, are looking to make similar moves by partnering with European brands to produce EVs in the continent.
Some background : The EU is just days away from voting on imposing tariffs up to 35.3% on EVs entering the bloc from China. This tariff would be on top of the EU’s regular 10% import duty, according to Reuters. The EU is poised to vote on the tariffs on Sept. 25, which could be implemented by the end of next month. It would stay in effect for five years. The tariff is dramatically lower than the 100% tariff imposed by the Biden administration earlier this year.
UK CLIMATE ACTIVISTS PUSH FOR TRAIN PERKS : Environmental activist groups in the United Kingdom are demanding the adoption of an unlimited train ticket, allowing passengers to travel throughout the UK on one monthly fare.
The details : Dubbed the “climate card,” the unlimited train travel is being supported by groups like Greenpeace, which estimates the month-to-month ticket would increase train trips by 122 million every year. Research commissioned by Greenpeace also found that the climate card could reduce 40 million trips that would typically be taken by car – reducing carbon emission by nearly 380,000 tons.
Supporters have asked for the climate card to be priced at £49 ($65) per month. The proposal would not make the monthly unlimited ticket required, as other fares would still be available for purchase. If approved, travelers could see massive savings as monthly tickets between major cities Liverpool and Manchester cost around £260 ($345).
“Our current rail fare system is far too complicated, confusing and expensive – it’s time to redesign it with passengers in mind,” Greenpeace UK’s Paul Morozzo told The Guardian. “A monthly climate card would simplify the ticketing system, save commuters hundreds of pounds a month and cut emissions – a triple win.”
RUNDOWN
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