Dive Brief:
- Bloomberg reports that NRG Energy is planning a large expansion into the rooftop solar business, with aims at the number-2 slot, just behind industry leader SolarCity.
- NRG has unveiled its growth plans, detailing how the company intends to evolve with the expansion of distributed generation and changes in how people interact with the grid.
- The company believes solar power will be competitive in 17 states within three years.
Dive Insight:
NRG has laid out a plan for growth in the changing energy landscape, and it relies heavily on rooftop solar. The company intends to become the second largest residential solar panel installer in the country.
“We expect to convincingly persuade our investors that NRG has an embedded SolarCity within it,” NRG CEO David Crane told Bloomberg. “Everyone is beginning to believe that residential solar is this trillion-dollar market that currently has about 1 percent market penetration.”
NRG detailed its growth plan over the course of its two-day investor meeting. A presentation the company's NRG Home Solar sector called rooftop systems a "huge market and opportunity," adding "vertical integration is the winning model."
In November, NRG announced plans to reduce the company’s carbon dioxide emissions 50% by 2030 and 90% by 2050 below a 2014 baseline, using renewables and new gas generation to achieve the targets.
