(Not so) sunny news

New report throws shade on Houston's renewable energy use in 'solar cities' ranking

Sunny Houston fails to place on Thumbtack's new list. Photo by Adrian N on Unsplash

As the cost of solar panel installation becomes more attainable to homeowners, more Americans are willing to reduce their carbon emissions and their electricity bills in the process.

So just where does Houston rank in new tech like solar panel installation? According to a new report from home service management platform Thumbtack, it doesn't.

Houston, which has no shortage of sun — as residents are well aware — fails to place in Thumbtack's new list of the top 15 most "solar" cities in the United States.

Austin leads the way for Texas, ranking the No. 3 most “solar” city in the U.S., per Thumbtack. Austin, with the highest net-new solar panel installations within the past year in Texas, splits up four Californian cities in the top five. Only San Diego (No. 1) and Los Angeles (No. 2) outranked Austin.

San Antonio follows not behind atNo. 9 and just outside the top 10 is Dallas-Fort Worth at No. 11.

For the curious, Texas Property Code 202.010 forbids homeowner associations from restricting the installation of solar panels, so any Texas homeowner can do it as long as they follow the standard procedure for “improving” their home to comply with a separate state law.

Thumbtack home expert David Steckel said in a press release that they chose to focus the report on cities with the most new solar installations because they wanted to “celebrate those [cities] making the biggest change.”

“When we looked at all solar projects – from installations to modifications, repairs, consultations and more – we found that unsurprisingly, California dominated the list with 9 out of the top 10 spots – given their long-term commitment to and adoption of solar energy," he said. "We really wanted to celebrate cities that are seeing a shift in behavior.”

The top 10 most “solar” cities in the U.S. are:

  • No. 1 – San Diego
  • No. 2 – Los Angeles
  • No. 3 – Austin
  • No. 4 – Palm Springs, California
  • No. 5 – San Francisco
  • No. 6 – Las Vegas
  • No. 7 – Phoenix
  • No. 8 – Orlando
  • No. 9 – San Antonio
  • No. 10 – Tampa, Florida

Steckel said the company has seen a year-over-year increase of up to 96 percent in solar energy projects among consumers for March 2023.

“We recently found that 71 percent of Americans are prioritizing sustainable, energy-efficient home improvement projects this year – with more than one-third of Americans planning to install solar panels in 2023 – showing an accelerating change in consumer behavior,” he said.

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This article originally ran on CultureMap.

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A View From HETI

Fervo plans to sell 70 million shares of Class A common stock at $25 to $26 per share. Photo courtesy Fervo Energy

Houston-based geothermal power company Fervo Energy is now eyeing an IPO that would raise $1.75 billion to $1.82 billion, up from the previous target of $1.33 billion.

In paperwork filed Monday, May 11 with the U.S. Securities and Exchange Commission, Fervo says it plans to sell 70 million shares of Class A common stock at $25 to $26 per share.

In addition, Fervo expects to grant underwriters 30-day options to buy up to 8.33 million additional shares of Class A common stock. This could raise nearly $200 million.

When it announced the IPO on May 4, Fervo aimed to sell 55.56 million shares at $21 to $24 per share, which would have raised $1.17 billion to $1.33 billion. The initial valuation target was $6.5 billion.

A date for the IPO hasn’t been scheduled. Fervo’s stock will be listed on Nasdaq under the ticker symbol FRVO.

Fervo, founded in 2017, has attracted about $1.5 billion in funding from investors such as Bill Gates-founded Breakthrough Energy Ventures, Google, Mitsubishi Heavy Industries, Devon Energy (which is moving its headquarters to Houston), Tesla co-founder JB Straubel, CalSTRS, Liberty Mutual Investments, AllianceBernstein, JPMorgan, Bank of America and Sumitomo Mitsui Trust Bank.

Fervo’s marquee project is Cape Station in Beaver County, Utah, the world’s largest EGS (enhanced geothermal system) project. The first phase will deliver 100 megawatts of baseload clean power, with the second phase adding another 400 megawatts. The site can accommodate 2 gigawatts of geothermal energy. Fervo holds more than 595,000 leased acres for potential expansion.

Cape Station has secured power purchase agreements for the entire 500-megawatt capacity. Customers include Houston-based Shell Energy North America and Southern California Edison.

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