MIT Develops Solar Mapping Tool
A rooftop solar mapping and assessment tool being developed in MIT could eventually simplify the process of discovering the solar potential of every single rooftop in a city. The tool, named Solar System, utilizes high resolution mapping data to create a 3D model of the entire community and then calculates their solar potential by analyzing it against historical weather data. The tool, exclusively licensed to the startup Mapdwell, seeks to make it easier and more intuitive to have a cost-benefit analysis done on rooftop solar, thus enabling people to make a more informed decision about going solar. The tool currently has data for just five cities in the US but is continuing to expand.
India To Host Its First Global Renewable Energy Investors Summit
India’s ministry of new and renewable energy will organize the country’s first ever global renewable energy investor summit early next year as the government hopes to attract international investors to inject billions of dollars into the country’s clean energy sector. The summit is in line with Prime Minister Narendra Modi’s target to push the cumulative installed renewable energy capacity to 100 GW over the next five years. By 2020, the government intends to double the current 6% share that renewable energy adds to the country’s electricity capacity.
Chevron to Sell Canadian Shale Stake for $1.5 Billion
Chevron Corp. agreed to sell 30 percent of its stake in a venture to develop natural gas and oil from Canada’s Duvernay shale to Kuwait Petroleum Corp. Chevron said the $1.5 billion price includes cash and an agreement to contribute to the venture’s capital costs. The Duvernay area in Alberta is among the most promising shale opportunities in North America. The Energy Resources Conservation Board estimates that the area holds around 443 trillion cubic feet of gas and 61.7 billion barrels of oil. Chevron has drilled 16 exploration wells in the area so far.
Westinghouse Solar Secures $100 Million in New Financing, Aims to Expand Residential PV Offers
Westinghouse Solar, a residential solar PV system provider, has reportedly secured around $100 million in new funding from CBD Energy. The new funds are presumed to be used for the expansion of residential solar loans offered to U.S. homeowners, allowing the subsidiary of CBD to get more customers from the American market. Until recently CBD’s residential PV activity has been more or less limited to Australia, but now, through Westinghouse, the company has established a notable presence in Florida and Massachusetts.