Rutgers University Selects SolarEdge Technologies for Its Agrivoltaics Research and to Assist the Development of the New Jersey’s Dual-Use Solar Energy Pilot Program

Rhea-AI Summary

SolarEdge Technologies (SEDG) has been selected by Rutgers University for an agrivoltaics research program in New Jersey. The initiative aims to explore the potential of combining agricultural production with solar energy generation on the same land. The research will support the New Jersey Board of Public Utilities' (NJBPU) Dual-Use Solar Energy Pilot Program, a three-year, 200 MW project. The program involves multiple stakeholders, including the New Jersey Department of Agriculture and the State Agricultural Development Committee. Key study sites will evaluate different mounting methods of solar panels to assess their impact on agriculture and energy production. SolarEdge’s technology will be used for measuring energy output. The results will inform a permanent Dual-Use Solar Program in New Jersey, offering a sustainable solution for farmers facing rising energy costs and climate change challenges.

Positive

• SolarEdge's technology selected for a pioneering agrivoltaics research program, enhancing its credibility in smart energy solutions.
• The 200 MW Dual-Use Solar Energy Pilot Program backed by multiple state agencies shows significant governmental support.
• Potentially transformative impact on sustainable farming could create new revenue streams and boost SolarEdge's market share.

Negative

• No direct financial gains or immediate revenue increase from this research collaboration.

Insights

Financial Analyst

The selection of SolarEdge Technologies by Rutgers University for the Agrivoltaics research program signals a potentially significant development for both the company and the sector. This collaboration could lead to increased adoption of SolarEdge’s technology, especially if the Dual-Use Solar Energy Pilot Program demonstrates effective integration of agrivoltaics in farming practices. Investors should note that 9 GW of solar energy is already being produced across more than 500 Agrivoltaics sites in the U.S., showing the sector is burgeoning.

If SolarEdge’s technology proves beneficial, it could strengthen their market position, possibly increasing their revenue streams. Potential financial benefits for SolarEdge could also include securing more partnerships with educational institutions and government bodies, which often have dedicated funding for sustainable projects.

However, investors should be aware of the long-term nature of this project. The outcomes of this pilot program and its impact on SolarEdge’s financial performance, may not be visibly significant in the short term. The research duration spans three years, meaning any substantial financial impact might only be seen beyond this period.

Tech Expert

The use of SolarEdge’s technology in the Rutgers Agrivoltaics Program provides an excellent opportunity to showcase the adaptability and efficiency of their Module Level Power Electronics (MLPE). The ability to measure and analyze energy production at each panel offers a data-driven approach to optimize both agricultural and energy outputs. This tech integration could provide key insights into improving energy efficiency, potentially lowering operational costs for farms.

Moreover, SolarEdge’s technology will be subjected to diverse farming conditions and panel mounting methods, thus providing a broad set of data. This could lead to innovative technological advancements and new product developments tailored to different agricultural needs, potentially expanding SolarEdge's product portfolio and market reach.

However, challenges exist, such as ensuring robust performance across varied environmental conditions and achieving consistent energy outputs. These factors will need careful monitoring and continuous improvement.

Market Research Analyst

The growing interest in agrivoltaics, as evidenced by increasing USDA funding and support, reflects a broader market trend towards sustainable and dual-use energy solutions. For retail investors, this signifies a sector with substantial growth potential. SolarEdge’s involvement in this pioneering study places it at a strategic advantage to capture market share as the sector expands.

Market dynamics suggest a positive outlook for companies that can offer efficient, scalable solutions to integrate solar energy into agricultural practices. This pilot program's success could serve as a case study, encouraging wider adoption and potentially boosting demand for SolarEdge’s products.

Nevertheless, investors must consider the regulatory environment and policy support, which are critical to the sustained growth of agrivoltaics. Shifts in policy or funding could impact the viability and scalability of such projects.

Outcomes from the Rutgers Research Program will be used to inform the establishment of the Dual-Use Solar Energy Pilot Program that will be administered by the New Jersey Board of Public Utilities (NJBPU)

MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy technology, today announced that its technology has been selected by Rutgers, the State University of New Jersey, as part of an innovative research and demonstration program to explore the potential of dual use agrivoltaics (the combination of agricultural production and solar energy generation simultaneously on the same land) for farmers across the state.

Snyder Research and Extension Farm in Pittstown used for hay production. credit: Advanced Solar Products (ASP)

Rutgers research will assist the Dual-Use Solar Energy Pilot Program that will be administered by the NJBPU. The pilot program is a three-year, 200 MW agrivoltaics initiative with the goal of exploring the feasibility and benefits of agrivoltaics. The pilot program is a collaborative effort including the NJBPU, the New Jersey Department of Agriculture, the State Agricultural Development Committee, the New Jersey Department of Environmental Protection, and the Rutgers Agrivoltaics Program. The results and data from the research program will be used to inform the establishment of a permanent Dual-Use Solar Program in New Jersey. The Rutgers Agrivoltaics Program includes three sites, each using a different panel mounting method to investigate the impact on agricultural production and electricity generation:

• Rutgers Animal Farm in New Brunswick has vertically mounted bifacial panels and will be used for the production of forage crops and beef cattle grazing (170 kW_DC installed and grid-connected)
• Snyder Research and Extension Farm in Pittstown has single-axis trackers and will be used for hay production (94.5 kW_DC installed and 82.4 kW_DC grid-connected)
• Rutgers Agricultural Research and Extension Center in Bridgeton has single axis trackers with both single-wide and double-wide rows of panels and will be used for the production of vegetable and staple crops (255 kW_DC installed and 48.6 kW_DC grid-connected)

At each site, the research will evaluate electricity output, using Module Level Power Electronics (MLPE) for the measurement and analysis of energy production.

“Agrivoltaics is a fast-growing and hugely exciting sector that provides a solution for many of the business challenges that farmers are facing today – from managing rising energy costs to moving to more sustainable production. However, we are still at the start of this journey. The aim of our research is to develop knowledge that will help to establish practices that can help improve both the sustainability and viability of farms through safe and regulated adoption of solar energy. We are excited to be working with SolarEdge to achieve these goals,” said Margaret Brennan-Tonetta, Director for Resource and Economic Development and Senior Associate Director of the New Jersey Agricultural Experiment Station.

Bertrand Vandewiele General Manager of SolarEdge in North America, said: “Agrivoltaics is a perfect example of a real ‘win-win’. This practice allows for expanded solar development to address climate change, without the land-use challenges often associated with ground mounted solar developments. It can also provide benefits for farmers, allowing a stable revenue stream and protection against climate hazards. In the U.S., there are more than 500 Agrivoltaics sites, producing a total of 9 GW of solar energy¹. These numbers are likely to grow as interest in Agrivoltaics has been greatly expanding, as indicated by the increase in support and funding for this sector. For example, the U.S. Department of Agriculture’s funding for Agrivoltaics more than tripled from 2021 to 2022².

Farmers are able to move to more sustainable and profitable production without substantially reducing space for growing crops – in fact agrivoltaics can potentially boost the production of certain shade-tolerant crops by providing protection from direct sunlight, while the cooler temperature below the panels reduces water evaporation. Meanwhile, the end consumer can feel good about choosing produce from sustainable farms. Through this collaboration with Rutgers University, we look forward to playing our part in helping to advance the adoption of more sustainable and profitable farming practices.”

END

About the Rutgers Agrivoltaics Program:

The Rutgers Agrivoltaics Program (RAP) is a multidisciplinary group of Rutgers faculty and staff committed to designing and conducting the applied agrivoltaics research and outreach necessary for New Jersey farmers to make informed decisions about adopting this technology, as well as its potential role in contributing to the State’s renewable energy goals. RAP is part of the NJ Agricultural Experiment Station and Rutgers Cooperative Extension which provide research, outreach and educational resources to residents, communities, and businesses in New Jersey and beyond.

Please visit https://ecocomplex.rutgers.edu/agrivoltaics-research.html for more information. For media inquiries or more information about the Rutgers Agrivoltaics Program, please contact Dave Specca, RAP project lead, at specca@njaes.rutgers.edu.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries and grid services solutions. Visit us at: solaredge.com.

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¹ According to the National Renewable Energy Laboratory

² USDA ERS - Common Ground for Agriculture and Solar Energy: Federal Funding Supports Research and Development in Agrivoltaics

View source version on businesswire.com: https://www.businesswire.com/news/home/20240630118990/en/

Press

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Investor

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Source: SolarEdge Technologies, Inc.

FAQ

What is the focus of SolarEdge Technologies' recent collaboration with Rutgers University?

SolarEdge Technologies (SEDG) is collaborating with Rutgers University to research the potential of agrivoltaics, which combines agricultural production with solar energy generation.

How will SolarEdge's technology be used in the Rutgers agrivoltaics research program?

SolarEdge’s technology will be used to measure and analyze energy production at various research sites, helping to evaluate the feasibility and benefits of agrivoltaics.

What is the goal of the Dual-Use Solar Energy Pilot Program in New Jersey?

The goal of the three-year, 200 MW Dual-Use Solar Energy Pilot Program is to explore the feasibility and benefits of combining agricultural production with solar energy generation.

What is the significance of SolarEdge's involvement in the New Jersey agrivoltaics initiative for SEDG shareholders?

SolarEdge's involvement in the New Jersey agrivoltaics initiative enhances its credibility in smart energy solutions and could potentially open new market opportunities in sustainable farming.

What stakeholders are involved in New Jersey’s Dual-Use Solar Energy Pilot Program?

Stakeholders include the New Jersey Board of Public Utilities, the New Jersey Department of Agriculture, the State Agricultural Development Committee, and the New Jersey Department of Environmental Protection.