City of Houston joins forces with nonprofit to launch a citywide solar co-op

Climate action

Houstonians can now opt into a citywide solar co-op. Photo courtesy of Houston Mayor's Office

One year ago, the city of Houston announced its Climate Action Plan and its goal to reach carbon neutrality by 2050. This year, the city has another Earth Day announcement that builds upon CAP.

Mayor Sylvester Turner and solar nonprofit group, Solar United Neighbors, announced a citywide solar co-op on Earth Day — exactly one year since CAP launched. For an update on the plan's execution in Houston, click here for a report from the Kinder Institute for Urban Research.

"As we celebrate Earth Day, I'm proud to welcome this community-driven initiative for local rooftop solar and thank Solar United Neighbors for being such a strong supporter of the Houston Climate Action Plan," says Mayor Turner in a news release. "I encourage Houstonians to take full advantage of this opportunity to learn more about the benefits of residential solar and how they can take part. Bulk buy programs like this will help our city meet our energy transition goals and grow local investment in renewable and resilient energy."

SUN is familiar with Houston, and, since 2018, the nonprofit has hosted six neighborhood solar co-ops in Spring Branch, Lake Olympia, East Houston, Central Houston, the Woodlands, and West Houston. According to SUN, Texas solar co-ops provide 569 kW of solar power, $1.64 million in local economic investment, and more than 18.4 million pounds of lifetime carbon offsets.

"The co-op will enable homeowners and business owners in and around the city of Houston to join the growing community of people taking control of their energy bills and improving grid resilience by harnessing solar power," says Hanna Mitchell, Texas program director for SUN, in the release. "Together, we're building a movement to transform our electricity system into one that is cleaner, fairer, and shares its benefits more broadly."

Data from Environment Texas shows that Houston's installed solar capacity has quadrupled from 2018 to 2020, and Houston is the nation's largest municipal user of renewable energy in the United States, according to the release. Additionally, Houston Permitting Center saw a 63 percent increase in solar installation permits from 2019 to 2020.

For more information on the co-op, visit SUN's Houston website. Or, sign up for one of the two information sessions on Thursday, May 6, at 6:30 pm, or Wednesday, May 19, at noon.

A national solar energy organization is expanding in Houston to promote affordable sustainability. Getty Images

Solar energy co-op shines light on sustainability for Houston-area residents

join the club

A nationwide nonprofit organization that focuses on promoting and educating on the use of solar energy, has chosen a local solar installer business for its West Houston co-op.

Solar United Neighbors, also known as SUN, was established in 2007 to represent the interests and needs of solar owners and those interested in going solar. The nonprofit has already helped more than 4,600 solar owners with over 35,000 kW installed. SUN is currently active in the Houston area with two co-ops formed.

The West Houston co-op, which opened in January of 2020, is open to residents and small businesses from Brookshire to Memorial City and Richmond. The co-op will be open to new members until July 31st. However, members have already chosen a local business, Sunshine Renewable Solutions to install solar panels for the group.

"It is an honor to be selected because we know how thoroughly the co-op reviewed each bid," says Sid Chandrashekar, vice president of sales and operations for Sunshine Renewable Solutions. "SUN's mission is aligned with ours when it comes to education efforts for solar energy, they use a community approach that is really informative to anybody that is interested in solar, and that's how we see ourselves more as educators and consultants."

Hanna Mitchell, the Texas Program Director for Solar United Neighbors says a co-op is a great way to reduce costs for local citizens looking to go solar. The co-op is free to join and there is no commitment to purchase panels.

"Through our education programs and events we hope to demystify the process of going solar," says Mitchell. "There is never any pressure to go forward with the installation, our main goal is to provide access to information so our members can make informed energy choices."

The West Houston co-op committee members chose Sunshine Renewable Solutions from seven other installers that put in a bid. Solar co-op members selected the local installer for their competitive pricing, battery options, and workmanship warranty.

Co-op member Joseph Garfunkel served on the committee who volunteered to review bids and choose an installer. Initially, he joined to learn more about the process to get solar in his home.

"I joined the West Houston Solar Co-op to learn more about the process for installing solar at my house, and to also to get an idea of the cost," says Garfunkel. "The solar co-op has been very helpful in providing webinars and other information describing the entire process."

The experts at SUN were able to hold events to further educate the members of the West Houston co-op of the benefits of solar investment, even after the rise of the coronavirus pandemic moved gatherings to virtual events.

Garfunkel, along with fellow residents of the committee, was able to select the best candidate among those who presented a bid.

"I found that our discussion during that process was extremely helpful," says Garfunkel. "We were able to in better understand the features being offered by the different vendors, as well as the different costs and options that are available."

Sunshine Renewable Solutions, for their part, says they are thrilled to have been chosen from the other solar installers that were in the competition.

"We've worked hard to build our reputation and spread the love of clean energy and energy independence in the Houston area," says Chandrashekar. "We are ecstatic to help more people go solar by providing them with amazing customer experience at an incredibly low cost."

Those interested in joining the West Houston co-op will be presented with an individualized proposal based on the group rate, which leads to a significant number of dollars saved on the cost.

SUN will be recruiting more members for its East Houston co-op that will close at the end of August.

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Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

NASA unveils Artemis III astronauts at Johnson Space Center in Houston

To the moon

NASA on Tuesday, June 9, revealed the crew for its Artemis III mission, the next step in the space agency's plan to eventually land astronauts on the moon.

The announcement came two months after Artemis II's record-breaking trip around the moon that surpassed the distance record of Apollo 13.

NASA's Randy Bresnik, Frank Rubio, Andre Douglas and the European Space Agency's Luca Parmitano won't fly to the moon or land on the surface. Instead, they’ll orbit Earth while practicing docking their Orion capsule with two lunar landers.

“To the Artemis III crew, we wish you Godspeed on the journey ahead,” said NASA administrator Jared Isaacman.

Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin are racing to deliver the lunar landers. The two-week demo is targeted for 2027. Blue Origin suffered a recent setback when its massive rocket exploded during an engine-firing test on the launch pad in Florida, shaking nearby homes and illuminating the sky with an orange fireball.

NASA's Jeremy Parsons said the setback is a learning opportunity and that the space agency is confident Blue Origin's rocket will be ready in time.

NASA's Artemis program aims to return astronauts to the moon's surface for the first time since the 1970s. A recent revamp of the program announced by Isaacman aims to fast-track it similarly to the Apollo era, adding the upcoming spaceflight around Earth before eyeing a lunar landing in 2028.

“We are certainly humbled as a crew to be able to be your crew that executes this Artemis III mission in space,” said Bresnik, Artemis III commander.

Added Douglas, mission specialist: “My brain — it is going a mile a minute right now. But my heart, it is so warm. It is so full."

In May, NASA awarded hundreds of millions of dollars in contracts to four companies, including Blue Origin, to build landers, rovers and drones for a future moon base. Isaacman said the goal of the moon base is to lay the foundation for a Mars expedition.

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