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  • Google to begin selling maps data to companies building solar products, hopes to generate $100 million in first year

    Google to begin selling maps data to companies building solar products, hopes to generate $100 million in first year

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    A screenshot of Project Sunroof shows the map data offered by the pilot project, which is meant to help consumers plan solar installations for their homes.

    Screenshot

    Google is planning to license new sets of mapping data to a range of companies to use as they build products around renewable energy, and is hoping generate up to $100 million in its first year, CNBC has learned.

    The company plans to sell access to new APIs (application programming interfaces) with solar and energy information and air quality, according to materials viewed by CNBC.

    Among the new offerings will be a Solar API, which could be used by solar installers like SunRun and Tesla Energy and solar design companies like Aurora Solar, according to a list of example customers viewed by CNBC. Google also sees customer opportunities with real estate companies like Zillow, Redfin, hospitality companies like Marriott Bonvoy, and utilities like PG&E.

    Some of the data from the Solar API will come from a consumer-focused pilot called Project Sunroof, a solar savings calculator that originally launched in 2015. The program allows users to enter their address and to receive estimated solar costs such as electric bill savings and the size of the solar installation they’ll need. It also offers 3D modeling of the roofs of buildings and nearby trees based on Google Maps data. 

    Google plans to sell API access to individual building data, as well as aggregated data for all buildings in a particular city or county, one document states. The company says it has data for over 350 million buildings, according to documents, up significantly from the 60 million buildings it cited for Project Sunroof in 2017.

    One internal document estimates the company’s solar APIs will generate revenue between $90 and $100 million in the first year after launch. There’s also a potential to connect with Google Cloud products down the line, documents state.

    As part of the planned launch, the company is also planning to announce an Air Quality API that will let customers request air quality data, such as pollutants and health-based recommendations for specific locations. It’ll also include digital heat maps of the data and hourly air quality information, as well as air quality history of up to 30 days.

    Google did not immediately respond to a request for comment.

    The latest revenue play comes as the company has been trying to monetize its maps products as it faces pressure to produce revenue amid a broader economic slowdown. While the company is focusing on becoming more efficient, it’s also been investing in newer technologies like generative AI and sustainability — a market it hopes to take advantage of with the Solar API.

    The company currently licenses its mapping API for navigation to companies like Uber, which said in 2019 it paid Google $58 million over there years. Maps API revenue goes toward the company’s cloud segment, which finally turned profitable in the first quarter but has had a rocky path toward trying to compete with market leaders Amazon and Microsoft.

    Google doesn’t break out how much its Maps business makes, but it has historically been one of Google’s most under-monetized products, Morgan Stanley analyst Brian Nowak told CNBC in 2021. At the time, Morgan Stanley had estimated Google Maps would earn $11.1 billion by this year as new travel products and promoted pins began to increase ad revenue.

    The move also comes as the company attempts to streamline its mapping products. In June, CNBC found the company was laying off employees at traffic-reporting app Waze, which it acquired in 2013, and combining it with the Google Maps team.

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  • Goldman Sachs says there could be ‘multiple beats’ by solar companies and gives its favorites

    Goldman Sachs says there could be ‘multiple beats’ by solar companies and gives its favorites

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  • California cuts payments to homeowners for solar panels feeding energy back to the grid

    California cuts payments to homeowners for solar panels feeding energy back to the grid

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    Save A Lot Solar contractors install LG Electronics solar panels on a home in Hayward, California, U.S., on Tuesday, Feb. 8, 2022.

    David Paul Morris | Bloomberg | Getty Images

    The California Public Utilities Commission on Thursday passed a proposal that will reduce compensation provided to households for the surplus electricity their rooftop solar panels contribute to the electric grid.

    Utilities and consumer groups have argued the incentive payments have unfairly favored wealthier consumers and harmed poor and low-income households. But solar companies and renewable advocates have said that lowering the compensation would slow solar installations and hinder the state’s goals to address climate change.

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    The proposal, which California utility regulators unveiled last month, will change a net metering policy by paying solar owners for extra power at a lower rate, which is determined by the cost the utility would need to spend to purchase clean power from an alternative source. The solar industry has said the plan would amount to a 75% cut in average payment rates to customers.

    Today’s unanimous vote by the five-member commission was monitored across the country, since California is widely viewed as a leader in the renewable energy buildout. The impact of today’s decision will likely extend beyond the state and have implications for the solar industry nationwide, particularly companies in the residential solar space like Sunrun, SunPower, Sunnova, and Tesla.

    More than 1.5 million homes, businesses and other utility customers in California have rooftop solar panels. The utilities commission estimates that these installations can collectively produce 12 gigawatts of electricity.

    The proposal would have no impact on existing rooftop solar customers and would maintain their current compensation rates, and would also encourage consumers to install batteries with their solar panels, the commission said.

    Affordable Clean Energy For All, a nonprofit funded by California’s utilities, has argued that the rooftop solar program is outdated and that utilities have to pass along the costs of subsidies, creating higher bills for millions of customers who don’t install solar, including those least able to pay for electricity costs.

    However, solar companies have argued that the existing net metering system is necessary to spur people to choose rooftop solar.

    The changes to the state’s solar incentive program could cut California’s solar market in half by 2024, according to a report released earlier this year from energy research firm Wood Mackenzie.

    “This misguided decision, which undervalues solar’s numerous benefits for all Californians, will dim the lights on the growth of solar in the Golden State,” said Laura Deehan, state director for Environment California, following the vote.

    Roger Lin, an attorney at the Center for Biological Diversity’s energy justice program, said in a statement that the commission “has taken a step backward by widening the divide between those who can afford solar and those who can’t.”

    “It’s an affront to low-income communities who are hit by the climate crisis first and worst, and we’ll do everything we can to convince the commission to fix the deep flaws in its proposal,” Lin said.

    California, which is grappling with wildfires and drought fueled by climate change, has a goal to transition to 100% renewable energy by 2045.

    Solar stock surge after California lessens its subsidy rollback

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  • A Tesla stock plunge could destroy ‘zombie stocks’ such as GameStop and Peloton, warns equity research firm New Constructs

    A Tesla stock plunge could destroy ‘zombie stocks’ such as GameStop and Peloton, warns equity research firm New Constructs

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    Tesla shares could decline dramatically — and that could mean disaster for a number of stocks that have already seen deep share-price cuts, according to equity research firm New Constructs.

    The research firm, which uses machine learning and natural language processing to parse corporate filings and model economic earnings, called the stocks in danger “zombie stocks,” and defined them as companies with poor business models that are burning cash at an alarming rate and are at risk of seeing their stock decline to $0 per share.

    The research firm estimates there could be some 300 zombie companies across the marketplace.

    “The Federal Reserve’s aggressive rate hikes so far in 2022 have ended the era of free money and exposed a worrisome dynamic throughout capital markets: zombie stocks,” wrote New Constructs CEO David Trainer, in a note.

    See Now: Tesla earnings are coming, but do record deliveries mask a demand problem?

    New Constructs does not define Tesla Inc.
    TSLA,
    +7.01%
    as a “zombie stock,” citing CEO Elon Musk’s ability to raise capital, but does see the electric car manufacturer as a bellwether for the sector. “It shares many of the common characteristics of a zombie stock, such as an outrageous valuation and high cash burn,” wrote Trainer. “We believe Tesla’s unrelenting share price rise over the past three years – where investors completely ignored company fundamentals – inspired the birth of many of today’s zombie stocks.” 

    Tesla reports its third-quarter results after the closing bell on Oct. 19.

    The company’s stock was trading around $220 on Monday, an increase of over 1,000% compared to three years ago. But Trainer feels that Tesla is at risk of falling more than 80% to $25 a share.

    Tesla’s Optimus bot: ‘High school science project’ or robotics game changer?

    Tesla’s stock has fallen 37.6% in 2022, outpacing the S&P 500 Index’s
    SPX,
    +2.65%
    decline of 22.7%.

    “Its valuation remains nosebleed high because the cash flow expectations baked into the stock price are unreasonably optimistic,” Trainer wrote. “Our message to investors is to take profits in Tesla and avoid zombie stocks at all costs.”

    New Constructs recently added cloud-based communication company RingCentral Inc.
    RNG,
    +6.49%
    to its list of “zombie” stocks. Other companies on the list are Freshpet Inc.
    FRPT,
    -2.03%    ,
     Peloton Interactive Inc.
    PTON,
    +7.04%    ,
     Carvana Co.
    CVNA,
    +6.30%    ,
     Snap Inc.
    SNAP,
    +6.01%    ,
     Beyond Meat Inc.
    BYND,
    +0.64%    ,
     Rivian Automotive Inc.
    RIVN,
    +6.93%    ,
     DoorDash Inc.
    DASH,
    +6.15%    ,
     Shake Shack Inc.
    SHAK,
    +4.01%    ,
     Chewy Inc.
    CHWY,
    +10.76%    ,
     Uber Technologies Inc.
    UBER,
    +4.98%    ,
     Robinhood Markets Inc.
    HOOD,
    +3.24%    ,
     Tilray Brands Inc.
    TLRY,
    +7.32%    ,
     Affirm Holdings Inc.
    AFRM,
    +6.72%    ,
     SunRun Inc.
    RUN,
    +1.70%    ,
     Blue Apron Holdings Inc.
    APRN,
    +3.26%    ,
     and meme stocks AMC Entertainment Holdings Inc. 
    AMC,
    +6.00%
    and GameStop Corp.
    GME,
    +5.40%    .

    See Now: RingCentral added to ‘zombie’ stocks list by equity research firm New Constructs

    “Investors are now fed up with these kinds of companies, especially amid this year’s stock market volatility,” wrote New Constructs’ Trainer. “If investors start to give up on Tesla and take profits on the stock, which is up over 1,000% over the past three years, that spells terrible news for all of the other zombie stocks that don’t have the cash-raising luxury that Tesla has.”  

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