Two companies enter historic, multimillion-dollar deal to manufacture solar panels domestically — here’s how it could … – Yahoo Finance

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A couple of solar-sector manufacturers have a powerhouse agreement that reaches a unique benchmark. Thanks to a $400 million, three-year deal between Heliene and Suniva, solar panels and cells will be entirely made in the U.S., a unique combination until now.

Electrek reports that to this point, solar cells — the contraption that turns sunlight into electricity — were imported.

“Heliene is proud to embark on this historic partnership with Suniva at a time when the U.S. is poised to capture a greater share of the global solar market by bolstering domestic manufacturing and onshoring of supply,” Heliene CEO Martin Pochtaruk said in a press release.

Suniva is based in Georgia, where it makes crystalline silicon cells. Heliene, while headquartered in Canada, constructs solar panels in Minnesota.

Leaders from both companies pursued the deal to take advantage of a 10% Domestic Content Bonus Investment Tax Credit. This made-in-the-USA deal qualifies, per the press release.

“Introducing Suniva’s U.S.-made cells into our manufacturing process will enable Heliene to expand its commitment to offering best-in-class modules that enable our customers to qualify for lucrative tax credits and incentives,” Pochtaruk said in the release.

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Suniva, founded in 2007, claims its cells can turn sunlight into energy with an impressive 23% efficiency. That’s on the high end of reported industry performance, according to MarketWatch.

Heliene boasts advanced technology and processes to make high-quality solar modules.

The deal between the two energy companies is an example of how business owners can utilize government programs to expand operations, help the stateside economy, and provide for cleaner energy.

The industry is growing, as more than 263,000 Americans are employed in the sector “at more than 10,000 companies in every U.S. state,” according to the Solar Energy Industries Association. In addition to sunpower, the industry made “nearly $51 billion of private investment in the American economy,” the report continues.

Homeowners and business owners who add solar to their properties can save up to $1,500 a year, or eliminate electricity bills altogether, by capturing sun rays. Tax credits are available to help with installation costs, which can be as high as $16,000.

Now, thanks to the Heliene/Suniva agreement, American-made solar systems will be available for purchase as early as this year. While the news is another step to transition our energy system to cleaner sources — promoting sustainable, healthier air — it’s also a move to support the domestic workforce.

“We are proud to fulfill our long-standing promise to bring back cell manufacturing to the United States at our Norcross (Georgia) facility,” Suniva CEO Cristiano Amoruso said in the press release.

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