iSun, Inc. (ISUN)

Company Website 2020 Financial Report Stock Analysis

3000

Residential Solar Projects

installed since 2012

410000

Kilowatt-Hours

of energy produced since 1988

Gigawatts

worth of utility solar projects under review for 2021

View Our Analysis

The Path to Drawdown: PV Solar Development

To solve climate change and remain below 1.5ºC of global warming, the globe needs to switch away from fossil fuels to using 100% emissions free sources.

The largest source of this clean energy is the sun. Photovoltaic or PV solar panels (the kind you see on rooftops) have emerged as the dominant way of capturing the sun's energy and converting it into electricity.

The industry has been growing fast and, as of 2020, solar panels are now the cheapest source of electricity in most places on earth.

Solar produces ~2% of global electricity today. According to Project Drawdown, to be on a path to remain under 1.5ºC of warming, utility scale solar will need to be generating a combined ~26% of global electricity by 2050.

To get there, the PV solar industry will need to continue to massively scale over the few next decades:

<::marker> 720 TWh of solar electricity generated in 2019
<::marker> 28,200 TWh needed by 2050
<::marker> CAGR of 12.56% from 2019 - 2050

Another analysis from the IEA predicts that in order to reach a 100% clean electricity grid by 2050, annual solar panel manufacturing capacity will need to scale from 134 GWs in 2020 to 630 GWs in 2030 (p. 74).

About

iSun, Inc. (stock ticker: ISUN) is one of the largest commercial solar engineering, procurement and construction companies in the country and are expanding across the Northeastern United States. They primarily provide their services to solar energy customers for projects ranging in size from several KW for residential loads to multi-MW systems for large commercial and utility projects.

ISUN’s Role in Drawdown

iSun is a commercial solar engineering, procurement and construction company, serving customers to build solar projects ranging in scale from residential to utility. About 83% of iSun’s sales in 2020 (p. 10) were in commercial and small utility solar projects and ~0.5% were from residential installations.

Their solar and EV hardware product line includes several creative and unique solutions like solar-powered EV charging infrastructure equipped with smart inverters and smart lighting and benches equipped with solar panels and USB mobile device charging ports.

In total, iSun has installed over 124 MW of solar systems since inception in 1988. According to the IEA, the total installed capacity of solar PV in 2020 was 737 GW (p. 198) and must increase to 14,459 GW in an energy mix that achieves net zero emissions by 2050. This means iSun’s installations accounted for 0.02% of the global solar PN market share in 2020. To maintain this position in line with IEA’s projections, iSun will need to have installed 2.43 GW by 2050.

ISUN: What We Like

iSun is setting their sights on expanding their solar operations through organic growth and acquisitions. They aim to end 2021 by installing a total of 200 MW of solar systems for industrial and municipal customers, 213 MW for asset owners and solar developers, with 5 GW of solar projects under review.

What We Want to See Improve

Disclose GHG Emissions

As of now, iSun has no sustainability information available. As a solar company, we urge iSun to track and report their key sustainability metrics in an annual sustainability report. These metrics should include, at the very least, the company’s direct and indirect GHG emissions, emissions avoided through their projects, and energy consumption by source. These metrics will allow investors and other stakeholders to assess iSun’s carbon footprint.

Electrify The Fleet

iSun owns $1.2 million worth of vehicles (p. 39). Since there is no mention of their use of electric vehicles, we have to assume that their fleet runs entirely on fossil fuels. One very effective way to reduce iSun’s carbon footprint would be to transition to zero-emission vehicles.

Enhance Transparency Regarding Suppliers

iSun simply mentions (p. 9) that they purchase their solar panels, inverters and materials directly from multiple manufacturers and through distributors. Without further information on who these suppliers are and where they’re located, it’s impossible to evaluate iSun’s indirect emissions. We ask iSun to include more information regarding their supply chain in their reporting.

Related Solar Energy Stocks in the Climate Index

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Allocated	Company	Description
2.00%	Enphase Energy (ENPH)	Enphase makes micro-inverters, which are critical components in making rooftop solar more efficient. It's a key solution to expanding rooftop solar
1.18%	SolarEdge Technologies (SEDG)	SolarEdge makes power optimizer, solar inverter and monitoring systems for rooftop solar. These are key equipment in making solar power more efficient
0.82%	First Solar (FSLR)	First Solar makes innovative solar panels from a single glass substrate, making it possible to make panels in one factory in 4.5 hours
0.76%	Sunrun (RUN)	Sunrun makes and installs residential solar energy systems. Solar is a crucial centerpiece of electrifying everything
0.36%	Daqo New Energy (DQ)	Daqo makes high-purity silicon that goes into solar panel. This is a critical ingredient in converting sunlight into electricity
0.36%	Sunpower (SPWR)	Sunpower offers residential and commercial solar power systems and solar storage. Rooftop solar PV is one of the keys to an emissions-free energy system
0.33%	Shoals Technologies Group, Inc. (SHLS)	Shoals makes all of the components necessary for solar PV systems to connect to the grid. They’re helping expand solar energy
0.31%	Sunnova (NOVA)	Sunnova provides residential solar and energy storage systems in the United States. Both are critical for electrifying the energy system
0.17%	Array Technologies, Inc. (ARRY)	Array Technologies offers machine learning-based solutions that track the sun so that solar PV systems can generate more electricity
0.17%	Jinko Solar (JKS)	Jinko Solar is the largest solar panel maker in the world and heavy investor in solar R&D. They’re a key player in expanding solar energy
0.16%	Canadian Solar (CSIQ)	Canadian Solar makes and ships solar panels all over the world. This is critical for electrifying everything
0.14%	Gibraltar Industries, Inc. (ROCK)	Gibraltar Industries makes the mounting racks for solar panels that are tailor-made for the buildings and fields where solar systems will be placed
0.07%	Azure Power (AZRE)	Azure Power develops solar power for central and state government utilities in India. Solar power is a key centerpiece of a zero-emissions energy system
0.07%	Maxeon Solar Technologies, Ltd. (MAXN)	Maxeon Solar Technologies makes solar panels and related solar system components worldwide - a critical piece in a zero-emissions energy mix of the future
0.05%	FTC Solar, Inc. (FTCI)	FTC Solar offers solar tracker systems so that solar PV systems can produce more electricity. Expanding solar energy is key to a decarbonized world
0.03%	Renesola Power (SOL)	Renesola Power develops utility-scale solar projects in over 10 countries. This is the type of effort needed to scale solar power to electrify the grid
0.02%	iSun, Inc. (ISUN)	iSun is one of the biggest commercial solar developers in the US. They’re a valuable contributor to expanding solar power
0.02%	Orbital Energy Group, Inc. (OEG)	Orbital Energy offers engineering, construction, and maintenance for utility-scale solar systems. They help expand solar power
0.02%	SPI Energy Co., Ltd. (SPI)	SPI Energy develops solar PV solutions for businesses, residential, government and utility customers. Expanding solar is key to a clean energy system
0.02%	Sunworks (SUNW)	Sunworks makes solar power systems for a wide range of markets. Solar is a key zero-carbon energy source

iSun, Inc. (ISUN)

The Path to Drawdown: PV Solar Development

About

ISUN’s Role in Drawdown

What We Want to See Improve

Related Solar Energy Stocks in the Climate Index

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