Ameren Corporation ( AEE Quick Quote AEE - Free Report) announced that construction has begun on the Maryland Heights solar project, where 1,335 canopy-style solar panels will be installed. The project is a collaboration between Ameren’s subsidiary, Ameren Missouri, and the Maryland Heights Community Center to combat climate problems.
This solar installation program is part of Ameren Missouri’s Neighborhood Solar Program that aims to boost energy generation from renewable sources by utilizing the space available in buildings, parking lots and free space available on land for installing solar projects.
Details of the Project
The project involves a set of solar arrays to be installed in the parking lot of the Maryland Heights Community Center as part of Maryland Heights’ Greenhouse, Garden and Sustainability Center Project. On completion, this project will have the capacity to generate 500 kilowatts of energy, which will be enough to power nearly 55 homes for a year.
Significance of Neighborhood Solar Program
The Neighborhood Solar Program is part of Ameren’s Smart Energy Plan. Through the program, AEE aims to expand in renewable energy generation capacity.
As part of the program, the company intends to develop solar facilities in underutilized locations and community-based organizations.
Ameren projects to expand its renewable portfolio by adding 2,800 megawatts (MW) of renewable generation by the end of 2030 and a total of 4,700 MW of renewable generation by 2040. The latest project of the Maryland Heights Community Center is expected to put Ameren a step ahead in achieving its clean energy goals.
Such initiatives will enable the company to duly reach its net-zero emission target by 2045, five years earlier than planned.
Utilities across the United States are diligently working on cutting down carbon emissions from their operations. Apart from Ameren, utilities that have chalked out plans and created programs to lead to a reliable and sustainable mode of next-generation energy are as follows:
Duke Energy ( DUK Quick Quote DUK - Free Report) has developed innovative Integrated Resource Plans. It updated the enterprise capital plan through 2026 to increase planned investments to $52 billion, with more than 80% of these capital plan funding investments in the grid and clean energy transition.
Duke Energy has a long-term earnings growth rate of 6.1%. DUK shares have risen 8% in the past year.
Dominion Energy ( D Quick Quote D - Free Report) plans to invest $37 billion during the 2022-2026 period to strengthen its existing infrastructure, out of which a major portion will be invested in zero-carbon generation and energy storage.
Over the 2022-2035 period, the company aims to invest $73 billion to strengthen its infrastructure and add more clean power generation assets to its portfolio.
Dominion Energy’s long-term earnings growth rate is pegged at 6.4%. D shares have returned 9% in the past year.
CenterPoint Energy ( CNP Quick Quote CNP - Free Report) has goals to reach net-zero direct emissions for Scope 1 and Scope 2 emissions by 2035 and reduce Scope 3 emissions by 20% to 30% by 2035.
As part of its 10-year plan, the company anticipates spending more than $3 billion on clean energy investments and enablement, which may be used to support renewable generation and electric vehicle expansion.
CenterPoint Energy has a long-term earnings growth rate of 3.9%. CNP shares have risen 30.3% in the past year.
In the past year, Ameren shares have risen 11.3% compared with the
industry’s growth of 9.4%. Image Source: Zacks Investment Research Zacks Rank
Ameren currently carries a Zacks Rank #3 (Hold). You can see
. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here