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<ul class="summary-list"><li><keyword id="10247917" type="UNKNOWN" weightage="60" keywordseo="powerhome-solar">Powerhome Solar</keyword>, a fast-growing <keyword id="45681" type="TECHNOLOGY" weightage="60" keywordseo="Solar">solar</keyword> company in the US, has been <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">accused in lawsuits of misleading customers into buying solar-energy systems</a>.</li><li>The company has <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">exhibited a pattern of inflating the benefits of its products</a>, interviews with a dozen current and former employees, a review of legal records, and internal documents suggest.</li><li>A Powerhome representative said in a statement that the company would never allow its employees to engage in misleading sales practices.</li></ul><p>For years Jim and Beth Rickenbaugh had resisted putting <keyword id="6356941" type="UNKNOWN" weightage="60" keywordseo="solar-panels">solar panels</keyword> on top of their brick home in Charlotte, North Carolina. They wanted to wipe out their utility bill, but the price seemed too steep.</p><p>Then, in late 2016, the couple came across a deal they felt they couldn't refuse.</p><p>A salesman from Powerhome Solar visited their home and offered them a solar-<keyword id="6357014" type="ORGANIZATION" weightage="100" keywordseo="energy">energy</keyword> system for no upfront cost that he said would nearly erase their utility bill, according to the Rickenbaughs. They'd just have to make monthly payments for the panels that would be no more than the savings on their electricity bill from Duke Energy, they said.</p><p>In 2017, the Rickenbaughs signed up, agreeing to pay more than $15,000 for their system. Then they waited for their bill to plummet. <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">It didn't.</a></p><p>In the months after the panels were installed, the energy savings were "a fraction" of those promised by the sales rep, according to a complaint in a class-action lawsuit the Rickenbaughs filed against Powerhome last year.</p><p>Now the couple say <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">they're stuck with two pricey bills</a> — one for the panels, and one for electricity from Duke Energy.</p><p>"Power Home's executives designed its sales process to intentionally mislead customers into believing they would experience a guaranteed drop in their energy bills," the complaint says.</p><p>The Rickenbaughs are not the only ones complaining. </p><p>A review of additional legal records, interviews with 12 current and former employees, and <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">internal company documents we obtained reveal additional accusations of misleading sales practices</a> at Powerhome Solar. We also found suits alleging misleading sales practices that were filed against ISI Alarms NC, an alarm company that was run by Powerhome's founding CEO, William Jayson Waller.</p><p>"Powerhome Solar's sales and marketing teams are provided comprehensive training (and continuing training and education) as to proper execution of their responsibilities, and POWERHOME SOLAR has robust compliance protocols and policies to ensure that all their efforts comply with applicable requirements," the spokesperson said.</p><h3><a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">Our full story on Powerhome Solar is available here exclusively to Business Insider subscribers. </a></h3>

How a major solar company uses misleading tactics to sell energy systems that can cost $40,000 or more, according to insiders, legal claims, and leaked memos

<ul class="summary-list"><li><keyword id="10247917" type="UNKNOWN" weightage="60" keywordseo="powerhome-solar">Powerhome Solar</keyword>, among the nation's fastest-growing <keyword id="6357014" type="ORGANIZATION" weightage="100" keywordseo="energy">energy</keyword> companies, <a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">is facing complaints of botched installations and unresponsive customer service.</a> </li><li>The claims, made by 11 customers who spoke with Business Insider, follow our <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">previous investigation</a> into Powerhome's sales practices.</li></ul><p>Powerhome <keyword id="45681" type="TECHNOLOGY" weightage="60" keywordseo="Solar">Solar</keyword>, which is among the nation's fastest-growing energy firms, is <a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">facing complaints from customers</a> about performing sloppy installations and providing poor customer service that's left some of them stuck with expensive panels that they say don't work.</p><p>The allegations, made by <a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">11 customers who spoke with Business Insider</a>, follow our <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">previous investigation</a> into Powerhome. That story reported that the company <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">appears to use misleading sales tactics to sell high-priced rooftop solar panels</a> and was based on a review of legal records, interviews with a dozen current and former employees, and internal memos.</p><p><strong><em>Read more: </em></strong><a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10"><em>Fast-growing energy firm Powerhome Solar uses misleading tactics to lure customers into home solar deals that cost more than a car, insiders, legal claims, and leaked memos suggest</em></a></p><p>Customers we spoke with for this story say they experienced problems with Powerhome Solar that extend beyond the company's sales practices.</p><p>One customer said he thinks that a shoddy installation job was likely what sparked a fire that burned down his home. (The cause of the fire was undetermined, according to a county fire report.) Five customers said their panels didn't work at all for some period of time. Others said they saw careless and unprofessional behavior by the company's crews during installations, including catcalling, drinking, and damaging property.</p><p>A former Powerhome installer who worked in Missouri told Business Insider that installation jobs were rushed, often at the expense of quality. The former employee requested anonymity for fear of retaliation. We have verified his identity.</p><p>Headquartered in Mooresville, North Carolina, Powerhome sells solar panels, roofs, and other energy-efficiency products. Its solar installations have roughly doubled every year since 2015, according to the research firm Wood Mackenzie, and it was one of just two energy firms on Inc.'s <a href="https://www.inc.com/inc5000/2019">list of fastest-growing private companies</a> last year.</p><p>Business Insider sent Powerhome an email detailing the specific claims made by customers in this article. Powerhome did not respond to them.</p><p>"POWERHOME SOLAR has more than 30,000 satisfied customers and 1,600 employees in 10 states and continues to grow," a company representative said in a statement. </p><h3><a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">The full story is available here exclusively for Business Insider subscribers.</a></h3>

A top rooftop solar company is facing complaints from customers about botched installations, broken panels, and unhelpful reps

<p style="text-align: left;">Welcome to <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Insider Energy</a>, a weekly <keyword id="6357014" type="ORGANIZATION" weightage="100" keywordseo="energy">energy</keyword> newsletter brought to you by Business Insider. </p><p style="text-align: left;">Here's what you need to know:</p><ul style="text-align: left;"><li>Want to get Insider Energy in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Sign up here</a>. </li><li>Do you have feedback or story tips? Reach out to me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a>. </li><li>Later this month BI is launching a newsletter called <a href="https://www.businessinsider.com/newsletter-sign-up-10-things-politics-today-2020-11" target="_blank" rel="noopener">10 Things in Politics You Need to Know Today</a>, which will feature a daily roundup of the top news and analysis. <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">You can sign up here</a>. </li></ul><p>Hello, and happy Friday! </p><p>I guess a few things happened in the last week.</p><ul><li>Major news networks projected Joe Biden will be the next president. </li><li>Pfizer revealed successful results from its coronavirus vaccine trial, sending oil and energy stocks surging (<a href="https://markets.businessinsider.com/news/stocks/peloton-stock-price-pfizer-covid-vaccine-news-2020-11-1029781469">Peloton and other stay-at-home stocks tumbled</a> …). </li><li>US coronavirus cases shattered daily records (Iowa, my home state, I'm looking at you.)</li><li>My puppy gained what looks like 10 pounds because he's a growing boy and maybe I fed him too many treats. </li></ul><p>We also published our investigation into the energy company Powerhome Solar. Let's start there. </p><div type="image" title="powerhome solar investigation 2x1" height="1250" width="2501" msid="79214934" hostid="261"></div><h2><a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10"><strong>Investigation: How a top energy firm uses misleading tactics to sell costly solar-energy systems, according to insiders and leaked documents</strong></a></h2><p>Buying solar panels for your home comes with all kinds of perks, from access to clean electricity to power during blackouts.</p><p>That doesn't mean it's always a good deal. </p><p>Our <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">investigation into the company Powerhome Solar</a> — among the nation's fastest-growing energy firms — suggests it uses misleading tactics to sell rooftop solar panels and batteries that cost double the industry average. </p><ul><li>The company <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">uses misleading ads on Facebook to generate leads</a>, or potential customers. Some of the ads imply there's a government solar stimulus program that doesn't exist. </li><li>Sales reps then visit those potential customers in their homes and sometimes make statements about Powerhome's products that aren't true, <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">our investigation</a> suggests. </li><li>Some homeowners end up <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">stuck with expensive systems that don't perform as the company promised</a>. </li><li>I really encourage you to read the whole story, <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">found here</a>. It's based on conversations with a dozen current and former employees, customers, industry experts, and a review of legal records and internal company files we obtained. </li></ul><p><strong>The context: </strong>The solar industry is complicated and the value of a rooftop array varies dramatically from homeowner to homeowner. </p><ul><li>For example, not everyone will qualify for a generous tax credit.</li><li>That makes the industry ripe for sales practices that may deceive consumers. </li><li>We previously reported that <a href="https://www.businessinsider.com/misleading-solar-ads-spread-coronavirus-upends-door-to-door-sales-2020-5">misleading solar ads were spreading on Facebook</a> during the pandemic, which drove up online lead generation. </li></ul><p><strong>What the company said: </strong>"Powerhome Solar's sales and marketing teams are provided comprehensive training (and continuing training and education) as to proper execution of their responsibilities, and POWERHOME SOLAR has robust compliance protocols and policies to ensure that all their efforts comply with applicable requirements."</p><ul><li>More of Powerhome's comments can be found <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">here</a>. </li></ul><p>Do you have information about Powerhome Solar or questions about our reporting? You can reach me at <a href="mailto:bjones@buisnessinsider.com">bjones@businessinsider.com</a>. </p><div type="image" title="Biden transition" height="1333" width="2000" msid="79214937" hostid="261"></div><h2><a href="https://www.businessinsider.com/biden-names-transition-teams-for-energy-environment-climate-agencies-2020-11">The 4 people Biden hired to dismantle Trump's fossil-fuel agenda </a></h2><p>President-elect Joe Biden <a href="https://www.businessinsider.com/energy-analysts-what-biden-will-do-when-he-takes-office-2020-11">may have a tough time rolling out his complete energy agenda</a> unless Democrats gain control of the Senate. But he's expected to make fast work of undoing many of the Trump administration's policies that are favorable to fossil fuels. </p><p>Now we have a better idea of who might help lead that charge. </p><ul><li>Biden released on Tuesday a list of staffers who will head up "review teams" for the DOE, EPA, Interior Department, and Council on Environmental Quality, <a href="https://www.businessinsider.com/biden-names-transition-teams-for-energy-environment-climate-agencies-2020-11">Robin Bravender reports</a>. </li><li>"They might also be up for top jobs in the Biden administration," Bravender writes. "Transition-team leaders often land prime gigs in the agencies they work on during the presidential handover."</li><li>See Biden's four picks <a href="https://www.businessinsider.com/biden-names-transition-teams-for-energy-environment-climate-agencies-2020-11">here</a>. </li></ul><p><strong>In other news: </strong>A Biden administration <a href="https://www.businessinsider.com/biden-presidency-means-capitalism-leading-economic-expert-2020-11">could advance ESG investing</a>, Martin Whittaker, the CEO of JUST Capital, told BI's Marguerite Ward. </p><ul><li>"I could see the SEC taking a look at ESG disclosures, standardizing that," Whittaker said. </li><li>"I could see implications for corporate reporting on ESG issues, which would drive a whole effort around standardization, which is what everybody in the ESG space wants anyways. I could see those types of things to promote ESG investing, advance the field, happening."</li><li>Read the full interview <a href="https://www.businessinsider.com/biden-presidency-means-capitalism-leading-economic-expert-2020-11">here</a>. </li></ul><p><strong>Oh, and in case you missed it:</strong> We wrote about how <a href="https://www.businessinsider.com/energy-analysts-what-biden-will-do-when-he-takes-office-2020-11">5 top analysts expect Biden to shape the future energy industry</a> when he takes office. </p><div type="image" title="FILE PHOTO: A TORC Oil &amp; Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. REUTERS/Todd Korol/File Photo" height="3000" width="4500" msid="79214948" hostid="261"></div><h2><a href="https://www.businessinsider.com/oil-price-markets-likely-fall-back-down-vaccine-2020-11">What's going on with oil?</a></h2><p>Who can say. </p><p>The price of crude — on which the entire oil industry is leveraged — is tethered to the prospect of a recovery. That's because when people leave their homes (ah, what an idea!) they tend to use more fuel. </p><ul><li>Two weeks ago, oil <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword> hit their <a href="https://www.businessinsider.com/oil-hits-lowest-since-june-as-covid-19-surge-triggers-lockdowns-2020-10">lowest point since June</a> as Europe announced new lockdowns. Lockdowns signal to traders that demand will fall. </li><li>They then <a href="https://www.businessinsider.com/oil-price-markets-likely-fall-back-down-vaccine-2020-11">surged more than 10% Monday</a> after Pfizer announced positive results from its coronavirus vaccine trial. </li></ul><p><strong>Price check: </strong>A barrel of Brent crude, the international benchmark, was trading for about <a href="https://markets.businessinsider.com/commodities/oil-price">$43 a barrel</a> on Friday, still up relative to last week on vaccine news. </p><p><strong>Reality check: </strong>The impact of a potential vaccine on fuel demand won't take effect for months to come, <a href="https://www.businessinsider.com/oil-price-markets-likely-fall-back-down-vaccine-2020-11">experts say</a>. That means <a href="https://www.businessinsider.com/oil-price-markets-likely-fall-back-down-vaccine-2020-11">"cheap oil is here to stay,"</a> Tom Kloza, a leading energy analyst, said.</p><ul><li>Kloza and two other analysts shared insights on what to expect for oil markets in the months ahead including where prices might settle this winter — and when they're expected to reverse pandemic losses. You can read those <a href="https://www.businessinsider.com/oil-price-markets-likely-fall-back-down-vaccine-2020-11">here</a>. </li><li>Also, the International Energy Agency <a href="https://markets.businessinsider.com/news/stocks/oil-demand-outlook-2021-covid-19-vaccine-iea-forecasts-2020-11-1029795224"><em>cut</em></a> its forecast for oil demand again this week, <a href="https://markets.businessinsider.com/news/stocks/oil-demand-outlook-2021-covid-19-vaccine-iea-forecasts-2020-11-1029795224">Amanda Cooper of Markets Insider reported</a>.</li><li>"It is far too early to know how and when vaccines will allow normal life to resume. For now, our forecasts do not anticipate a significant impact in the first half of 2021," <a href="https://markets.businessinsider.com/news/stocks/oil-demand-outlook-2021-covid-19-vaccine-iea-forecasts-2020-11-1029795224">the agency said</a>.</li></ul><p><strong>What it means for stocks: </strong>Goldman Sachs laid out <a href="https://www.businessinsider.com/goldman-sachs-energy-stocks-to-buy-now-market-recovery-2020-11">22 stocks</a> it says will outperform the market as a result of two trends: The recovery of oil prices and demand and the expansion of <keyword id="154273" type="ORGANIZATION" weightage="60" keywordseo="clean-energy">clean energy</keyword>. You can find those <a href="https://www.businessinsider.com/goldman-sachs-energy-stocks-to-buy-now-market-recovery-2020-11">here</a>. </p><ul><li>Last week, we also wrote about Morgan Stanley's view that certain oil stocks would benefit from a divided US government. <a href="https://www.businessinsider.com/morgan-stanley-divided-government-benefit-energy-oil-stocks-top-picks-2020-11">Here are the 13</a> the bank is betting on. </li></ul><h2><strong>4 stories that caught our attention </strong></h2><ol><li>Occidental Petroleum set a goal, rare among US oil giants, of reducing its greenhouse gas emissions stemming from the firm's operations to net-zero by 2040, <a href="https://in.reuters.com/article/us-occidental-results/occidental-petroleum-announces-net-zero-target-for-greenhouse-gas-emissions-idUSKBN27Q2NU">per Reuters</a>. </li><li>BP and wind-energy giant Orsted are teaming up to build a massive electrolyzer for producing hydrogen gas with renewable energy, <a href="https://www.bloomberg.com/news/articles/2020-11-10/hydrogen-project-in-germany-gets-support-from-bp-orsted">Bloomberg reports</a>. </li><li>An investigation worth a read: The consulting firm FTI "helped design, staff, and run organizations and websites funded by energy companies that can appear to represent grass-roots support for fossil-fuel initiatives," <a href="https://www.nytimes.com/2020/11/11/climate/fti-consulting.html">the New York Times reports</a>. </li><li>The Trump administration ousted the official who oversees the federal program that publishes the government's "definitive reports on climate change," <a href="https://www.washingtonpost.com/weather/2020/11/09/trump-removes-climate-program-director/">the Washington Post reports</a>. </li></ol><p>That's it! Have a great weekend. </p><p>Ps. Jumanji sometimes declines my invitation to walk, so I have acquired a dog backpack. Obviously. </p><div type="image" title="Benji dog" height="1493" width="964" msid="79214958" hostid="261"></div>

How Biden will shape the energy industry, and what's next for oil after a tumultuous few weeks

<p><em>Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. </em><strong><a href="http://newsletter.businessinsider.com/join/4np/insider-weekly"><em>Subscribe here to get this newsletter in your inbox every Sunday.</em></a></strong></p><p><em>Read on for more on how a Joe Biden-Kamala Harris administration could impact everything from <a href="https://www.businessinsider.com/biden-public-option-healthcare-affordable-care-act-obamacare-2020-11">healthcare</a> to <a href="https://www.businessinsider.com/energy-analysts-what-biden-will-do-when-he-takes-office-2020-11">energy</a> to <a href="https://www.businessinsider.com/heres-how-biden-harris-could-crack-down-on-tech-advertising-2020-11">tech</a>, <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">allegations of misleading sales tactics at fast-growing energy firm Powerhome Solar</a>, and <a href="https://www.businessinsider.com/family-office-recruitment-hiring-trends-more-investment-chiefs-private-equity-2020-10">how family offices are recruiting</a>. </em></p><p>Hello!</p><p>The nation has decided. </p><p>The AP, NBC, CNN, The New York Times, and The Washington Post <a href="https://www.businessinsider.com/joe-biden-kamala-harris-presidency-called-media-outlets-election-2020-11">called the presidential election for Joe Biden shortly after 11 a.m. ET Saturday,</a> following <a href="https://www.businessinsider.com/joe-biden-wins-general-election-against-donald-trump-2020-11">Insider in calling the result.</a> Biden and Vice President-elect Kamala Harris took to the stage last night to deliver their victory speeches, <a href="https://www.businessinsider.com/joe-biden-kamala-harris-presidential-victory-speech-election-2020-11">emphasizing hope and unity</a>.</p><p>It's been a fractious election race, and President Donald Trump is yet to concede, though <a href="https://www.businessinsider.com/jared-kushner-has-approached-president-trump-about-conceding-says-cnn-2020-11">pressure for him to do so appears to be building</a>. In a stark reminder of the challenge Biden will face as president, the world <a href="https://www.businessinsider.com/the-country-has-surpassed-50-million-coronavirus-cases-2020-11">this morning surpassed 50 million confirmed coronavirus cases</a>.</p><p>We'll continue to <a href="https://www.insider.com/">cover the races that have yet to be called</a>, and the Trump campaign's legal challenges. For now, here's a breakdown of what the election results means for Trump, Biden's potential cabinet, healthcare, tech, cannabis, energy, entrepreneurs, <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword>, and more. </p><ul><li><strong>Trump's legal challenges:</strong> <a href="https://www.businessinsider.com/trump-legal-troubles-possible-indictment-doj-mueller-new-york-2020-11">Legal problems galore await Trump now that he's lost reelection and, soon, his presidential immunity</a></li><li><strong><strong>Biden's transition team: </strong></strong><a href="https://www.businessinsider.com/biden-transition-team-agencies-ted-kaufman-trump-legacy-obama-2020-9">Meet 39 people on Biden's transition team ready to demolish Trump's legacy</a></li><li><strong>Biden's Cabinet-in-waiting: </strong><a href="https://www.businessinsider.com/joe-biden-cabinet-white-house-staff-transition-president-elect-administration-2020-11">Meet the people in play for a new administration, who could fill key roles like secretaries of state and defense, COVID czar, and chief of staff</a></li><li><strong>Biden's first day in office: </strong><a href="https://www.businessinsider.com/joe-biden-campaign-promises-on-day-1-democratic-administration-2020-11">Here's what President-elect Joe Biden has promised for his first day in the White House</a></li><li><strong>Kamala Harris' team</strong>: <a href="https://www.businessinsider.com/kamala-harris-biden-network-staff-allies-trump-advisers-vp-2020-8">Kamala Harris just made history. Meet 27 power players in her inner circle who could have sway in the Biden administration</a></li><li><strong>Healthcare:</strong> <a href="https://www.businessinsider.com/biden-public-option-healthcare-affordable-care-act-obamacare-2020-11">Joe Biden made his presidential campaign all about healthcare. Just don't expect a public option anytime soon.</a></li><li><strong>Tech:</strong> <a href="https://www.businessinsider.com/heres-how-biden-harris-could-crack-down-on-tech-advertising-2020-11">A Biden-Harris administration could mean a crackdown on the advertising and tech industries</a></li><li><strong>Quantum computing and AI: </strong><a href="https://www.businessinsider.com/trump-quantum-ai-initiative-science-election-2020-biden-white-house-2020-11">The Trump administration prioritized emerging tech like quantum computing and AI in a bid to keep the US competitive with China. Here are the key initiatives the Biden administration is inheriting.</a></li><li><strong>Cannabis: </strong><a href="https://www.businessinsider.com/how-a-biden-presidency-will-affect-the-cannabis-industry-2020-10">Here's why a Biden administration will be good for the US cannabis industry, even though it's unlikely he'll legalize marijuana federally</a></li><li><strong>Energy:</strong> <a href="https://www.businessinsider.com/energy-analysts-what-biden-will-do-when-he-takes-office-2020-11">5 top energy analysts detail what Biden's victory means for the future of energy, from limits on oil drilling to wins for wind and solar</a></li><li><strong>Entrepreneurs:</strong> <a href="https://www.businessinsider.com/industries-boosted-by-election-cannabis-psychedelics-gig-contract-work-2020-11">3 industries got a major boost in the election and could open up new business opportunities for 2021</a></li><li><strong>Investing:</strong> <a href="https://www.businessinsider.com/why-biden-mcconnell-combo-is-good-for-markets-4-sectors-2020-11">Raymond James' investment chief details why Joe Biden and Mitch McConnell are the perfect pair to drive markets upwards — and lists 4 sectors he thinks are primed for gains no matter who's in power</a></li></ul><h2>Powerhome Solar uses misleading tactics, insiders suggest</h2><div type="image" title="powerhome solar investigation 2x1" height="1250" width="2501" msid="79117165" hostid="261"></div><p>From Benji Jones:</p><p style="padding-left: 40px;"><em>For years Jim and Beth Rickenbaugh had resisted putting solar panels on top of their brick home in Charlotte, North Carolina. They wanted to wipe out their utility bill, but the price seemed too steep.</em></p><p style="padding-left: 40px;"><em>Then, in late 2016, the couple came across a deal they felt they couldn't refuse.</em></p><p style="padding-left: 40px;"><em>A salesman from Powerhome Solar, an energy company headquartered in nearby Mooresville, visited their home and offered them a solar-energy system for no upfront cost that he said would nearly erase their utility bill, according to the Rickenbaughs.</em></p><p style="padding-left: 40px;"><em>They'd just have to make monthly payments for the panels that would be no more than the savings on their electricity bill from Duke Energy, they said.</em></p><p style="padding-left: 40px;"><em>In 2017, the Rickenbaughs signed up, agreeing to pay more than $15,000 for their system. Documents show they signed a 20-year loan with a 6% interest rate, meaning they'll pay an additional $11,765 in interest.</em></p><p style="padding-left: 40px;"><em>Then they waited for their bill to plummet. It didn't.</em></p><p>Read the full story here:</p><ul><li><strong><a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">Fast-growing energy firm Powerhome Solar uses misleading tactics to lure customers into home solar deals that cost more than a car, insiders, legal claims, and leaked memos suggest</a></strong></li></ul><h2>Family office hiring</h2><div type="image" title="headhunters and recruiters sourcing talent for wall street 2x1" height="1200" width="2400" msid="79117166" hostid="261"></div><p>From Rebecca Ungarino:</p><p style="padding-left: 40px;"><em>Many banks and asset managers are <a href="https://www.businessinsider.com/asset-management-industry-layoff-bonus-cuts-data-johnson-associates-report-2020-8">slowing hiring</a> or <a href="https://www.businessinsider.com/banking-jobs-most-at-risk-from-wall-street-layoffs-2020-6">laying off</a> employees during the pandemic. Or both. But family offices, the hush-hush, loosely regulated wealth managers for the world's richest clans, are outliers.</em></p><p style="padding-left: 40px;"><em>After pausing searches for brief periods earlier this year, many have resumed hiring for largely investment roles in recent months, six recruiters said in interviews with Business Insider. </em></p><p style="padding-left: 40px;"><em>They're looking in many cases to draw in talent from private equity firms and elite wealth managers, recruiters said, and continuing to form operations that resemble established institutions with sophisticated capabilities. </em></p><p>Read the full story here:</p><ul><li><strong><a href="https://www.businessinsider.com/family-office-recruitment-hiring-trends-more-investment-chiefs-private-equity-2020-10">Here's how family offices are snapping up talent from private-equity firms and elite wealth managers, according to 6 top recruiters</a></strong></li></ul><p>Also read:</p><ul><li><a href="https://www.businessinsider.com/peter-zhou-coatue-rising-star-launching-hedge-fund-2020-11">A rising star from billionaire Philippe Laffont's Coatue is starting his own hedge fund and has at least $300 million lined up from investors</a></li><li><a href="https://www.businessinsider.com/nick-maounis-verition-performance-multi-strategy-hedge-fund-2020-11">Nick Maounis' $2 billion Verition Fund Management is up more than 22% — outperforming other multi-strategy hedge funds like Citadel and Millennium</a><br /></li></ul><h2>Invitation: How marijuana's election triumph is reshaping the US cannabis industry</h2><p>After the results of Tuesday's vote, one thing is clear: <a href="https://www.businessinsider.com/cannabis-legalization-election-results-executives-tell-us-what-it-means-2020-11">Americans overwhelmingly support cannabis reform</a>.</p><p>Join Business Insider cannabis reporters <a href="https://www.businessinsider.com/author/jeremy-berke">Jeremy Berke</a> and <a href="https://www.businessinsider.com/author/yeji-jesse-lee">Yeji Jesse Lee</a> in conversation with healthcare editor <a href="https://www.businessinsider.com/author/zachary-tracer">Zachary Tracer</a>, who will be breaking down what the ballot initiatives mean for cannabis companies, consumers, and the future of cannabis policy in the US at 3:00 PM EDT on Tuesday.</p><p><strong><a href="https://www.businessinsider.com/live-event-what-cannabis-legalization-from-election-means-2020-11">Sign up here</a></strong></p><p>Here are some headlines from the past week you might have missed. </p><p>— Matt</p><p><a href="https://www.businessinsider.com/videogame-wagering-platforms-raise-worries-about-kids-gambling-2020-11">A new hot startup investment area for venture capitalists and celebrities turns video games like 'Fortnite' into cash contests. Some worry it gives kids an invitation to gamble.</a></p><p><a href="https://www.businessinsider.com/amazon-pledged-to-double-black-leaders-ban-non-inclusive-language-2020-11">In a leaked recording, an Amazon exec tells employees the company will double Black leaders this year and ban 'noninclusive' language from documents</a></p><p><a href="https://www.businessinsider.com/espn-employees-describe-how-the-2020-layoffs-unfolded-2020-11">'Even worse than we thought': ESPN employees describe how its 300-person round of layoffs has unfolded and what they think the future holds</a></p><p><a href="https://www.businessinsider.com/15-change-makers-adidas-paving-the-way-for-diversity-inclusion-2020-11">POWER PLAYERS: Here are the 15 change-makers at Adidas paving the way for diversity and inclusion at the company</a></p><p><a href="https://www.businessinsider.com/real-estate-agent-tracy-tutor-daily-routine-success-2020-10">Beverly Hills real-estate superagent Tracy Tutor has closed tens of millions worth in deals over the last year, and she swears by this daily routine from 5:30 a.m. to 10 p.m.</a></p><p><a href="https://www.businessinsider.com/canada-startups-hiring-right-now-2020-11">If you want to work in Canada, these are the 15 hottest startups hiring right now</a></p><p><a href="https://www.businessinsider.com/the-amazon-media-executives-to-know-2020">The 18 power players at Amazon who are leading the e-commerce giant's media ambitions</a></p><p><a href="https://www.businessinsider.com/levis-jen-seys-past-gymnastics-career-fuels-her-leadership-style-2020-11">Jen Sey was a champion gymnast before ascending to become global brand president of Levi's. Here's how her experience competing — and speaking out about abuse in the sport — has influenced her leadership style.</a></p>

What a Joe BIden-Kamala Harris administration means for markets, tech, healthcare, cannabis, and Donald Trump

<p>Welcome back.</p><p>After a wild week, we now begin the march to inauguration day on January 20th. The interactions between President Donald Trump and President-elect Joe Biden will be closely watched by Wall Street. </p><p><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a></p><p>Like the newsletter? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. </p><h2><a href="https://www.businessinsider.com/two-sigma-fall-semester-internship-analyst-hiring-hedge-fund-2020-11">Internships over virtual learning</a></h2><p><a href="https://www.businessinsider.com/two-sigma-fall-semester-internship-analyst-hiring-hedge-fund-2020-11"><div type="image" title="Claire Zhou headshot" height="1992" width="2656" msid="79129006" hostid="261"></div></a></p><p>Why go back to school when you can <a href="https://www.businessinsider.com/two-sigma-fall-semester-internship-analyst-hiring-hedge-fund-2020-11">get great work experience</a> and get paid?</p><p>The debate over experience versus education has been around for a while, but it's come back into the forefront with <a href="https://www.businessinsider.com/two-sigma-fall-semester-internship-analyst-hiring-hedge-fund-2020-11">schools offering virtual classes</a>.</p><p>Reed Alexander has a nice look at <a href="https://www.businessinsider.com/two-sigma-fall-semester-internship-analyst-hiring-hedge-fund-2020-11">$58 billion Two Sigma</a>, which has started extending internships to students who aren't excited about returning to school virtually.</p><p>Read more about a <a href="https://www.businessinsider.com/two-sigma-fall-semester-internship-analyst-hiring-hedge-fund-2020-11">Harvard student</a> who is bypassing Cambridge, Mass., to intern again at the Wall Street giant. </p><p><a href="https://www.businessinsider.com/six-markets-rapidly-growing-life-science-real-estate-labs-biotech-2020-10">Click here to read the entire story.</a></p><h2><a href="https://www.businessinsider.com/uber-sublease-office-world-trade-center-real-estate-2020-11">Uber is looking to dump a big chunk of a huge new NYC office it recently signed. It's an abrupt turnaround for the ride-hailing giant.</a></h2><p><a href="https://www.businessinsider.com/uber-sublease-office-world-trade-center-real-estate-2020-11"><div type="image" title="Uber CEO Dara Khosrowshahi" height="682" width="910" msid="79129008" hostid="261"></div></a></p><p>Another domino has fallen in the world of NYC office real estate. <a href="https://www.businessinsider.com/uber-sublease-office-world-trade-center-real-estate-2020-11">Daniel Geiger with a nice scoop</a> about Uber looking to reduce its physical footprint in New York. <a href="https://www.businessinsider.com/uber-sublease-office-world-trade-center-real-estate-2020-11">Read more here</a>. </p><h2><a href="https://www.businessinsider.com/nick-maounis-verition-performance-multi-strategy-hedge-fund-2020-11">Nick Maounis' $2 billion Verition Fund Management is up more than 22% — outperforming other multi-strategy hedge funds like Citadel and Millennium</a></h2><p><a href="https://www.businessinsider.com/nick-maounis-verition-performance-multi-strategy-hedge-fund-2020-11"><div type="image" title="FILE PHOTO: The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri" height="2864" width="3818" msid="79129013" hostid="261"></div></a></p><p> Another nice scoop, <a href="https://www.businessinsider.com/nick-maounis-verition-performance-multi-strategy-hedge-fund-2020-11">this one from Bradley Saacks</a>, about the performance of Nick Maounis' new hedge fund. <a href="https://www.businessinsider.com/nick-maounis-verition-performance-multi-strategy-hedge-fund-2020-11">Read more here about how much it is up</a>. </p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.businessinsider.com/energy-analysts-what-biden-will-do-when-he-takes-office-2020-11">5 top energy analysts detail what Biden's victory means for the future of energy, from limits on oil drilling to wins for wind and solar (BI)</a></p><p><a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">Fast-growing energy firm Powerhome Solar uses misleading tactics to lure customers into home solar deals that cost more than a car, insiders, legal claims, and leaked memos suggest (BI)</a></p>

Uber shrinks NYC office — Two Sigma extends internships — Wall Street reacts to a president-elect

<p style="text-align: left;">Welcome to a special edition of Insider <keyword id="6357014" type="ORGANIZATION" weightage="100" keywordseo="energy">Energy</keyword>, a weekly energy newsletter brought to you by Business Insider. This week features our best stories of 2020. </p><p style="text-align: left;">Here's what you need to know before we dive in:</p><ul style="text-align: left;"><li>Want to get Insider Energy in your inbox every Friday?<a href="http://newsletter.businessinsider.com/join/4np/insider-energy"> Sign up here</a>. </li><li>Do you have feedback or story tips? Reach out to me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a>.</li><li>We'll return to our regular schedule next week. </li></ul><p style="text-align: left;">Happy New Year to the exactly five people online this week. We made it! </p><p style="text-align: left;">Today caps the end of a bad year, but it also marks the roughly one-year anniversary of this newsletter and our energy coverage. </p><p style="text-align: left;">We originally set out to cover the vanguard of energy - the new technologies, and the companies producing them, that are shaping the industry's future. Then the pandemic hit and caused <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> <keyword id="31671" type="CITY" weightage="60" keywordseo="markets">markets</keyword> to plummet to historic lows. </p><p style="text-align: left;">From there, we broadened the beat and began reporting on how companies like Exxon and BP responded to the oil rout, while still maintaining a focus on the rise of cleantech.</p><p style="text-align: left;">Along the way, we <a href="https://www.businessinsider.com/oil-giant-exxon-to-cut-workers-layoffs-after-strategic-review-2020-10">broke big stories on the nation's largest oil company</a>, uncovered <a href="https://www.businessinsider.com/misleading-solar-ads-spread-coronavirus-upends-door-to-door-sales-2020-5">shady behavior in the solar industry</a>, and sat down with some of the most prominent <a href="https://www.businessinsider.com/elisabeth-brinton-new-energies-boss-royal-dutch-shell-business-model-2020-9">executives</a> and <a href="https://www.businessinsider.com/vinod-khosla-interview-strategy-for-investing-in-climate-tech-2020-12">investors</a>.</p><p style="text-align: left;">This week, we tell the sad and sometimes hopeful tale of 2020 through our top stories of the year. </p><div type="image" title="Form Energy" height="2248" width="3000" msid="80049133" hostid="261"></div><h2 style="text-align: left;"><strong>At the start of 2020, clean technologies like batteries were on the rise and investors were circling </strong></h2><p style="text-align: left;">In the serene days before the pandemic struck, clean-tech was gaining steam (again), and batteries were all the rage. </p><ul><li>We <a href="https://www.businessinsider.com/form-energy-battery-startup-disrupting-the-industry-2020-1">profiled</a> the secretive battery startup <a href="https://www.businessinsider.com/form-energy-battery-startup-disrupting-the-industry-2020-1">Form Energy</a> in January. Led by a Tesla veteran, the firm - which is developing grid-scale storage - is <a href="https://www.businessinsider.com/list-top-climate-tech-startups-investors-cant-stop-talking-about-2020-12">one of the most talked-about startups</a>. </li><li>Early this year we also profiled <a href="https://www.businessinsider.com/battery-startup-advano-raises-185-million-from-fadell-thiel-2020-2">Advando</a>, a battery startup backed by iPod designer Tony Fadell. It's among the companies in the <a href="https://www.businessinsider.com/billion-dollar-race-to-develop-a-breakthrough-lithium-ion-battery-2020-2">billion-dollar race to develop more energy-dense lithium-ion batteries</a>. (Tesla is working on that, as well, though <a href="https://www.businessinsider.com/tesla-silicon-batteries-likely-to-run-into-challenges-experts-say-2020-9">some scientists have questioned its approach</a>.)</li><li>And we wrote about the <a href="https://www.businessinsider.com/top-6-industries-driving-explosive-growth-in-battery-market-2020-2">industries fueling the soaring energy-storage market</a>, from e-scooters to commercial vehicles. (<a href="https://www.businessinsider.com/electric-planes-are-ready-to-disrupt-the-airline-industry-2020-3">Airplanes</a> might be one of them, too.) </li></ul><p style="text-align: left;">But batteries were far from the only tech popping at the top of the year.</p><ul><li style="text-align: left;">We wrote about digital-utility startup <a href="https://www.businessinsider.com/arcadia-helps-you-buy-renewable-energy-save-money-utility-bill-2020-2">Arcadia</a> and smart sensor company <a href="https://www.businessinsider.com/sense-raises-50-million-to-track-energy-use-from-appliances-2020-2">Sense</a>. </li><li>Arcadia buys renewable energy certificates, known as RECs, to match customers' energy usage with renewable power. One of my favorite stories this year was a deep dive into the opaque <a href="https://www.businessinsider.com/inside-the-6-billion-market-for-renewable-energy-certificates-2020-3">$6 billion REC market</a>. </li></ul><div type="image" title="Oil worker" height="1466" width="1955" msid="80049135" hostid="261"></div><h2 style="text-align: left;"><strong>Then the pandemic hit. It disrupted supply chains for solar panels and caused the price of oil to collapse. </strong></h2><p style="text-align: left;">As the virus began spreading in China, factories shut down, <a href="https://www.businessinsider.com/8-experts-explain-how-coronavirus-is-impacting-the-clean-energy-sector-2020-3">temporarily disrupting the solar and battery supply chains</a> and causing major research firms to <a href="https://www.businessinsider.com/bnef-analysts-slash-projections-for-2020-renewable-energy-installations-2020-3">revise down</a> their 2020 forecasts for solar installations. </p><p style="text-align: left;">But the far bigger story for energy was the pandemic's impact on oil markets. </p><ul style="text-align: left;"><li>As people stopped traveling and consuming fuel, demand for oil plummeted and there was a <a href="https://www.businessinsider.com/oil-glut-threatens-to-drive-oil-prices-further-into-ground-2020-3">"tsunami" of oversupply, almost overnight</a>. We gathered <a href="https://www.businessinsider.com/13-photos-reveal-the-epic-oil-glut-in-new-proportions-2020-4">some photos of what that glut looked like</a> and profiled a <a href="https://www.businessinsider.com/gv-backed-orbital-insights-images-from-space-track-oil-storage-2020-4">neat startup backed by Google's GV that measures oil supply using satellite imagery</a>. </li><li>Coupled with a price war playing out between Saudia Arabia and Russia, the surfeit of crude resulted in an epic crash in prices. </li><li>The market collapse came to a head in April, when the US benchmark - West Texas Intermediate - <a href="https://www.businessinsider.com/negative-oil-prices-mean-producers-pay-people-to-take-oil-2020-4">went negative for the first time in history</a>. We explain why that happened <a href="https://www.businessinsider.com/negative-oil-prices-mean-producers-pay-people-to-take-oil-2020-4">here</a>, in one of our biggest stories of the year. </li></ul><p style="text-align: left;"><strong>Bonus: </strong>I asked a bunch of oilfield workers to send me their photos of crude oil when it comes out of the ground. <a href="https://www.businessinsider.com/bizarre-photos-reveal-what-crude-oil-actually-looks-like-2020-4">You can find those bizarre images here</a>. </p><div type="image" title="Exxon Mobil gas station" height="3859" width="5145" msid="80049138" hostid="261"></div><h2 style="text-align: left;"><strong>Oil companies responded by cutting staff and merging with rivals</strong></h2><p style="text-align: left;">For months, crude prices struggled to gain ground, and oil companies were forced to cut costs as a result. (Today, <a href="https://markets.businessinsider.com/commodities/oil-price">prices</a> are still down about 22%.)</p><ul style="text-align: left;"><li>We began <a href="https://www.businessinsider.com/how-top-oil-companies-are-responding-to-the-price-shock-2020-3">tracking the response of 22 of the largest oil-and-gas firms</a>, from layoffs to mergers. We're still updating <a href="https://www.businessinsider.com/how-top-oil-companies-are-responding-to-the-price-shock-2020-3">that post</a>. </li></ul><p style="text-align: left;"><strong>Highlights: </strong>This summer, we broke the news that Exxon - which had resisted a formal layoff program - <a href="https://www.businessinsider.com/exxon-managers-dub-some-employees-poor-performers-cut-staff-2020-7">quietly began cutting staff using its employee ranking system</a>. Insiders called it a layoff in disguise. </p><ul style="text-align: left;"><li>We later scooped that the company was <a href="https://www.businessinsider.com/oil-giant-exxon-to-cut-workers-layoffs-after-strategic-review-2020-10">cutting 15% of its global workforce</a> by the end of 2022, including <a href="https://www.businessinsider.com/oil-giant-exxon-to-cut-workers-layoffs-after-strategic-review-2020-10">as many as 1,900 US roles</a>. You can find a <a href="https://www.businessinsider.com/exxon-global-cost-cutting-program-layoffs-job-cuts">full list of our Exxon scoops here</a>.</li><li>We also discovered that Schlumberger, the world's largest oilfield services company, <a href="https://www.businessinsider.com/leaked-documents-schlumberger-rescinds-job-offers-internships-2020-6">rescinded job offers</a> and told some workers that their pay would be cut <a href="https://www.businessinsider.com/schlumberger-furloughed-staff-cut-wages-oil-price-2020-5">using letter templates designed for promotions</a>. </li><li>Finally, we talked to Schlumberger employees in Ivory Coast who <a href="https://www.businessinsider.com/schlumberger-workers-ivory-coast-say-werent-paid-fair-severance-2020-9">said the company took advantage of the country's poor labor laws to stiff them of fair severance</a>. </li></ul><div type="image" title="Sunrun" height="2475" width="3301" msid="80049143" hostid="261"></div><h2 style="text-align: left;"><strong>Renewable-energy firms have proven more resilient, but they've felt the pain, too</strong></h2><p style="text-align: left;">Rooftop solar installers had to shut down door-to-door sales - an important avenue for finding new customers, and a source of jobs - and move customer acquisition entirely online. </p><ul style="text-align: left;"><li>We broke the news that Sunrun, the nation's largest residential solar company, <a href="https://www.businessinsider.com/sunrun-furloughs-hundreds-pulls-its-guidance-and-slashes-exec-pay-2020-4">furloughed hundreds of field sales reps</a>, and <a href="https://www.businessinsider.com/sunrun-furloughs-hundreds-pulls-its-guidance-and-slashes-exec-pay-2020-4">laid off</a> at least 100 workers. </li><li>We also got the inside story on Sunrun's <a href="https://www.businessinsider.com/sunrun-cfo-3-key-reasons-behind-vivint-solar-acquisition-2020-7">$3.2 billion bid</a> for rival Vivint Solar. The deal, fusing the two largest rooftop installers, was finalized in October.</li></ul><p style="text-align: left;"><strong>Side effects: </strong>Online lead generation <a href="https://www.businessinsider.com/rooftop-solar-company-sunrun-benefits-from-online-sales-strategy-2020-5">can be cheaper than door-to-door sales</a>, but it's also ripe for misleading tactics. </p><ul style="text-align: left;"><li>This summer we investigated the <a href="https://www.businessinsider.com/misleading-solar-ads-spread-coronavirus-upends-door-to-door-sales-2020-5">spread of misleading solar ads on Facebook</a>. </li><li>That reporting ultimately led to a two-part <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">investigation into the company Powerhome Solar</a>, which is among the nation's fastest-growing energy companies. </li><li>Powerhome has been <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">accused of using deceptive tactics to lure customers into home solar deals</a>. Customers have also complained about <a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">botched installs</a> and inappropriate behavior among the firm's installation crews. </li></ul><p style="text-align: left;"><strong>Solar's silver lining? </strong>Some experts we spoke to earlier this year suggested that the pandemic (and power outages) <a href="https://www.businessinsider.com/blackouts-and-superstorms-are-new-fuel-for-rooftop-solar-companies-2020-3">could give the rooftop solar industry a boost</a>, as homeowners seek energy security. </p><div type="image" title="BP clean energy" height="3455" width="4607" msid="80049147" hostid="261"></div><h2 style="text-align: left;"><strong>Large fossil-fuel companies pledged to rely less on oil</strong></h2><p style="text-align: left;">Hardly a week went by without a new corporate sustainability commitment. Even large oil companies piled on to the trend. </p><ul style="text-align: left;"><li>BP made the biggest splash, saying it would shrink oil and gas production by 40% and invest $5 billion a year on low-carbon energy by 2030. We published <a href="https://www.businessinsider.com/6-key-slides-that-map-out-bps-new-strategy-2020-8">six crucial slides that sum up the company's approach</a>. </li><li>We also wrote about how BP <a href="https://www.businessinsider.com/oil-company-bp-solar-energy-strategy-behemoth-2020-9">is set to become a solar giant that rivals the world's largest operators</a> - and what that means for returns (which have traditionally been much lower for renewable energy, compared to oil and gas). </li></ul><p style="text-align: left;"><strong>In related news: </strong>Shell has also committed to net-zero emissions, and <a href="https://www.businessinsider.com/elisabeth-brinton-new-energies-boss-royal-dutch-shell-business-model-2020-9">we profiled a key executive behind that push</a>. </p><ul style="text-align: left;"><li style="text-align: justify;">Most other major European oil companies including Total, Eni, and Equinor have made net-zero commitments. Occidental Petroleum is the only US company with a similar pledge. </li></ul><p style="text-align: left;"><strong>Big but: </strong>Oil majors including BP and Shell have spent just a small fraction of their budget on <keyword id="154273" type="ORGANIZATION" weightage="60" keywordseo="clean-energy">clean energy</keyword> so far. <a href="https://www.businessinsider.com/ranked-the-top-oil-companies-by-investment-in-clean-energy-2020-8">We ranked the majors by their clean-energy investments.</a></p><div type="image" title="Shell Hydrogen charging point 2019" height="1333" width="1778" msid="80049150" hostid="261"></div><h2 style="text-align: left;"><strong>The future energy industry </strong></h2><p style="text-align: left;">What lies in the year ahead? We put that question to <a href="https://www.businessinsider.com/energy-experts-dish-on-what-to-expect-in-2021-2020-12">two dozen energy experts and CEOs</a>. You can read all 9 of their top predictions <a href="https://www.businessinsider.com/energy-experts-dish-on-what-to-expect-in-2021-2020-12">here</a>. </p><ul style="text-align: left;"><li style="text-align: justify;">One major takeaway is that hydrogen will be huge. We have a big explainer on the industry <a href="https://www.businessinsider.com/what-is-hydrogen-fuel-industry-explainer-2020-1">here</a>, which delves into the hypes and realities. </li><li>Expect the incoming Biden administration, and its <a href="https://www.businessinsider.com/biden-introduces-historic-climate-a-team-for-energy-agenda-2020-12">powerful climate team</a>, to be transformative, even if the government is divided.</li></ul><p style="text-align: left;"><strong>List it: </strong>We also spent a lot of time this year finding the people and startups that are transforming the energy industry. They offer plenty of insight into what the future has in store. </p><ul style="text-align: left;"><li>In the spring we collected nominations for rising stars of clean energy and whittled them down into a list of <a href="https://www.businessinsider.com/meet-the-rising-stars-leaders-of-clean-energy-2020-6">21 impressive up-and-comers</a>. </li><li>This fall we published <a href="https://www.businessinsider.com/tb/the-list-of-300-people-transforming-business-in-north-america-2020-9">Transformers</a>, an annual BI project featuring 100 people who are transforming their industries. <a href="https://www.businessinsider.com/tb/the-list-of-300-people-transforming-business-in-north-america-2020-9#_energy">It includes 10 people from the energy industry</a>. </li><li>And this winter, we asked 15 VCs to name the climate-tech startups that are set to soar in 2021. <a href="https://www.businessinsider.com/climate-tech-startups-to-watch-in-2021-according-to-vcs-2020-12">They gave us 46 of them</a> - though just <a href="https://www.businessinsider.com/list-top-climate-tech-startups-investors-cant-stop-talking-about-2020-12">six startups came up over and over again</a>. </li></ul><p style="text-align: left;"><strong>Bonus: </strong>We also gathered up <a href="https://www.businessinsider.com/list-of-clean-energy-startups-bill-gates-is-backing-2020-4">all the energy startups that Bill Gates is backing</a>. </p><h2 style="text-align: left;"><strong>What should we cover next year? Let us know.  </strong></h2><p style="text-align: left;">You can reach me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a>. </p><p style="text-align: left;">Have a great New Year's Eve tonight, and see you in 2021! </p><p style="text-align: left;">- Benji </p><p style="text-align: left;">Ps. My personal <em>best of</em> is a four-way tie between getting an obstinate puppy, this apple tart I made, hunting for salamanders, and finding the grave of my great-great-grandfather in Brooklyn, which I have, for your pleasure, made into a collage. </p><div type="image" title="Benji Jones" height="2000" width="2000" msid="80049153" hostid="261"></div>

The top energy stories of 2020 - and what to expect in the year ahead

<p style="text-align: left;">Welcome to <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Insider Energy</a>, a weekly <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> newsletter brought to you by Business Insider. </p><p style="text-align: left;">Here's what you need to know:</p><ul style="text-align: left;"><li>Want to get Insider Energy in your inbox every Friday? <a href="http://newsletter.businessinsider.com/join/4np/insider-energy">Sign up here</a>. </li><li>Do you have feedback or story tips? Reach out to me at <a href="mailto:bjones@businessinsider.com">bjones@businessinsider.com</a>. </li></ul><p style="text-align: left;">In a time of great uncertainty, it's nice to know that at least one thing comes as no surprise: My top Spotify track of the year was - and I feel <em>fine </em>about this - The Last Great American Dynasty by Taylor Swift. </p><p style="text-align: left;">There's an energy connection here, people.</p><p style="text-align: left;">The song is about the legacy of Rebekah Harkness, whose second husband was the heir to the Standard Oil fortune. Dating back to the late 19th century, Standard Oil was a monopoly run by John D. Rockefeller that controlled nearly all oil production and refining in the US. </p><p style="text-align: left;">The government later forced the empire to split apart through an antitrust suit. But its pieces live on today as the largest oil companies in the US - including <keyword id="60772" type="CITY" weightage="60" keywordseo="Chevron">Chevron</keyword> and <keyword id="6383208" type="ORGANIZATION" weightage="60" keywordseo="exxon">Exxon</keyword>. Thanks, Taylor! </p><p style="text-align: left;">On that note ... </p><div type="image" title="Exxon gas station" height="2333" width="3500" msid="79572181" hostid="261"></div><h2 style="text-align: left;"><strong>Exxon plans to write down up to $20 billion in assets, admitting their value has caved</strong></h2><p style="text-align: left;">The oil company said on Monday that it would write down the value of its natural-gas assets by $17 billion to $20 billion. That's the company's largest impairment, ever. </p><p style="text-align: left;"><strong>Writedowns, explained: </strong>When a company writes down its assets, it formally recognizes that those properties are worth less. </p><ul style="text-align: left;"><li>It's typical to see writedowns among energy companies when oil and gas prices drop, as they did in the coronavirus pandemic. (If the product you're selling loses value, so does the machine that makes it.)</li><li>Both BP and Shell wrote down assets earlier this year. </li></ul><p style="text-align: left;"><strong>What it means for Exxon: </strong>It's not just another pandemic bruise.</p><ul style="text-align: left;"><li style="text-align: justify;">"The write-down lays bare the size of the miscalculation that the company made in 2010 when it paid $30 billion for US shale producer XTO Energy as natural gas prices went into a decade-long decline," <a href="https://www.reuters.com/article/us-exxon-mobil-outlook/exxon-tries-to-put-the-worst-behind-it-with-20-billion-writedown-idUSKBN28A31I">Reuters reported</a>. </li></ul><p style="text-align: left;"><strong>What's more: </strong>Exxon is also <a href="https://www.nytimes.com/2020/11/30/business/exxon-mobil-capital-spending-write-downs.html#:~:text=Exxon's%20board%20of%20directors%20accepted,from%20%2423%20billion%20in%202020.">slashing its planned budget through 2025</a> and <a href="https://www.bloomberg.com/news/articles/2020-12-01/exxon-is-suspending-employee-bonuses-after-oil-market-collapse">suspending employee bonuses</a>. </p><ul style="text-align: left;"><li>These are among several cost-cutting measures Exxon is deploying, largely to save its dividend, which is among the largest in the S&amp;P 500 and treasured by investors. </li><li>As we previously reported, the company is trimming its global workforce by 15%. <a href="https://www.businessinsider.com/exxon-global-cost-cutting-program-layoffs-job-cuts">Here are all the cuts we've logged so far</a>.</li></ul><p style="text-align: left;"><strong style="color: #222222;">In other news: </strong>Chevron - which is, once again, worth more than Exxon in market value - also <a href="https://www.chevron.com/investors/press-releases">cut its project budget steeply</a>, through 2025. </p><div type="image" title="Oil rig in field" height="2333" width="3500" msid="79572184" hostid="261"></div><h2 style="text-align: left;"><strong>It's not all bad news for the oil industry, as crude prices soar </strong></h2><p style="text-align: left;">The price of oil hit a nine-month high this week. On Friday morning, a barrel of Brent, the international benchmark, was trading at over $49 - up almost a quarter from last month! </p><p style="text-align: left;">There are two forces behind the surge: </p><ul style="text-align: left;"><li><strong>Demand: </strong>Hopeful vaccine news, which means people could soon consume more oil and gas. </li><li><strong>Supply: </strong>A compromise among top-producing nations, known as OPEC Plus, to increase oil production by only a modest amount in January. As Goldman Sachs put it in a note this morning, OPEC avoided a "taper tantrum."</li></ul><div type="image" title="2022 GMC HUMMER EV 060" height="1665" width="2220" msid="79572188" hostid="261"></div><h2 style="text-align: left;"><a href="https://www.businessinsider.com/ford-gm-future-consumer-wants-new-kind-of-car-electric-2020-11">How US auto giants have been forced to rewrite strategies that have served them for decades</a></h2><p style="text-align: left;">American consumers are kind of annoying: We want larger cars, like trucks and SUVs, that typically produce more tailpipe emissions, but we're <a href="https://www.pewresearch.org/science/2020/06/23/two-thirds-of-americans-think-government-should-do-more-on-climate/">increasingly in support</a> of policies that tackle climate change. That puts US auto giants in a pinch. </p><p style="text-align: left;">This week, we took a look at how companies like <keyword id="6355174" type="UNKNOWN" weightage="60" keywordseo="ford">Ford</keyword> and <keyword id="6372405" type="ORGANIZATION" weightage="60" keywordseo="gm">GM</keyword> are <a href="https://www.businessinsider.com/ford-gm-future-consumer-wants-new-kind-of-car-electric-2020-11">taking on that challenge.</a></p><ul style="text-align: left;"><li>Companies that once supported weaker fuel-economy standards are now reversing course. </li><li>For the first time, automakers are also getting into the business of refueling infrastructure, which used to be controlled by oil companies. </li><li><a href="https://www.businessinsider.com/ford-gm-future-consumer-wants-new-kind-of-car-electric-2020-11">You can read the whole story here</a>. </li></ul><p style="text-align: left;"><strong>In other news: </strong>Tesla's CEO Elon Musk said he would be open to discussing a potential merger with a rival automaker. BI's Mark Matousek <a href="https://www.businessinsider.com/tesla-elon-musk-merger-gm-ford-nissan-renault-nio-2020-12">lays out the four most likely candidates</a>. </p><ul style="text-align: left;"><li>Also, check out <a href="https://www.businessinsider.com/inside-international-plans-to-combat-climate-change-with-evs-2020-12">this feature by Kristen Lee</a>, which shows which countries are phasing out gas-powered cars. "We appear to be on the brink of a massive global overhaul of how we think about cars and their impact on the environment," she writes. </li><li>One other bit: QuantumScape, the secretive battery startup backed by Volkswagen, <a href="https://money.yahoo.com/ev-battery-developer-quantum-scape-begins-trading-on-nyse-153744553.html">started trading on the NYSE</a>. </li></ul><div type="image" title="Jayson Waller Powerhome" height="2656" width="3983" msid="79572193" hostid="261"></div><h2 style="text-align: left;"><a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">Popular energy company Powerhome Solar faces more complaints - this time, about installations and customer service</a></h2><p style="text-align: left;">After we published <a href="https://www.businessinsider.com/powerhome-solar-misleads-customers-insiders-leaked-memos-suggest-2020-10">our investigation</a> into Powerhome Solar, which centered around misleading sales practices, more than 20 people reached out with additional complaints. Many of them were unhappy customers. </p><ul style="text-align: left;"><li>Some said the company's installers behaved unprofessionally, swimming in their pool, drinking on site, and leaving the yard a mess. </li><li>One claimed that a shoddy installation job was likely linked to a fire that burned down his home. </li></ul><p style="text-align: left;">Last week, <a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">we took another look at the company</a>, which is among the fastest-growing energy firms in the US. <strong>You can read the full story <a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">here</a>. </strong></p><div type="image" title="Shell hydrogen" height="1845" width="2461" msid="79572195" hostid="261"></div><h2 style="text-align: left;"><strong>ICYMI: Two of our best industry explainers</strong></h2><ul style="text-align: left;"><li style="text-align: justify;"><a href="https://www.businessinsider.com/what-is-hydrogen-fuel-industry-explainer-2020-1">Everything you need to know about the hype and realities of the hydrogen industry</a>, which could transform the energy sector and explode into a $2.5 trillion market</li><li style="text-align: justify;">Plastic empire: <a href="https://www.businessinsider.com/petrochemical-empire-built-by-big-oil-exxon-shell-total-2020-10">Inside Big Oil's massive bet on chemicals</a> that could help save the industry in a future with fewer gas-powered cars</li></ul><p style="text-align: left;">That's it! Have a great weekend. </p><p style="text-align: left;">- Benji</p>

American auto giants rewrite their strategies for a future that wants a new kind of car

<p>It's the last day before Turkey Day. Things tend to be quiet today. But the way this year has gone, who knows.</p><p>A programming note, the newsletter will be off Thursday and Friday. But we'll be back in action on Monday, so fear not. </p><p><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a></p><p><strong><a href="https://www.businessinsider.com/webinar-private-equity-recruiting-carlyle-apollo-bain-2020-11">Sign up here for our upcoming webinar 'How to land a job in private equity' on December 3 at 1 p.m. ET, featuring speakers from Bain Capital, The Carlyle Group, Apollo, and Odyssey Search Partners.</a></strong></p><p>Like the newsletter? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. </p><h2><a href="https://www.businessinsider.com/blackrock-acquistion-aperio-separately-managed-accounts-analysis-direct-indexing-2020-11">BlackRock is making a $1 billion bet on a trendy type of indexing</a></h2><p><a href="https://www.businessinsider.com/blackrock-acquistion-aperio-separately-managed-accounts-analysis-direct-indexing-2020-11"><div type="image" title="larry fink" height="2575" width="3433" msid="79409169" hostid="261"></div></a></p><p><keyword id="158169" type="CITY" weightage="60" keywordseo="BlackRock">BlackRock</keyword> announced earlier this week its plans to buy <a href="https://www.businessinsider.com/blackrock-acquistion-aperio-separately-managed-accounts-analysis-direct-indexing-2020-11">Aperio</a>, a California-based investment provider.</p><p>Rebecca Ungarino has some nice analysis on why the asset manager is betting big on <a href="https://www.businessinsider.com/blackrock-acquistion-aperio-separately-managed-accounts-analysis-direct-indexing-2020-11">separately managed accounts</a>, which allow investors to customize them as they see fit.</p><p><a href="https://www.businessinsider.com/blackrock-acquistion-aperio-separately-managed-accounts-analysis-direct-indexing-2020-11">Click here to read the entire story.</a></p><h2><a href="https://www.businessinsider.com/blackrock-internship-full-time-job-offer-asset-management-analyst-remote-2020-11">A first-generation college student from an HBCU crushed her virtual internship at BlackRock and landed a full-time offer</a></h2><p><a href="https://www.businessinsider.com/blackrock-internship-full-time-job-offer-asset-management-analyst-remote-2020-11"><div type="image" title="IMG_5478.JPG" height="1400" width="1866" msid="79409175" hostid="261"></div></a></p><p>Reed Alexander with a nice look at a <a href="https://www.businessinsider.com/blackrock-internship-full-time-job-offer-asset-management-analyst-remote-2020-11">BlackRock intern</a> who was offered a full-time job upon her graduation. While that might not seem too interesting, <a href="https://www.businessinsider.com/blackrock-internship-full-time-job-offer-asset-management-analyst-remote-2020-11">Tamia Marrow's</a> journey to <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> is definitely worth a read. <a href="https://www.businessinsider.com/blackrock-internship-full-time-job-offer-asset-management-analyst-remote-2020-11">Check it out here</a>.</p><h2><a href="https://www.businessinsider.com/activist-sian-capital-opko-needs-to-distribute-rayaldee-faster-2020-11">Activist investor Sian Capital is going after pharma company Opko Health for dragging its feet on a potential COVID treatment</a></h2><p><a href="https://www.businessinsider.com/activist-sian-capital-opko-needs-to-distribute-rayaldee-faster-2020-11"><div type="image" title="Pills photo stylized" height="1665" width="2220" msid="79409176" hostid="261"></div></a></p><p>Bradley Saacks with a nice look at how <a href="https://www.businessinsider.com/activist-sian-capital-opko-needs-to-distribute-rayaldee-faster-2020-11">Sian Capital</a>, an activist investor, is pushing Opko Health to speed up its <a href="https://www.businessinsider.com/activist-sian-capital-opko-needs-to-distribute-rayaldee-faster-2020-11">work</a> on a potential COVID treatment. Bradley has the full rundown. <a href="https://www.businessinsider.com/activist-sian-capital-opko-needs-to-distribute-rayaldee-faster-2020-11">Read the story here</a>. </p><h2><a href="https://www.businessinsider.com/hedge-fund-blackstart-capital-closes-portfolio-managers-join-point72-2020-11">A utilities-focused hedge fund that managed $319 million is shutting down, with its staff moving to Point72</a></h2><p><a href="https://www.businessinsider.com/hedge-fund-blackstart-capital-closes-portfolio-managers-join-point72-2020-11"><div type="image" title="Steve Cohen" height="2628" width="3504" msid="79409179" hostid="261"></div></a></p><p>Nice scoop from <a href="https://www.businessinsider.com/hedge-fund-blackstart-capital-closes-portfolio-managers-join-point72-2020-11">Jack Newsham</a> about a hedge fund shutting down and its staff getting picked up by Steve Cohen's Point72. <a href="https://www.businessinsider.com/hedge-fund-blackstart-capital-closes-portfolio-managers-join-point72-2020-11">Read the whole story here</a>. </p><h2><a href="https://www.businessinsider.com/fintech-hmbradley-pitch-deck-neobank-challenger-bank-series-a-2020-11">Read the 14-page pitch deck fintech HMBradley, a neobank offering interest rates as high as 3%, used to nab $18.25 million </a></h2><p><a href="https://www.businessinsider.com/fintech-hmbradley-pitch-deck-neobank-challenger-bank-series-a-2020-11"><div type="image" title="Zach Bruhnke, HMBradley" height="1333" width="1778" msid="79409183" hostid="261"></div></a></p><p><a href="https://www.businessinsider.com/fintech-hmbradley-pitch-deck-neobank-challenger-bank-series-a-2020-11">Pitch-deck alert</a>! Here's a fun one from challenger bank <a href="https://www.businessinsider.com/fintech-hmbradley-pitch-deck-neobank-challenger-bank-series-a-2020-11">HMBradley</a>, which has a different business model than most startup banks. Check out why the bank is focusing on deposits, as opposed to revenue from interchange fees. <a href="https://www.businessinsider.com/fintech-hmbradley-pitch-deck-neobank-challenger-bank-series-a-2020-11">Read the deck here</a>. </p><h2><strong style="color: #222222; font-size: 15px;">Odd lots:</strong></h2><p><a href="https://www.businessinsider.com/powerhome-solar-faces-claims-sloppy-installs-misleading-customers-renewable-energy-2020-11">Botched installs, broken panels, ghosting reps: Powerhome Solar is facing fresh complaints from frustrated customers (BI)</a></p><p><a href="https://www.cnbc.com/2020/11/24/jpmorgan-chase-pays-250-million-penalty-over-weak-controls-in-its-wealth-management-division.html">JPMorgan Chase pays $250 million penalty over weak controls in its wealth management division (CNBC)</a></p><p><a href="https://www.bloomberg.com/news/articles/2020-11-24/deutsche-bank-considering-40-permanent-work-from-home-policy?srnd=premium&amp;sref=5xrDvJnavJna">Deutsche Bank Weighs Move to 2-Days-a-Week Remote Working (Bloomberg)</a></p><p><a href="https://www.wsj.com/articles/mccormick-nears-deal-to-buy-hot-sauce-maker-cholula-11606188600?mod=hp_lista_pos4">McCormick Buys Hot-Sauce Maker Cholula (WSJ)</a></p>

You Searched For "powerhome solar" and got 8 results

How a major solar company uses misleading tactics to sell energy systems that can cost $40,000 or more, according to insiders, legal claims, and leaked memos

Benji Jones

A top rooftop solar company is facing complaints from customers about botched installations, broken panels, and unhelpful reps

Benji Jones

How Biden will shape the energy industry, and what's next for oil after a tumultuous few weeks

Benji Jones

What a Joe BIden-Kamala Harris administration means for markets, tech, healthcare, cannabis, and Donald Trump

Matt Turner

Uber shrinks NYC office — Two Sigma extends internships — Wall Street reacts to a president-elect

Dan DeFrancesco

The top energy stories of 2020 - and what to expect in the year ahead

Benji Jones

American auto giants rewrite their strategies for a future that wants a new kind of car

Benji Jones

BlackRock's big bet on a hot investing trend — Activist investor angry over delayed COVID treatment — Point72 snaps up portfolio managers

Dan DeFrancesco

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