Chevron Corp. is using solar energy to cut the cost of pumping oil. In 2019, Chevron signed a 20-year potential term power purchase agreement (PPA) in Southern California for 29MW of solar energy to deliver to his Lost Hills oil field. The system is designed to provide the field with 80% of electricity.
Since April, solar panels have been powering oil pumps at Chevron’s Lost Hills oil field. “As global demand for energy continues to grow, we are committed to supporting affordable, reliable, ever-cleaner energy and to exploring increased use of renewables in support of our business,” said Allen Satterwhite, President, Chevron Pipeline & Power.
How solar power helped Chevron to cut down operating expenses?
Electricity is one of Lost Hills field’s largest operating expenses. A solar pv system will be an important factor to help keep those costs down and maintain the planned oil field life. Also, renewable energy costs have fallen substantially over time, making it more economic.
How solar system can help your business?
Solar energy provides good return on investment using rooftop space and open ground space and may generate enough energy to meet the building’s power needs. Another plus is that the system requires minimum maintenance. By going solar, businesses can save on utility bills and reduce their carbon footprints.
