The bankruptcies of three American solar powercompanies in the last month, including Solyndra of California on Wednesday, have left China’s industry with a dominant sales position — almost three-fifths of the world’s production capacity — and rapidly declining costs. Some American, Japanese and European solar companies still have a technological edge over Chinese rivals, but seldom a cost advantage, according to industry analysts. The price for solar panels has dropped by about 42 percent this year largely because of heavy competition from Chinese firms. Uncertainty about European subsidies has also weakened demand.
Besides Solyndra, the other two US manufacturers that filed for bankruptcy protection in August were Evergreen Solar Inc., of Marlborough, Mass., and SpectraWatt, a Hopewell Junction, N.Y., company. Another company, BP Solar, halted manufacturing at its complex in Frederick, Md., last spring. Those bankruptcies and closings represent almost one-fifth of the solar panel manufacturing capacity in the United States, according to GTM Research. For more information about the downfall of the solar industry check out this New York Times article. For a free insurance quote check out our website today http://www.kimberleyvassal.com
- Solar Company That Obama Once Touted Shuts Down (foxnews.com)
- U.S. Solar Company Bankruptcies a Boon for China (nytimes.com)
- Solyndra prepares to file for bankruptcy protection (seattletimes.nwsource.com)