By Bernie at Planck's Constant:
China has lessons for Marxists the world
over regarding government subsidized Solar energy (are you listening
Obama?) - even with the largest building boom (1)
in world history, there is not enough profit to be made to keep a solar
panel company in business, despite China's generous handouts and loans.
Leading solar panel maker in China declares bankruptcy
Photo Credit: Xinhua/Shen Peng
In the photo above taken on 26 Sep 2011, a worker forklifts solar panel products at Suntech Power in Wuxi, east China's Jiangsu Province. China's leading solar panel maker, a New York-listed private company based in Wuxi, declared bankruptcy on 20 Mar 2013 (2).
As well, a few days later, German car parts supplier Bosch announced it would discontinue its solar panel manufacturing business (3).
This will not deter our President from making more investments in green energy businesses that will ultimately fail. Despite state and government subsidies, promises of lower utility rates to encourage voters to accept these projects have not panned out; even the U.S. Department of Energy experts in the matter say that solar costs three and a half times that of coal. Indeed, rates for electricity in Boulder City, Colorado did in fact increase (4).
I can't figure out which is the greater hoax: that subsidizing green energy is good for our country or that Obama is not a Marxist.
President Obama will tout investments in “renewable” energy Wednesday at the local Copper Mountain Solar 1 plant, although the plant has only five full-time employees.
The plant, owned by San Diego-based energy company Sempra, was built in late 2010 at a cost of $141 million. Funding included $42 million in federal-government tax credits and $12 million in tax-rebate commitments from the state of Nevada.
Solar 1 is the largest solar photovoltaic (PV) power plant in the country and is regarded as a “revenue generator” by Sempra. According to the Las Vegas Sun, Boulder City expects to receive over $60 million in lease revenue from the plant.
In addition to wanting to create many new jobs, President Obama has claimed green-energy investment will decrease America’s energy costs and reduce the country’s dependency on foreign oil.
In Boulder City, however, renewables have produced no lower energy costs. Instead, in late 2009, the city approved a 35 percent rate hike, while power generated by Copper Mountain is to go to Southern California — rather than serve Nevadans whose taxes helped finance the plant.
Nationally, solar energy is unlikely to help the president achieve his goal of lower energy costs. Geoffrey Lawrence, deputy policy director at the Nevada Policy Research Institute, the free-market think tank that publishes Nevada Journal, noted in his Solutions 2013 report that, even according to the U.S. Department of Energy, solar-PV energy will cost three and a half times more than energy from traditional sources such as coal.
(posted here with permission - go leave Bernie a comment here)