The solar power industry is expanding quickly in the US. This is helping it lift the cloud that had once loomed over the industry since the death of Solyndra LLC a year back.
However, the growth is not because of the US solar panel manufacturer, in spite of the funds and rhetoric devoted to the industry under Obama administration. It is actually the installation of majorly foreign-made panels whose declining price has made solar more competitive with other sources of power.
Chief executive of SolarCity Corp, Lyndon Rive feels that there must be a little emphasis on the places where panels are manufactured.
The US is actively working on installing as many solar power panels this year as it did in this century’s entire decade. That comes up to at least 2,500 megawatts, which is equivalent to more than 2 nuclear power plants. The US added about 742 megawatts of solar facility in the second quarter. That is enough to power 150,000 homes.
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The gap in prices with traditional power sources is shrinking at a great pace. The decline is a sign of solar power’s significant role in the US power generation, although the industry still depends on favorable state and federal policies. States like California have generated subsidies for solar power developers and set up requirements for utilities to purchase solar power and other renewable sources of power.
China had supplied nearly half the world’s solar panels last year. The US, which once monopolized the solar industry, shipped only 3% of solar panels used all over the world last year.
Mitt Romney, republican presidential nominee has said that Solyndra is an example of green0energy policies that are not working. Daniel Poneman, Deputy Energy Secretary said that Obama has been picking up losers mostly.
Analysts expect that solar will keep growing, however, expansion of the industry could slow down.
Shares of solar makers are soaring on Monday with ReneSola Ltd. (ADR)(NYSE:SOL) jumped 0.07 (5.11%), JinkoSolar Holding Co., Ltd.(NYSE:JKS) added 0.26 (8.39%), Suntech Power Holdings Co., Ltd. (ADR)(NYSE:STP) gained 0.028 (3.92%) and Yingli Green Energy Hold. Co. Ltd. (ADR)(NYSE:YGE) climbed 0.09 (5.39%), First Solar, Inc.(NASDAQ:FSLR) added 0.36 (1.76%) and SunPower Corporation(NASDAQ:SPWR) rose +0.23 (5.16%).