CanadaFreePress:
Dozens of solar focused companies around the globe have disappeared through bankruptcy, insolvency, or just shutting their doors since 2009 when prices of solar panels plunged as competition from China increased.
In addition, other solar installations have not delivered their promised capacity or have experienced a variety of mishaps.
SunEdison was a red-hot company in a red-hot space—renewable energy. Its market capitalization reached nearly $10 billion, putting in on a par with the likes of Wynn Resorts of Las Vegas. With plans to buy Vivint Solar for $2.2 billion, SunEdison appeared unstoppable. (1)
Yet, SunEdison filed for bankruptcy after 13 years of fast growth and federal support to the tune of $1.5 billion in taxpayer money. The company heads into Chapter 11 with $20.7 billion in liabilities and only $16.1 million in assets. (2)
A company that was once worth more than $10 billion in now valued at $150 million. (3)
SunEdison’s filing for bankruptcy was one of the largest in a series of recent green-energy failures but it is far from being the only troubled green-energy business. Even before SunEdison, the landscape of green-energy companies was littered with failed strategies.
As has been so well said before, the damn government has no business picking winners and losers. If wind and solar were profitable, sound investors would have glommed onto opportunities and made a fortune. Those in the government who gave the tax payer’s money, and those who received the tax payer’s money, all belong in prison for a very long time.
So, a scam is still a scam. . . imagine that.
A few of our acquaintances have bought into the solar scam. One of them had to cut all the trees in their back yard and the panels still don’t work properly. Another hates the power company here (he hates all corporations and voted for Hillary). He thought he was going to cut a fat hog in the ass and he’s been complaining about the weather and how his solar panels aren’t working that efficiently. He cashed in an annuity ($20,000) to pay for his. That’s a lot of power, plus he still has to buy propane to heat his home with. Not all that glitters is gold.
The Judge has it right. Here is how solar power will take over the energy industry (if at all):
Some material scientist develops some gizmo, process, goo, or plant, and you have to be on a waiting list.
At first it will be outrageously expensive (like the first 3-D TV’s) then everybody will have it.
Why, because the product delivers, not the hype
Solar Energy….making ENRON seem like good deal.