Skip to comments.German parliament (/Madrid) slashes solar subsidies (At the very same time, Hussein pimps the sun)
Posted on 08/14/2010 11:38:04 PM PDT by Libloather
German parliament slashes solar subsidies
US solar shares tumble as Germany finally approves cuts to solar incentives
Jessica Shankleman, BusinessGreen, 07 May 2010
The German parliament yesterday approved long-expected cuts to solar energy incentives prompting US shares in solar companies to tumble amid fears that demand from one of the world's largest markets for soalr panels will now fall.
The Bundestag voted in favour of a 16 per cent cut to feed-in tariff incentives for solar rooftop installations, as well as an 11 per cent reduction in incentives for solar installations on conversion sites and the scrapping of support for solar installations on agricultural land.
A spokesman said the cuts will now come into force from 1 July, once the legislation has passed through parliament's second chamber, the Bundesrat.
Shares in three of the world's largest solar firms listed on the New York Stock Exchange Trina Solar, Yingli Green Energy Holding Co and Suntech Power Holdings Co fell by between 12.03 and 15.15 per cent on the back of the announcement.
Although the cuts were expected, the fall in stock prices reflected fears that the cuts will slow the global solar industry's burgeoning recovery and undermine one of Europe's largest renewable energy markets.
However, environment minister Norbert Röttgen said the cuts were a necessary adjustment given that the price of solar panels has dropped by around 30 per cent in recent years.
"The amendment is a response to the price reduction associated with the introduction of mass production," he said. "We will therefore make the necessary corrections to reduce compensation to a reasonable level, in order to limit the cost of electricity to consumers yet further increase our share of solar power."
If solar was worth a hoot private companies would start selling it. The fact that the government subsidizes it means it is not viable yet except for a few applications.
This happens ever time the government creates a false market demand.
Stop corporate welfare.
Like alcohol in the gas. Around here the only place you can get pure gas anymore is at marina dock pumps. The rest of it has alcohol in it.
This is all getting too much like Balaamist Sun-Worship.
“Like alcohol in the gas. Around here the only place you can get pure gas anymore is at marina dock pumps. The rest of it has alcohol in it.”
I’m wondering about the alcohol content of the gas bags in Washington, D.C..