Legal Insurrection by Leslie Eastman 8/13/2024
A “darling” of the solar industry succumbs to market forces and technological realities.Biden’s ironically named Inflation Reduction Act (IRA) was supposed to create millions of green jobs and launch the “sustainable power” industry.
Subsidies flowed to support electric vehicles, wind farms, and solar energy. We have been covering the slowdown in the EV market, and residents of the East Coast are questioning all the promises made by the wind energy companies after the Vineyard Wind blade failure.
Now, it’s time to turn our attention to solar power. SunPower, the company that provides solar panels to many Californian homes in the sunny Coachella Valley area, filed for bankruptcy this week.
It is the latest development in a saga that has seen the company facing numerous serious and seemingly escalating challenges over the past several months, including allegations about executives’ misconduct related to the company’s financial statements and a recent decision that SunPower would no longer offer new solar leases.
Days after the latter announcement, Coachella Valley-based Renova Energy, which markets and installs SunPower systems, said it was ending its partnership with SunPower and temporarily pausing operations after not receiving required payments from SunPower.
SunPower’s executive chairman wrote in a letter posted on the company’s website on Monday that the company had reached an agreement to sell certain divisions of its business and suggested it was looking for one or more buyers to take on the rest, including the company’s responsibilities to maintain solar systems it has previously sold or leased.
Steve Milloy
@JunkScience
·
Follow
Solar panels are a total ripoff:
- If you use electricity all day, it takes 20 years to break even with installation cost.
- If you work outside the home, it takes 27 years to break even.
And the weather remains the same.
#MilloysLaw: Green = Fraud
More:
https://legalinsurrection.com/2024/08/sun-goes-down-on-sunpower-as-rooftop-company-declares-bankruptcy/
