This is what happens when Government attempts to create an industry where one doesn’t exist, and can’t survive on it’s own
(NJ.com) The market that New Jersey officials set up to subsidize solar energy needs a rescue or there will be disastrous layoffs in the industry, business leaders, politicians and regulators say.
Those in the industry say if the government doesn’t step in to raise subsidy prices paid to solar panel owners, a bust in the market will kill jobs created in the last few years as New Jersey’s solar capacity has more than doubled, putting the state second only to California.
That market works because electric companies must buy solar credits, called SRECs, from panel owners, or produce their own solar power.
Unshockingly, much like with the carbon credit markets, the NJ solar market dropped from $600 each to $100 each. The demand by the consumer was not there, government created an industry, companies see negligible profits for solar, if not losing money, and the product is not in demand. I’ve listened to how the idiotic schemes to place solar panels on homes works when my parents, who live in NJ still, inquired. And now the Government created “industry” needs more government money (read: taxpayer funds) to rescue it. You don’t. You let it collapse. Much like with the Dot-com implosion, the “green” energy sector is not ready.
If they want to dump money into R&D to create viable products for future use, that would be great. Implementing failed ideas now is idiotic.
