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The glow of solar power is dimming for customers of yet another solar energy company that is fading into the night of promises it could not keep.
Titan Solar told employees on June 13 that it was “closing its doors” because no one would buy the company, according to Time.
Titan said that it put solar panels on more than 100,000 homes. The fate of consumers who have panels on their homes and no one to maintain them is uncertain.
Over 2023 and 2024 to date, 16 major solar companies have filed for bankruptcy, Solar Insure reported.
Overall, an earlier Time report estimated 100 local solar installers had gone belly-up in 2023.
Others are on the brink. Time reported that SunPower said in December there was “substantial doubt” it could keep operating. Share prices in national solar installers SunRun and Sunnova have fallen more than 85 percent from 2020.
When National Review’s Andrew Follett surveyed the state of the solar energy industry, he noted “Americans haven’t gotten much out of Biden’s immense spending on solar power besides a shattered power grid and a greatly increased risk of blackouts.”
President Joe Biden’s energy giveaways “have decidedly flopped,” he wrote.
Follett noted that solar power rests on a foundation of federal renewable energy subsidies, which included $369 billion in the Inflation Reduction Act and $550 billion in the Infrastructure Investment and Jobs Act, which came on top of $450 billion in green energy investments — using tax dollars — from 2010 to 2019.
He noted that federal subsidies have “incentivized a wave of shady solar companies, such as Sunnova, which — after receiving a $3 billion loan from the Biden administration — was accused of pressuring elderly dementia patients into signing pricey, decades-long solar-panel contracts.”
Last fall, Fox News reported that a new Biden administration study reported that renewable energy sources, such as wind and solar energy, comprise 21 percent of American electricity production, but took in the largest share of federal subsidies at $83.8 billion.
“For years Democrats have claimed technologies like solar energy are cheaper than coal, oil, natural gas, and nuclear. This report makes clear that solar is largely dependent on heavy subsidies with taxpayer dollars,” Senate Energy and Natural Resources Committee Ranking Member Republican John Barrasso of Wyoming said.
“Under the Biden Administration, American families are paying too much for energy as it is,” he said. “They shouldn’t have to fork over their hard-earned money to support liberal special interests. Solar should be competing for sales in the marketplace, not for subsidies in Washington.”
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The post Solar Co. Collapses, Customers Furious as Dems’ Favorite Power Source Leaves Homeowners High and Dry appeared first on Energy News Beat.
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