GigaOM reports that Siemens announced on Monday plans to sell its solar energy business and exit the market completely.
The decision reflects the poor outlook for the solar market by an energy giant.
The growth of the global solar market hasn’t met expectations, Siemens said in a statement, adding that changes in government policies and slim profit margins are among the chief causes.
Nearly 200 more [solar panel manufacturers] in North America, Europe and Asia will likely disappear in the next few years.
The reality of the market for solar energy is that there isn’t much of one outside of government largess. Here’s a nice rundown of Obama green-energy bankruptcies.
But as recently as the first debate, President Obama was calling solar-flavored cronyism “investment.” From the transcript:
I… believe that we’ve got to look at the energy sources of the future, like wind and solar and biofuels, and make those investments.
The only way for solar power to grow in the near future is via government subsidy. And for every green job born more than one non-green job dies. Unfortunately numerous studies have demonstrated the net-job-killing effects of green energy subsidies. Even Europe has cut green energy subsidies in light of the economic realities.
It’s about time for Obama to see the non-solar-powered light.