Joe Biden is moving heaven and earth to ensure green energy is the future.
He saw his hopes and dreams crushed in an instant.
And Joe Biden was blindsided when this environmental extremist scheme crumbled before his eyes.
President Joe Biden is selling energy generated by solar panels as the replacement for dirty fossil fuels.
He’s showered the solar industry with tens of billions of dollars in government subsidies to prop it up.
Despite record government support and an ally in the White House, the American solar industry is facing big problems.
American solar is in for a rude awakening
Biden sold his green energy agenda by claiming that it would be a way to create good-paying jobs and revitalize American manufacturing.
His wildly misnamed $1 trillion “Inflation Reduction Act” had a provision tucked inside it that was supposed to boost American solar production.
American solar panel manufacturing plants were given a seven cents per watt subsidy.
That and other taxpayer-funded subsidies set off a race to construct new domestic solar panel plants to take advantage of the free taxpayer money the Biden regime is handing out.
A new report from BloombergNEF warned that cheap imports from Chinese solar companies flooding the market meant that prices for panels would be so low that American manufacturers wouldn’t survive despite billions in taxpayer-funded subsidies.
“The subsidies, however, will not guarantee US factories make a profit because prices for panels available to the American market — including imports — are expected to plunge from about 23 cents per watt this year to 16 cents per watt by the end of 2025,” Bloomberg reported.
BloombergNEF analyst Pol Lezcano said that American solar companies are in for a “rude awakening.”
“Global price pressures, and especially cheaper and cheaper imports, will result in many US factories facing a pretty rude awakening,” Lezcano remarked. “And it will probably lead to a lot of factory cancellations.”
Biden plan goes up in smoke
Biden claimed that his environmental extremist agenda was going to lead to a renaissance of American manufacturing.
The solar manufacturing boom that he promised is going bust even with the industry being propped up with record government support.
Solar isn’t financially viable as a power source without cheap panels that only Communist China is currently producing.
The green energy industry supported by American tax dollars is providing a massive financial windfall for China.
First Solar Inc. Chief Executive Officer Mark Widmar begged Congress and the Biden regime to take action to protect the solar industry from China.
“The US solar manufacturing industry remains in a precarious position despite the passage of the IRA [Inflation Reduction Act],” Widmar said in Senate testimony. “The relentlessness of the Chinese subsidization and dumping strategy has caused a significant collapse in cell and module pricing and threatens the viability of many manufacturers.”
The Biden regime once again showed the failure of government planning with the American solar manufacturing industry collapsing despite billions of taxpayer dollars propping it up.
