A leading provider of solar PV has described its concern over the future of the solar industry, following recent economic events.
Dr. John MacDonald, Chairman of Day4 Energy said: “Today, the PV industry is in the midst of a deep crisis. The European sovereign debt issue, an uncertain US economic recovery and severe PV module overcapacity due to a dramatic manufacturing expansion over the prior year have all contributed to a ‘perfect storm’ in our industry.”
Despite such treacherous times for the industry, Day4 Energy say the crisis could lead to opportunities. George Rubin, Company CEO said: “We are now witness to several companies that were unable to successfully navigate in these difficult times. However, the ever declining costs of PV hardware are opening new markets and opportunities. The price of electricity from solar PV is now at its lowest level in history, and at retail grid parity with traditional sources of electricity in a number markets around the world.”