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Solar, Wind Boom Starts to Wither

Once thought recession-proof, green tech takes a hit

By Jason Farago,  Newser Staff

Posted Feb 4, 2009 8:22 AM CST
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(Newser) – Wind and solar power have been growing at breakneck speed over the past few years—a demand the industry had hoped would continue to soar under the Obama administration. But instead, wind and solar power is dropping, with trade groups projecting a drop in new installations of up to 50%. As the New York Times reports, the economic downturn and frozen credit have taken a toll on a sector that once seemed invincible.

"I thought if there was any industry that was bulletproof, it was that industry," says the mayor of one North Dakota town, where a local wind power company has cut 20% of its workforce. Where once more than a dozen banks offered generous loans to finance installation of turbines and solar panels, the credit crisis has cut off funding and left green business in trouble. Even T. Boone Pickens, the Texas billionaire, has scaled back his plans to expand into wind farms.

Barack Obama holds a large bolt presented to him during a visit to Cardinal Fastener and Specialty Co. in Bedford Heights, Ohio, which makes hardware for wind turbines.
Barack Obama holds a large bolt presented to him during a visit to Cardinal Fastener and Specialty Co. in Bedford Heights, Ohio, which makes hardware for wind turbines.   (AP Photo/Mark Duncan)
In this Feb. 24, 2006 file photo, a wind turbine stands generating power next to the Hull, Mass., High School in the shadow of Boston.
In this Feb. 24, 2006 file photo, a wind turbine stands generating power next to the Hull, Mass., High School in the shadow of Boston.   (AP Photo/Stephan Savoia, File)
A view of the solar panels covering roof of the McCormick Spice Mill in Hunt Valley, MD.
A view of the solar panels covering roof of the McCormick Spice Mill in Hunt Valley, MD.   (Photo: McCormick)
In this July 24, 2008, file photo the Atchison County Courthouse is dwarfed by a wind turbine in Rock Port, Mo.
In this July 24, 2008, file photo the Atchison County Courthouse is dwarfed by a wind turbine in Rock Port, Mo.   (AP Photo/Charlie Riedel, File)
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COMMENTS
Showing 3 of 3 comments
Newser001
Feb 4, 2009 10:56 PM CST
The vehicle constantly evaluates MPG displaying a culmination of all driving environments. It is after years of ownership I've come to such an understanding. If you're able to make a purchase, given the Federal incentives being pushed and cheap auto financing, if you can find it, do it. My understanding Credit Unions and Toyota are undaunted by current credit markets... It''s seriously something to consider... I estimate I've saved upwards of $10-12K in fuel expenditures over the 5 past years. My Prius is an '05 (generation 2), my prior was a Jeep Liberty, which I absolutely loved, but deplored the milage, lucky to get 20 MPG. Closeout '09 Prius (generation 2) should be had for less than $20K - Consider, I paid >$25K for mine which had a simple, minimal package upgrade, bumming base sticker up to around $700 more over base. There was no price haggling, sticker was it - Toyota did not allow dealers to fluff prices with add-ons. I waited in a cue of a year for that car. Still have it, still love it, and would unquestionably purchase another. Unquestionably reliable, the only thing I replaced were the OEM tires, rated at 40K miles which I replaced at >64K. Costco was blown away I'd gotten that many miles from them. Trick: 42 front 40 rear - due to 2 engines (electric / combustion) residing in the front of the vehicle, subsequent weight impacts front tires... rotate w/oil changes, faithfully per 5k. Flush transmission fluid ever 60K (the manual is devoid of that fact). Visit ' priuschat.com ' (third-party, not Toyota) for more...
Mad
Feb 4, 2009 2:47 AM CST
Sound advice, Brother. And thanks for the details on your fuel economy on your Prius. Did you calculate your MPG at different speeds yourself, or does the car just tell you that? 60 MPG, that's like paying 1/3 the price per gallon everyone else pays! I get 33 in a little 4 banger Escort and that suits me fine
Newser001
Feb 3, 2009 9:13 PM CST
Just because we're down, doesn't mean we're necessarily out, as far as Green advances... The economy will dictate private sector ventures / investments - Obama has a Green incentive and wants to create jobs through the initiative... And TBoone Pickens is still pushing his initiative, as well. We'll see R&D continue and lead to more efficient strategies and solutions to supplement energy consumption, weening us off of foreign oil imports. Our city is putting the finishing touches on a new methane capture system pulled from our sewage treatment system. The methane will be used to generate electricity (our city has its own municipal power company and we're fairly green compared to most others). If you want to be proactive, NOW is the time - The first and foremost impact you can have with the greatest return to you... Slow down on the freeway... Example, I drive 55 MPH with my Prius on the freeway. A reduction of 10 MPH results in an approximate 18-19% bump in MPG, averaging me 58-63 MPG. Just leave a little earlier for your destination(s). My GPS keeps informed and relaxed with an realtime ETA. Also consider, the most inefficient moment for a combustion vehicle is rolling / accelerating from a dead stop. When the light turns green, accelerate slowly - There's a significant payback here as well… Higher gas prices are back as oil is climbing towards $60 per barrel in a couple of months (or sooner) and $75 before you know it... All it takes is a little discipline and practice...

US has become world's biggest wind power producer
Reuters

For wind and solar, the money dries up
BusinessWeek

Green • Money

 
environment • North Dakota • solar power • T. Boone Pickens • wind power • solar panels • wind farms • recession depression

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