For decades, supporters of renewable power have been singing the praises about the possibilities of capturing energy from the sun.
The solar industry got a huge boost during President Obama’s first term when the stimulus package threw billions of dollars in subsidies at solar power companies in hopes of dramatically increasing production. Generation has increased in that time — but now federal, state and local incentives are being slashed, leading some to conclude the future of solar power in the U.S. is dimming.
“The fundamental problem is it’s not economically sustainable,” said Todd Myers of the Washington Policy Center, a think tank in Washington state.
Federal stimulus incentives have run out and are not being renewed. States are also slashing their solar power subsidies. Oregon recently cut its solar business tax credit by 99 percent. And utilities all over the country are complaining about lost revenue.