Solar power goes dark in Europe. Obama still intends to spend billions on his friends’ projects, though.
Ever since the German government started subsidizing solar energy, demand for solar installations went up like clockwork, towards the end of each year.
But recently released data from German regulators shows that number of solar installations in December 2012 was down 88% from the previous year.
In fact, 2012 saw the lowest number of installations since 2008.
And it isn’t as if the German government cut back on solar energy subsidies. They actually did the opposite. This dramatic fall in demand was despite aggressive subsidy cuts throughout the year.
According to a report from JP Morgan Securities, this is a sign that maybe Europeans are going to want to spend a lot less on solar energy.
“Germany accounted for about a quarter of global Solar PV demand in 2012 and was by far the largest single market. Global Solar PV demand was expected to be approximately 30GW in 2012, with Germany being the largest single market. Outside of Germany, China, Italy, the US, and Japan were the largest markets—all expected to come in less than 5GW. Italy has also been taking aggressive action to limit new solar installations.”