Credit Crunch Hurts Green Energy

By KATE GALBRAITH Published: February 3, 2009

Wind and solar power have been growing at a blistering pace in recent years, and that growth seemed likely to accelerate under the green-minded Obama administration. But because of the credit crisis and the broader economic downturn, the opposite is happening: installation of wind and solar power is plummeting.

Dan Koeck for The New York Times

Towers for wind turbines on the ground at the DMI Industries plant in West Fargo, N.D. Falling sales and tight credit have forced the company to lay off nearly 20 percent of its employees.

Factories building parts for these industries have announced a wave of layoffs in recent weeks, and trade groups are projecting 30 to 50 percent declines this year in installation of new equipment, barring more help from the government.

NP NowPublic

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3 Responses so far »

  1. 1

    sherry said,

    We need to do everything in our power to reduce our dependence on foreign oil.We have so much available to use such as wind and solar as well as technologies to reduce our dependence on fossil fuels. There could be no better investment in than to invest in energy independence. Create clean cheap energy,create millions of BADLY needed new green jobs, and reduce our dependence on foreign oil.The high cost of fuel this past year did serious damage to our society and economy. Record numbers of jobs and homes have been lost due to the direct impact on our economy.Oil is finite.We are using it globally at the rate of 2 X faster than new oil is being discovered. Added to the strain on our supplies foreign countries are bursting in populations and becoming modern.China and India alone are expected to add another 3 million vehicles to their highways in the next 2 decades. I just read a fantastic book called The Manhattan Project of 2009 Energy Independence Now by Jeff Wilson.Great Book!

  2. 2

    ion said,

    your article is very interesting, would you linkexchange with me

  3. 3

    Yes, I have added you to my blogroll.


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