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Solar Power to Double its Price in the U.S. and Nigeria?
Solar Power to Double its Price in the U.S.?
keywords: solar power, Price, price of solar
Almost all solar companies in the U.S. are buying solar panels imported from China and other Asian countries because they are cheaper than solar panels made in the U.S. or Europe.Donald Trump wants to make America great again, so he plans to introduce a tariff that will double the price of the solar panels imported from Asia in order to favor the American solar manufacturers.
Suniva, a Georgia-based solar manufacturer proposed the idea of a tariff for the foreign solar panels at a recent trade complaint, and asked the president to keep his promise to make things in America.
Such tariff could double the price of solar power and this could seriously affect the companies that are only installing the panels.
Of course that by doubling the price of solar power the number of the new solar PV systems installed in the country could decline dramatically.
Let’s not forget that solar power has become more affordable in the last seven years due to the fact that Asia is producing the panels at lower prices.
By doubling the price of solar, a lot of new solar projects just wouldn’t make financial sense anymore, and this could affect about 88,000 jobs in the sector.
Today, the solar sector in the U.S. employs 5 times as many workers as the coal sector, and maybe Trump knows this, so he now found the perfect moment to balance things somehow.
Trump also suggested that his proposed border wall with Mexico could include solar panels because there is plenty of sun and heat in the area.
China managed to drive down the price of solar power due to its inexpensive solar panels, and let’s not forget that China is world’s largest solar panel manufacturer.
By introducing the tariff for the imported solar panels from Asia, China will suffer the most.
China will certainly retaliate by introducing some trade measure.
Solar panel installations in the U.S. hit a record in 2016, but an increase in solar panel prices created by the new tariffs could slow down the future installations and will certainly affect the jobs in the industry.