GE Halts Construction on Solar Plant
Announcement posted by DesignBuild Source 12 Jul 2012
General Electric plans on creating the most efficient solar panels ever, though to do so, it has shelved an ambitious project on which it embarked late last year.
The company’s goal of building a massive $300 million solar panel manufacturing plant in Colorado has hit a serious roadblock, with construction on the manufacturing plant expected to be delayed for at least 18 months.
According to reports, GE suspended their plans to build the solar facility due to the plummeting price of solar panels due to oversupply. China, in particular, has saturated the market with inexpensive solar panels and the prices of panels has dropped by some 50 per cent over the past six months alone.
GE has stated it will take the 18-plus-month delay to improve the efficiency and effectiveness of the solar panels it produces which, if possible, will be a welcome change in the industry. The company has been working on new technology that uses sheets of material affixed to glass panels rather than the silicon wafers currently used in most solar technology. The company has long been a proponent of increasing the effectiveness of solar technology...