Downturn ends boom in solar and wind power

NEW YORK: Wind and solar power grew at a blistering pace in recent years, and that growth seemed likely to accelerate, especially in the United States under the green-minded administration of the new president, Barack Obama.
But because of the credit crisis and the broader economic downturn, the opposite is happening: Except in isolated markets, like China, installation of wind and solar power is slowing, and in some cases plummeting.

 

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