Germany’s solar industry is in “a lot of distress” a new report from Financial Times highlighted last week.
A slump in consumer demand has led to bankruptcies and layoffs in Europe’s largest rooftop solar market. Many installation and distribution companies have gone under, been acquired, or had to change strategies.
The oversupply of panels has driven prices down for consumers, but industry leaders warn it is deterring investors and jeopardizing a key sector for Europe’s climate goals, according to Financial Times.
Dries Acke, deputy chief executive of industry lobby group SolarPower Europe commented: “To some extent this is consolidation after a few exceptional years. You cannot have a green transition with red numbers. The sector needs to be profitable.”