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US Solar Industry Warns Against Slowdown Due To Tariffs On Solar Panel Imports

Benzinga · 04/29/2022 07:35
  • The U.S. solar industry cautioned against a significant slowdown in project installations in 2022 triggered by global supply chain disruptions and new U.S. tariffs on panel imports from Southeast Asia, Reuters reports.
  • U.S.' lengthy investigation of the alleged tariff dodging by Chinese panel makers could lead them to implement the tariffs retroactively.
  • The slowdown jeopardizes the Biden administration's climate goals.
  • Southern Company's (NYSE:SO) Georgia Power utility had received regulatory approval to delay five planned solar facilities adding up to 970 megawatts of capacity by November 2024.
  • NextEra Energy, Inc (NYSE:NEE), EDF Renewables, and Consolidated Edison, Inc (NYSE:ED) were developing the projects of Southern Company.
  • Due to the tariffs, NextEra saw 2.1 GW - 2.8 GW of its solar and energy storage projects shift from 2022 to 2023.
  • The largest solar trade group looked to slash its 2022 and 2023 solar installation forecasts by 46%. 
  • According to the Solar Energy Industries Association, more than 315 projects got withdrawn or shelved.