GE (NYSE: GE) are having to re-adjust the company’s solar power strategy, due to the declining price of solar panels.
Plans to develop a multibillion-dollar solar power business through the building of a panel manufacturing plant in Colorado will now be shelved for at least 18 months.
Danielle Merfeld, GE’s general manager of solar technologies, said the group will be using the time to develop the technology the market needs, reports the FT.
“We are raising the efficiency of our panels and making other cost savings, and these combined will give us a cost position that we think will be competitive.”
The continuing fall in prices has made GE’s present technology uncompetitive, with PV panels falling from about $1 per watt at the end of last year to an expected 70 cents per watt at the end of 2012, according to GTM Research.
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