Rooftop solar array companies face dark horizons
The Market One building in the East Village has a high-visibility solar array on top. A parking garage planned east of Des Moines City Hall will have panels too.
But CNNMoney reports that companies providing rooftop solar arrays have in two years gone from Wall Street darlings to firms facing loss of some subsidies. Red ink is starting to splash.
Nevada recently rolled back support for rooftop solar systems; 20 other states are reconsidering their policies. The federal government extended a tax credit last year, but losses at rooftop solar companies have accelerated.
SolarCity Corp., the nation’s largest provider of rooftop systems, is among the companies facing uncertainties even with high consumer interest and surging growth in renewable energy.
Once nearly $86 a share, SolarCity’s stock price has mostly fallen as investors have become leery of its business model. On Wednesday, shares fell nearly 30 percent to close at $18.63 after a warning that the company faces steeper-than-expected losses.