clock menu more-arrow no yes

Filed under:

Economy Taking Out the Wind, Sun

New, 4 comments

Once thought of as "bullet-proof" businesses, wind and solar power industries are in need of a chunk of that stimulus package, reports the International Herald Tribune, which reports that installation of wind and solar power is "plummeting" amid layoffs and price cuts. "Much of the problem stems from the credit crisis that has left Wall Street banks reeling. Once, as many as 18 big banks and financial institutions were willing to help finance installation of wind turbines and solar arrays, taking advantage of generous U.S. government tax incentives. But with the banks in so much trouble, that number has dropped to four, according to Keith Martin, a tax and project finance specialist with the law firm Chadbourne & Parke." [IHT]