Germany's solar industry is facing significant challenges, with a slump in consumer demand leading to bankruptcies and layoffs. The Financial Times reported last week that the oversupply of solar panels has driven down prices, deterring investors and jeopardizing a key sector for Europe's climate goals. Although Germany saw record solar installations in 2023, growth slowed in 2024 due to reduced residential demand.
Industry leaders warn that the slowdown, coupled with rising interest rates and cheap Chinese competition, threatens Germany's goal of 19GW of annual solar installations by 2030. Start-up Zolar, despite receiving 300 million euros in funding, was forced to cut its workforce and exit direct sales to homeowners due to falling energy prices and reduced financial incentives for solar installations.
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