Daily Management Review

Bloomberg: Solar Industry Association considers new duties by the US Department of Commerce a threat


The Solar Industry Association has called the tariff increase a "threat to the industry". According to Bloomberg, a group of US companies has warned that the duties, which the US Department of Commerce plans to impose, will hurt the industry.

The Solar Energy Manufacturers Association estimates the new tariffs on imports from Malaysia, Vietnam and Thailand will increase costs, cause job losses and reduce the number of solar installations by nearly a third compared to projections for 2022-2023. From these countries, 80% of photovoltaic system products come to the US.

Strata Clean Energy CEO Markus Wilhelm noted that "this is the most serious threat to our industry that I have encountered in 12 years". He added that the duties are about to be introduced at a time when the solar industry has already suffered from higher raw material prices and transportation costs.

Reduced production of solar installations could hurt US President Joe Biden's plans. His administration is keen to improve the environmental situation, which relies heavily on increasing the market share of solar panels. A US Department of Energy study found that solar installations could generate 40% of the country's electricity by 2035. At the same time, the number of panels in the US has grown largely due to lower production costs.

source: bloomberg.com