Fully loaded oil tankers are anchored in ports worldwide, while solar panels are getting cheaper by the day as global competition heats up.
The global energy reset has begun.
Just three years ago, US warehouses were flooded with Chinese made solar panels due to China’s goals to reduce its worsening air pollution and to free its economy from oil dependency.
In order to lure Western solar panel manufacturers, China offered incentives in terms of subsidies and other perks. These measures turned quickly into an oversupply of solar panels flooding the US, raising US solar panel manufacturers’ concern which prompted the Obama government to raise tariffs accordingly.
Between 2011 and 2013, warehouses across Southern California were stuffed with millions upon millions of Chinese-made solar panels. How the panels got here, and what ultimately became…