AM I NEXT? NO LOVE AT PINK ENERGY

Mooresville, North Carolina-based Pink Energy, specializing in the residential installation of solar panels and energy efficiency consulting services, has announced another major reduction in force.

Approximately 500 employees will be impacted in this round of layoffs following 600 layoffs earlier in the year.

The decision was allegedly driven by consumer dissatisfaction with the company's performance relating to the installation of allegedly faulty Generac solar equipment known as SnapRS, an inline quick disconnect device designed to rapidly shut down power to individual solar panels as required by the National Electric Code.

According to Pink Energy CEO Jayson Waller, "We trusted Generac because of its status as a publicly traded company to be honest and open about its firmware update being a permanent fix, and it was not. That's led to thousands of unhappy customers and crippled all parts of our business, leading to our layoffs, We need Generac to take responsibility for these failing parts by issuing a national recall. It's not just our business that's having issues with Generac solar products, other solar installation companies have advised us that they are experiencing these same issues. Generac seems more interested in protecting its stock price than taking accountability for equipment failures."

Generac said it will vigorously defend itself against the U.S. District Court lawsuit filed by Power Home Solar LLC, which does business as Pink Energy.

Pink Energy is facing hundreds of complaints as well as an investigation by the Missouri attorney general, according to WECT-TV in Wilmington, North Carolina. Some of the allegations against Pink Energy include deceptive sales tactics; others report faulty equipment, the station said.

https://www.wect.com/2022/09/01/amidst-complaints-an-investigation-nc-based-solar-provider-says-another-company-is-blame-shortfalls/

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT LG ELECTRONICS USA

Englewood Cliffs, New Jersey-based LG Electronics USA, the North American subsidiary of LG Electronics, a manufacturer of consumer electronics, appliances, and mobile devices, has announced that it will be exiting the global solar panel business following a comprehensive review of the impact of increasing materials and logistics costs, as well as severe supply constraints, in their solar business.

While the company will wind down its solar panel production in the Second Quarter of 2022, it is committed to honoring the limited warranty provided with each product sold.

The restructuring will impact approximately 160 employees and 60 contract workers at LG's panel assembly facility located in Huntsville, Alabama.

According to a company spokesperson, "While exiting the solar panel business, LG is concentrating on products and services that can have an even greater impact. Sustainability is a core business principle at LG Electronics, and we are constantly evaluating the ways in which LG can unlock potential, create greater value and support our vision for a better life for all."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

SOLAR PANEL FORECAST: NO SO SUNNY

How many people remember President Obama’s high hopes for solar panel manufacturer Solyndra which was forced into Chapter-11 bankruptcy despite being the recipient of a $535 million U.S. Energy Department loan guarantee. The problem according to company officials, was cheaper solar panels produced by Chinese vendors who were alleged to benefit from price-fixing and currency manipulation. Moreover, a precipitous drop in the raw materials cost of competing solar panels rendered Solyndra’s technology incapable of competing in the world markets. The company laid off 1100 employees and mired in investigations never re-opened its doors.  

Now we have another solar panel manufacturer, Suniva, who has filed for bankruptcy protection and is asking the Trump Administration to impose a substantial tariff on foreign-made solar panels that are cheaper and now dominate the world markets. 

According to published reports, the uncertainties in the solar panel marketplace has forced companies to suspend project planning for new installation until the situation is clarified. The uncertainty is manifesting itself in higher prices, up to 20%, of solar panels. 

President Trump has repeatedly campaigned on the meme that China is ripping-off America using currency manipulation and trade restrictions on American-made goods. Trump justifies the fact that many of his projects were completed with foreign materials to hold down costs to competitive levels.

All that is certain in the current solar marketplace is uncertainty – as most solar projects are not cost effective when measured against traditional energy sources and cannot compete without subsidies and mandated usage. For those wanting a more comprehensive look at the solar panel issue, you may wish to look at an article published by St. Louis Today. 

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