Obama $8 Billion Solar Betamax Unwinds as China Backs Rival
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The U.S. government’s $8 billion bet on solar energy that would pave the deserts with mirrors risks following the Betamax into the technological wilderness because of Chinese backing for a cheaper system.
The Department of Energy guaranteed loans to six plants that will reflect sunlight to boil water for making electricity, aiming to kick-start commercial projects. Four of those, and a third of $26 billion pipeline encouraged by U.S. aid, may switch to standard photovoltaic panels that generate a charge directly from the sun, said Brett Prior, a solar analyst at GTM Research.