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GE’s Immelt Says Solar-Panel Sales to Exceed $1 Billion by 2020

General Electric Co. (GE) expects sales of its solar power panels to exceed $1 billion annually by 2020, Chief Executive Officer Jeffrey Immelt said today.

“I know that by 2020 this is going to be at least a $1 billion product line,” Immelt said at a Columbia University event in New York with Mayor Michael Bloomberg. “We’re going to invest what it takes. We did this with no government funding.”

The Fairfield, Connecticut-based company announced last month plans to build a $300 million thin-film solar factory in Colorado that will make enough panels using cadmium telluride annually for about 80,000 U.S. homes, or 400 megawatts.

To contact the reporters on this story: Christopher Martin in New York at cmartin11@bloomberg.net; Rachel Layne in Boston at rlayne@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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