After 40 years, BP just announced plans to drop its solar power division. The giant oil company has declared their commitment to spending $8 billion on renewable power by 2015, but it will now fill that quota with only onshore wind and biofuel. With the recent news of Google’s enormous investment to bring solar power into 3,000 homes and even Warren Buffet’s purchase of a $2 billion solar power farm just weeks ago, BP’s decision seems to be poorly timed, if not extremely short-sighted.
This decision is not a total surprise, as BP has continuously lacked confidence in their solar division throughout the past few years. The company stopped most production during the financial crisis of 2008 and 2009 and has closed a number of solar panel factories over the past three years, laying off over 1,700 people. BP’s decision is effective immediately as the company will no longer invest in solar projects and is currently looking to sell their existing ones.
Lead image © baggis via Creative Commons