Spanish Solar PV , what went so wrong ?

[Dustydazzler]

Spain's solar energy crisis: Thousands os Spaniards bankrupt after investing in solar panels

Seventeen years ago, Spain’s socialist government decided to inject subsidies into renewable energy. As a result, thousands of Spanish families massively invested in photovoltaic energy. But, as you'll see in our report, the dream rapidly turned into a nightmare.

uk.yahoo.com

 

[littlespark]

Spain's solar energy crisis: Thousands os Spaniards bankrupt after investing in solar panels

Seventeen years ago, Spain’s socialist government decided to inject subsidies into renewable energy. As a result, thousands of Spanish families massively invested in photovoltaic energy. But, as you'll see in our report, the dream rapidly turned into a nightmare.

uk.yahoo.com

Give us the gist of what it says…. I’m not watching the video.

 

[snowhead]

Give us the gist of what it says…. I’m not watching the video.

Spanish Gov gave incentives to the general public to invest in P.V. promising a good price for buying the energy.
Promise being the word, not a legally written guaranteed price.
The problem was too many people took up the deal and the Spanish Gov didn't want to pay, so they stoped paying out
Thousands of people took out loans and can't afford the payments now.

It appears there was no limit on the P.V size so the loans and payments are big.

 

[Dustydazzler]

As above , people borrowed money to buy millions of euros worth of solar panels off the back of the government promising to buy the energy produced

It never happened and some people were left with huge loans that they will never afford to pay back

 

[littlespark]

Ah gotcha.

You think it might happen here? The FIT payments stopping??

 

[R-fur]

The FIT payments reduce every year, certainly in the larger projects, not sure about domestic. I often work commissioning the substations for wind or solar farms and there is usualy a last minute panic to have them working by the 31st of March as the FIT drops on the 1st of April. I have seen several bodges to get things working till the FIT is agreed then its all shut down again on the 2nd of April for remedial work.