When that deal fell via, the corporate talked to different potential buyers, although to no avail.
According to an area TV outlet KTNV Las Vegasthe corporate has been beneath scrutiny for a number of months from the Nevada State Contractors Board after receiving quite a few complaints from prospects within the US state of Nevada.
The decline of residential photo voltaic within the US
Titan Solar Power abruptly shutting down its operations is the most recent adverse information for the US residential photo voltaic market. In December, photo voltaic firm SolarPower introduced that it had breached a credit score settlement, sparking issues about its potential to remain in enterprise. In its monetary outcomes for 2023, the corporate posted a major web loss, whereas buyer progress continued to say no.
The commerce affiliation Solar Energy Industries Association (SEIA) and Wood Mackenzie predict a decline for the US residential market in 2024, which will likely be led by the struggles of the residential sector in California. This is as a result of state change within the web vitality metering coverage (NEM3.0), which began in April 2023.
A report from the commerce physique California Solar & Storage Association (CALSSA) estimated in December 2023 that the photo voltaic business in California might lose 17,000 jobs by 2023 as a result of implementation of NEM3.0 in California.
Earlier this yr, CALSSA spoke PV Tech Premium concerning the residential market downturn in California in 2024. “Without authorities intervention, a downward pattern is the most effective description of the market in California this yr,” mentioned Bernadette Del Chiaro, government director of CALSSA.
