This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Green Energy Creates Jobs? Prove It

During the second quarter, 700 megawatts of wind power were installed in the U.S., bringing the total to more than 1.2 gigawatts for the year, according to the American Wind Energy Association. That's the lowest level of wind power installation in the U.S. since 2007, and more than 50% less than what was installed in the same periods of 2008 and 2009. The trade group expects wind power installments in the U.S. to decline by 25% to 45% in 2010 compared with 2009.

Shares of Broadwind Energy (BWEN), another company cited in the Biden report, are down more than 70% this year.

In another Recovery Act effort, the Massachusetts Clean Energy Center received $24.7 million from the Energy Department to construct a wind-blade testing facility, the largest of its kind in the world. Biden's report said the project "could change the wind turbine manufacturing industry in America" when it's finished in February. However, only two new wind power facilities added during the first half of 2010, according to the AWEA.

While the wind power market could rebound, it's unclear if wind projects will create the jobs they intended to because there's no reliable data. Fortunately, the state of the solar job market is more encouraging.

The Solar Foundation conducted the first study of jobs in the green energy industry, surveying 2,400 companies. The think tank estimated that solar hiring would increase 26% next year to add 24,000 jobs. More than half of solar employers nationally plan to increase their workforce in the next year.

The Solar Foundation study discovered that there are 16,700 locations in the U.S. with 292,847 workers involved in the solar supply chain. About 32%, or 93,000 employees at these solar employment locations, spend at least 50% of time on solar business.

The study found that manufacturing remains a driver of job growth for the sector. However, that conclusion contrasts with recent new about U.S. alternative-energy companies moving manufacturing jobs abroad.

Evergreen Solar (ESLR) moved its manufacturing operations to China even though the Massachusetts government had supported the creation of a state-of-the-art plant in the U.S. Energy Conversion Devices (ENER) recently said it was shipping more than 100 jobs from Michigan to Mexico.

"Solar is a global market. Despite some manufacturing moving overseas, domestic manufacturing is still growing," said Solar Foundation Executive Director Andrea Luecke. "U.S. markets could surge strongly in next couple of years prompting ever greater solar employment in the U.S."

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs