Borrego Gets Out of the Residential Solar Business
It's a sad day sports fans, one of Southern California's favorite solar companies is selling off the residential side of their business, presumably because no one is willing or able to finance rooftop panels these days. Borrego Solar announced Wednesday that it would no longer be converting rooftops into solar generators unless they belong to the commercial or government sectors -- effective immediately. I'm guessing that will put a damper on their Sam's Club kiosk business.Taking over Borrego's residential division is Vermont-based groSolar, a company that operates in 12 states and in Canada. These guys seem to know what they're doing, but it certainly looks like they're making a leap of faith. Considering the market collapse, layoffs, the mortgage crisis, and the credit crunch, my spidey senses are telling me that Borrego sold out because nobody was buying. Probably because very few homeowners could get approved for the hefty loan necessary to pimp their roof. That being the case, GroSolar must have got Borrego's business for pennies on the dollar. Hopefully, it was worth the pennies.
[via Earth2Tech]
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