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Authored by Mike Shedlock via MishTalk.com,

Demand for rooftop solar systems dries up in California after subsidies drop. 100 contractors go out of business. Fancy that…

California Home-Solar Boom Collapses

The Wall Street Journal reports The Home-Solar Boom Gets a ‘Gut Punch’

Quote of the Day

Rooftop Solar Synopsis

California created a boom by offering homeowners a chance to sell energy back to the grid at unsustainable rates.

This year utility companies then slashed what they pay to customers by 75 percent or more.

The payback time for these systems no longer makes any sense. More accurately, if you have to subsidize something, it is not economically feasible in the first place; it just looks like it.

The boom then imploded.

Electricity Rates

Chart courtesy of EnergyBot.

It’s going to be interesting to see what California does at night and what electricity costs when the state achieves its 60 percent solar power goal.

It’s possible that electricity prices rise so much that residents will be forced to put in their own systems and buy an expensive battery storage system on top of it to escape the PG&E power costs.

How the Inflation Reduction Act Failed to Reduced Electricity Costs in Pictures

Let’s check in on the not exactly impressive energy and inflation results of Biden’s Inflation Reduction Act (IRA).

Data from the BLS, chart by Mish

In case you missed it, please consider How the Inflation Reduction Act Failed to Reduced Electricity Costs in Pictures

Biden’s energy policy has been an inflationary disaster. And make no mistake, the IRA was nothing but energy policy, more precisely, climate policy.

Biden Promotes Climate Change at the Expense of More Global Poverty

Internationally, please note Biden Promotes Climate Change at the Expense of More Global Poverty

The mad rush to deal with climate change, even if it works (it won’t), has a nasty tradeoff (more global poverty).

And returning to la-la land, please note California Restaurants Cut Jobs as Fast-Food Wages Set to Rise