This piece originally appeared on the National Journal Energy and Environment Experts Blog.
The case of the solar company Solyndra has been getting widespread attention, but much of the current discussion misses the point. While some would like to portray the collapse of this company as the downfall of the U.S. solar industry, the larger picture tells a very different story.
Solar power is rapidly expanding around the world, driven by opportunities for innovation and investment in low-carbon energy. According to the International Energy Agency, solar power is on a path to provide 20-25 percent of the world’s electric power by 2050. This is a huge market opportunity. And, a recent report by Ernst & Young confirms that the solar energy market has grown from less than $1 billion in 2000 to $79 billion in 2010.