Trump’s tariff on imported solar panels has led U.S. companies to cancel or freeze investments of more than $2.5 billion in large installation projects, along with thousands of jobs.
That’s more than double the about $1 billion in new spending plans announced by firms building or expanding U.S. solar panel factories to take advantage of the tax on imports.
Trump announced the tariff in January over protests from most of the solar industry that the move would chill one of America’s fastest-growing sectors.
Cypress Creek Renewables LLC told Reuters that it has canceled or frozen $1.5 billion in projects in response to the tariffs because the tariffs had increased its costs.
Another company, Southern Current, also said that it put $1 billion worth of projects on hold.
As earlier mentioned, some major solar panel manufacturers including First Solar and JinkoSolar, have announced investments to boost panel construction in the U.S. and creating hundreds of new jobs, analysts argue that increased automation would cut the number of jobs created.