The solar energy industry with a focus on the SunPower Corporation Essay

The solar energy industry with a focus on the SunPower Corporation - Essay Example In every 44 seconds the amount of the solar energy that is intercepted by the Earth while rotating on its axis is greater than the total amount of energy used worldwide in a whole year (HD Solar, 2008). According to a January, 2007 issue of the Financial Times, â€Å"While the evidence for the need of an alternative source of energy is mounting, it is encouraging to note that millions are invested in tackling climate change through the use of clean energy. Calculations suggest that global expenditure on curbing the effects of climate change could be $1,000 billion within five years† (Tang, K. & Yeoh, R., 2007). However, the currently scenario of the solar power industry is presents a picture that is far from encouraging. The depression waves of the global financial downturn are being felt by the solar industry too. The ongoing credit crunch and the frozen credit markets have hampered the solar industry, which is presently struggling due to the lack of funding options for the development of new projects and that has resulted in driving up the supplies and sent prices on the solar panels falling. The SunPower Corporation is a solar products and services company that was founded in 1985. The company is headquartered at San Jose, California, USA and employs a total of 5,400 employees. The company is involved in the designing, manufacturing and the marketing of high-performance solar thermal power technologies. The company offers solar power products such as the solar panels solar cells and the inverters that are based on the proprietary technologies and processes for a wide plethora of residential, commercial and as well as the power plant purposes. In addition to these services the company also offers services as in energy efficiency which includes project management, recommendations on energy audits and technology and equipment retrofits services catering