GE has announced plans to postpone construction of a solar panel factory in Aurora, Colo., the Denver Post reports. The drop in solar panel prices is cited as the reason for the delay, which is expected to last for up to 18 months.
The $300 million plant, which was going to produce GE's Primestar thin-film solar panels, was slated to open in 2013 and employ 335 people.
Ten states competed for the Primestar plant, with Colorado winning the contract in October 2011. The city of Aurora was going to provide GE with up to $20 million in tax rebates on manufacturing equipment and sales tax. Adams County would provide up to $6 million in personal property taxes, while the state was going to fund $2 million. However, these incentives depend on GE spending the money and building the plant in the state, officials told the Denver Post.