SolarCity announces layoffs, cuts executive pay to $1

USA Today reports:

SolarCity, the solar panel company that Elon Musk’s Tesla Motors plans to buy, will take up to $5 million in charges to cover planned layoffs, it said late Wednesday.

It's also cutting the salary of its two co-founders to $1.

The San Mateo, Calif.-based company, in a filing with the Securities and Exchange Commission, said it is cutting operating expenses to match lower guidance for solar panel installations than previously expected. SolarCity did not reveal how many positions it would cut, but expects to incur restructuring charges ranging from about $3 million to $5 million, consisting primarily of severance benefits, it said.

The struggles of inefficient energy that can't make it in the free market.