Did Solar Panel Funding Disappear Under Obama

Obama threw that taxpayer money down the drain of unproven technology.

Did solar panel funding disappear under obama.

These massive subsidies however have done little to increase. President obama exaggerated when defending his administration s approval of a 535 million loan guarantee to solyndra a now defunct solar company. A 1 billion solar plant was obsolete before it ever went online. In 2009 the california based green energy solar panel manufacturer solyndra received a 535 million loan.

Abound solar received a 400 million federal loan guarantee but its product was defective producing only a fraction of its intended wattage with solar panels catching. Institute for energy research reported. Barack obama was not vetted before being elected president and neither was solyndra before mr. Its assets are being auctioned off and doe is expected to lose to 40 to 60 million on the.

Solyndra the solar panel manufacturer who took more than 500 million from president obama s stimulus then went bust sticking taxpayers for the loss lied to federal officials to secure the loan. Here are eight facts about the barack obama solyndra scandal. The second company is abound solar manufacturing which will manufacture. Abound declared bankruptcy in june amid strong competition and the collapsing price of solar panels.

The stimulus funded loan which was originally applied for in 2006 under the bush administration was guaranteed by the department of energy. President obama subsidized solar and other renewable energy in the united states with taxpayer money to the tune of 39 billion per year on average for the past 5 years. Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with. The obama administration gave solyndra a 535 million loan guarantee to manufacture solar panels but the company had to file for bankruptcy in 2011.

President obama touted abound in a july 3 2010 announcement of a 2 billion investment in green energy projects. Obama referred to solyndra s loan at an oct. Despite intense lobbying from industry and congressional democrats temporary federal tax credits for solar investment will at long last be allowed to lapse marking one bright spot in a.