Did Solar Panel Funding Disappear Under Obama

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.

Did solar panel funding disappear under obama.

Its assets are being auctioned off and doe is expected to lose to 40 to 60 million on the. 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. These massive subsidies however have done little to increase.

The 2009 stimulus package provided an estimated 51 billion for renewable energy projects including funding for failed solar energy companies like solyndra and abound solar. Obama gave 500 000 000 that s a half billion in taxpayer money to solyndra who shut its doors and laid off 1100 workers in august 2011 after billions in losses due to failure to make a solar product that works. 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. President obama touted abound in a july 3 2010 announcement of a 2 billion investment in green energy projects.

Obama threw that taxpayer money down the drain of unproven technology. President obama exaggerated when defending his administration s approval of a 535 million loan guarantee to solyndra a now defunct solar company. Institute for energy research reported. The obama administration gave solyndra a 535 million loan guarantee to manufacture solar panels but the company had to file for bankruptcy in 2011.

Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with. 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. Barack obama was not vetted before being elected president and neither was solyndra before mr. Obama has spent at least 39 billion a year on his green energy projects.

The second company is abound solar manufacturing which will manufacture. Here are eight facts about the barack obama solyndra scandal. 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.