Did Solar Panel Funding Disappear Under Obama

The second company is abound solar manufacturing which will manufacture.

Did solar panel funding disappear under obama.

In 2009 the california based green energy solar panel manufacturer solyndra received a 535 million loan. President obama exaggerated when defending his administration s approval of a 535 million loan guarantee to solyndra a now defunct solar company. Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with. Barack obama was not vetted before being elected president and neither was solyndra before mr.

A 1 billion solar plant was obsolete before it ever went online. 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. These massive subsidies however have done little to increase. Institute for energy research reported.

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. Here are eight facts about the barack obama solyndra scandal. Obama threw that taxpayer money down the drain of unproven technology. 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.

The obama administration gave solyndra a 535 million loan guarantee to manufacture solar panels but the company had to file for bankruptcy in 2011. The stimulus funded loan which was originally applied for in 2006 under the bush administration was guaranteed by the department of energy. Its assets are being auctioned off and doe is expected to lose to 40 to 60 million on the. 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.

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. Abound declared bankruptcy in june amid strong competition and the collapsing price of solar panels.