Did Solar Panel Funding Disappear Under Obama

Here are eight facts about the barack obama solyndra scandal.

Did solar panel funding disappear under obama.

Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with. Obama threw that taxpayer money down the drain of unproven technology. Barack obama was not vetted before being elected president and neither was solyndra before mr. Obama referred to solyndra s loan at an oct.

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. 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. In 2009 the california based green energy solar panel manufacturer solyndra received a 535 million loan.

These massive subsidies however have done little to increase. Its assets are being auctioned off and doe is expected to lose to 40 to 60 million on the. A 1 billion solar plant was obsolete before it ever went online. The second company is abound solar manufacturing which will manufacture.

Obama has spent at least 39 billion a year on his green energy projects. President obama exaggerated when defending his administration s approval of a 535 million loan guarantee to solyndra a now defunct solar company. 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. Institute for energy research reported.

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 stimulus funded loan which was originally applied for in 2006 under the bush administration was guaranteed by the department of energy. 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.