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.

Barack obama was not vetted before being elected president and neither was solyndra before mr. 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. Abound declared bankruptcy in june amid strong competition and the collapsing price of solar panels. Obama has spent at least 39 billion a year on his green energy projects.

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. In 2009 the california based green energy solar panel manufacturer solyndra received a 535 million loan. Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with. Obama referred to solyndra s loan at an oct.

A 1 billion solar plant was obsolete before it ever went online. President obama touted abound in a july 3 2010 announcement of a 2 billion investment in green energy projects. 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.

Institute for energy research reported. The second company is abound solar manufacturing which will manufacture. Its assets are being auctioned off and doe is expected to lose to 40 to 60 million on the. 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.

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. These massive subsidies however have done little to increase. Obama threw that taxpayer money down the drain of unproven technology.