Did Solar Panel Funding Disappear Under Obama

Barack obama was not vetted before being elected president and neither was solyndra before mr.

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. Obama referred to solyndra s loan at an oct. Abound declared bankruptcy in june amid strong competition and the collapsing price of solar panels. 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.

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. President obama touted abound in a july 3 2010 announcement of a 2 billion investment in green energy projects. These massive subsidies however have done little to increase. The second company is abound solar manufacturing which will manufacture.

In 2009 the california based green energy solar panel manufacturer solyndra received a 535 million loan. The obama administration gave solyndra a 535 million loan guarantee to manufacture solar panels but the company had to file for bankruptcy in 2011. 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. Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with.

Here are eight facts about the barack obama solyndra scandal. Obama threw that taxpayer money down the drain of unproven technology. Institute for energy research reported. President obama exaggerated when defending his administration s approval of a 535 million loan guarantee to solyndra a now defunct solar company.

The stimulus funded loan which was originally applied for in 2006 under the bush administration was guaranteed by the department of energy. 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 has spent at least 39 billion a year on his green energy projects.