Did Solar Panel Funding Disappear Under Obama

Here are eight facts about the barack obama solyndra scandal.

Did solar panel funding disappear under obama. The stimulus funded loan which was originally applied for in 2006 under the bush administration was guaranteed by the department of energy. 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. Its assets are being auctioned off and doe is expected to lose to 40 to 60 million on the.

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. 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. 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.

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. Obama referred to solyndra s loan at an oct. A 1 billion solar plant was obsolete before it ever went online.

Obama has spent at least 39 billion a year on his green energy projects. 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. The obama administration gave solyndra a 535 million loan guarantee to manufacture solar panels but the company had to file for bankruptcy in 2011. Obama threw that taxpayer money down the drain of unproven technology.

Abound declared bankruptcy in june amid strong competition and the collapsing price of solar panels. President obama touted abound in a july 3 2010 announcement of a 2 billion investment in green energy projects. Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with.