Did Solar Panel Funding Disappear Under Obama

The second company is abound solar manufacturing which will manufacture.

Did solar panel funding disappear under obama.

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. Obama has spent at least 39 billion a year on his green energy projects. 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.

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 stimulus funded loan which was originally applied for in 2006 under the bush administration was guaranteed by the department of energy. Institute for energy research reported. Solarreserve s crescent dunes received backing from citigroup and the obama energy department but couldn t keep pace with.

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. Its assets are being auctioned off and doe is expected to lose to 40 to 60 million on the. In 2009 the california based green energy solar panel manufacturer solyndra received a 535 million loan.

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. Here are eight facts about the barack obama solyndra scandal. Obama referred to solyndra s loan at an oct. 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.

President obama touted abound in a july 3 2010 announcement of a 2 billion investment in green energy projects. Abound declared bankruptcy in june amid strong competition and the collapsing price of solar panels. These massive subsidies however have done little to increase.