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FN - Solar Firm That Received $1.2 Billion Federal Loan Plagued by Financial Problems


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Solar Firm That Received $1.2 Billion Federal Loan Plagued by Financial Problems

By Stephen Clark

Published October 12, 2011

With the Solyndra scandal still swirling, the Obama administration is under pressure to reveal the financial condition of the solar companies that received $4.75 billion in similar federal loan guarantees on the last day of the program.

Republican lawmakers on two House committees are seeking details about the loans given to First Solar, SunPower Corp. and ProLogis. Of those three companies, troubling financial revelations have emerged about SunPower, which received a $1.2 billion loan, more than twice the money approved for Solyndra, which filed for bankruptcy last month after receiving a $528 million loan.

To Read The Entire Article, Click On The Link Below.

Read more: http://www.foxnews.com/politics/2011/10/12/solar-firm-that-received-12-billion-federal-loan-plagued-by-financial-problems-702546811/#ixzz1acn8vizY

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The Energy Department says on its website that the $1.2 billion loan to help build the California Valley Solar Ranch in San Luis Obispo County' date=' a project that will help create 15 permanent jobs, which adds up to the equivalent of $80 million in taxpayer money for each job.[/quote']

And that, friends, is why the White House refuses to give us ANY estimate of how many jobs we can expect from the half a trill of our dollars they want for the "jobs" bill.

Please, people. Please wake the holy hell up.

Read it again, ONE POINT TWO BILLION DOLLARS FOR FIFTEEN JOBS!!!!!

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And that, friends, is why the White House refuses to give us ANY estimate of how many jobs we can expect from the half a trill of our dollars they want for the "jobs" bill.

Please, people. Please wake the holy hell up.

Read it again, ONE POINT TWO BILLION DOLLARS FOR FIFTEEN JOBS!!!!!

HH - honest question since you seem to have some strong opinion on this scandal and the jobs bill. Do you think the Obama administration knows that the jobs bill will not create lots jobs and thus not releasing estimates? If so, what do you think their goal is for passing the jobs bill? I guess what I am trying to figure out is if you think it is a scam or if you think they believe the bill will help, but are just wrong on policy.

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HH - honest question since you seem to have some strong opinion on this scandal and the jobs bill. Do you think the Obama administration knows that the jobs bill will not create lots jobs and thus not releasing estimates? If so, what do you think their goal is for passing the jobs bill? I guess what I am trying to figure out is if you think it is a scam or if you think they believe the bill will help, but are just wrong on policy.

Call me crazy, but when the White House wants to spend half a trillion dollars, I'd just like the courtesy of an estimate of what to expect. But I suppose that would be a bad idea, after the threats of what would happen without the stimulus materialized WITH it.

Am I being ridiculous? I mean, would you let your wife say, "Baby, I'm gonna go spend $50,000, OK?" Without asking, "Um, on what exactly?"

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Read it again, ONE POINT TWO BILLION DOLLARS FOR FIFTEEN JOBS!!!!!

Is that the whole picture in your view? 15 Permanent jobs?

Billions on roads and bridges do not create a single permanent job using this metric.

I'm not arguing that this particular project is a good one necessarily but hundreds of construction jobs would be created over multiple years, and the end result will be a facility that powers a hundred thousand homes with no pollution. And "$315 million will be injected into the San Luis Obispo County economy through direct, indirect and induced impacts over the life of the project."

More than just your 15 permanent jobs. :)

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Call me crazy, but when the White House wants to spend half a trillion dollars, I'd just like the courtesy of an estimate of what to expect. But I suppose that would be a bad idea, after the threats of what would happen without the stimulus materialized WITH it.

Am I being ridiculous? I mean, would you let your wife say, "Baby, I'm gonna go spend $50,000, OK?" Without asking, "Um, on what exactly?"

Not at all. I want an estimate too and I am not happy that they have not provided one. Not crazy at all. :)

I was just asking if you thought Obama and his administration believed that their policies do/will work and that spending that much money will create jobs, or that they know it won't and thus won't share the estimate. If you think the later, what do you think the motivation is to spend a **** ton of money?

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HH - honest question since you seem to have some strong opinion on this scandal and the jobs bill. Do you think the Obama administration knows that the jobs bill will not create lots jobs and thus not releasing estimates? If so, what do you think their goal is for passing the jobs bill? I guess what I am trying to figure out is if you think it is a scam or if you think they believe the bill will help, but are just wrong on policy.

Everybody in the ****ing country, including Obama, knew on the day that this thing was announced that it had about as much of a chance of passing the House as a bill outlawing all sports except curling. The goal was never for the bill to pass. The goal was for Obama to make a big speech announcing something called the American Jobs Act, watch as the Republicans predictably don't pass it, then turn around and say, "See? Republicans don't care about getting unemployed Americans back to work!" roughly 5 million times in 2012.

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Corcaigh...you overlook the higher cost of the electricity

If it was financially viable there would be no need for govt funding/subsidies

you can ignore the economics for a worthy cause....just not for long ;)

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Corcaigh...you overlook the higher cost of the electricity

If it was financially viable there would be no need for govt funding/subsidies

you can ignore the economics for a worthy cause....just not for long ;)

I know you realize that nuclear and coal burning power plants get loans and other subsidies from the government.

There are lot's of technologies that generate electricity at economically competitive rates right now, but they only pay off over the long term, and people are reluctant to bet that the prices of electricity are going to stay where they are. In order to get people to build power plants despite the risk, the government offers incentives.

So is the costs of electricity really more, here?

(I'll point out that is why electric generation is nationalized in so many countries. They've found it easier/better to rather than make such guarantees to build (or pay to build) and operate the plants themselves.)

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There are lot's of technologies that generate electricity at economically competitive rates right now, but they only pay off over the long term, and people are reluctant to bet that the prices of electricity are going to stay where they are. In order to get people to build power plants despite the risk, the government offers incentives.

So is the costs of electricity really more, here?

The only alt energy ones generating at economically competitive rates are from gaming the system,which increases costs overall

A losing game w/o a tech breakthrough

add

This is about the wisdom of the 'investment' in projects already exhibiting signs of a bad investment.....we can fight over general viability issues in another thread,

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The only alt energy ones generating at economically competitive rates are from gaming the system,which increases costs overall

A losing game w/o a tech breakthrough

add

This is about the wisdom of the 'investment' in projects already exhibiting signs of a bad investment.....we can fight over general viability issues in another thread,

What makes you think this was already showing signs of being a bad investment?

What other gaming of the system is taking place here?

Loan guarantees like this aren't abnormal for electric generation.

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/02/AR2009020203162.html

http://www.whitehouse.gov/the-press-office/obama-administration-announces-loan-guarantees-construct-new-nuclear-power-reactors

And whether solar is cost competitive or not is no longer a simple calculation:

http://www.fool.com/investing/general/2011/06/27/how-expensive-is-solar-energy.aspx

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Waste of time and money when we can drill for oil and natural gas right now, then wait for other nations to do the expensive R & D for alt energy like Solar and if it pans out pull a China and go the Cyber piracy route and steal the finished product.

I'd rather be the guy that controls the patents and technology. The U.S. needs to be a leader in science and innovation. That's where our future economy lies.

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$50k?

I have what I would call a mid-sized house. And I was quoted $30k for solar panels.

Ok, even 30k dude............some of us don't have 30k in our pocket to hand over for solar panels. How long is it going to take your electric bill to reach 30k? It's not worth it for 30k. Even if it takes 15 years to pay itself off, solar will be old technology by science.

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Ok, even 30k dude............some of us don't have 30k in our pocket to hand over for solar panels. How long is it going to take your electric bill to reach 30k? It's not worth it for 30k. Even if it takes 15 years to pay itself off, solar will be old technology by science.

This MAY come as a shock to many people, but not everyone is driven by a $:$ ratio.

For some people it's a matter of being more independant. For others it's an environmental concern.

A lot of these companies do offer leases on the panels as well.

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This MAY come as a shock to many people, but not everyone is driven by a $:$ ratio.

For some people it's a matter of being more independant. For others it's an environmental concern.

A lot of these companies do offer leases on the panels as well.

I understand.....but I think it's a pretty safe beat that over 75% of the people are looking at the $:$ ratio. The middle class does not have 30k to dumb into a solar roof and get satisfaction for being independent. America needs to start offering things reasonably priced. The middle class and below are suffering from financial disaster in these hard times and all corporations can think about is how they can squeeze more dollars out of the consumer. We keep hearing about how this economy is on the verge of collapse but gas prices aren't moving, food prices are moving up, businesses are raising monthly bills, ect.

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I understand.....but I think it's a pretty safe beat that over 75% of the people are looking at the $:$ ratio. The middle class does not have 30k to dumb into a solar roof and get satisfaction for being independent. America needs to start offering things reasonably priced. The middle class and below are suffering from financial disaster in these hard times and all corporations can think about is how they can squeeze more dollars out of the consumer. We keep hearing about how this economy is on the verge of collapse but gas prices aren't moving, food prices are moving up, businesses are raising monthly bills, ect.

And THERE is the problem as I see it.

People want stuff cheaper. In order to make it cheaper, companies ship jobs overseas. Then people complain there's no jobs.

I didn't end up going the route of Solar due to the upfront costs for a lease was more than I was comfortable spending on a house I'm not sure I'll own in 5 years.

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And THERE is the problem as I see it.

People want stuff cheaper. In order to make it cheaper, companies ship jobs overseas. Then people complain there's no jobs.

I didn't end up going the route of Solar due to the upfront costs for a lease was more than I was comfortable spending on a house I'm not sure I'll own in 5 years.

In addition, people want new technology perfect the first time. They don't understand the process. They don't get that Thomas Edison invented the light bulb 99 times before he finally invented one that really worked.

If these people had their way we'd still be using lanterns.

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The middle class does not have 30k to dumb into a solar roof and get satisfaction for being independent.

I wonder what the cost differential would be if it was a realistic option to build into a new house, and avoided the need for regular shingle replacement.

And possibly on many spring and fall days you would be a producer of energy and can feed the grid.

Sending hundreds of billions overseas each year doesn't seem like a fantastic deal for us, especially when we have to spend trillions more on military and aid to keep the supply stable.

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exactly, its now the Prius model. Every generation there are improvements on the technology. But you won't get those improvements if people don't buy some from each generation. Meanwhile, people are happy to buy an iPhone every 5 months when all they do is change the color of the case and move the camera.

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I want to point out that this loan has little to do with building panels for your roof. It is tied to a electric power generating plant.

And in many areas solar panels pay for themselves over the long haul. Yeah, it can be a lot of money to pay out up front, but so are a lot of other things. And nobody is making you do it.

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I wonder what the cost differential would be if it was a realistic option to build into a new house, and avoided the need for regular shingle replacement.

And possibly on many spring and fall days you would be a producer of energy and can feed the grid.

Sending hundreds of billions overseas each year doesn't seem like a fantastic deal for us, especially when we have to spend trillions more on military and aid to keep the supply stable.

This is different. I would absolutely exhaust the option if I was building a new house no doubt. But to replace a roof completely and go solar for 30k is not even close to being an option. Realistically it could take 15 years to pay for itself. In 15 years solar power will be energy of the past with science.

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