Department of Energy Guarantees First Stimulus Loan to Solar Power
United States DOE’s first stimulus loan guarantee to California-based solar energy company-
The United States Department of Energy (DOE) has announced its $535 million loan guarantee for Solyndra, Inc., providing a much needed jolt for 
the lagging solar power industry. The loan will support the solar energy firm’s production of an industrial-scale manufacturing factory for its ground-breaking circular solar photovoltaic panels. Solyndra, based in Fremont, CA, has designed revolutionary technology in solar photovoltaics with systems designed to provide the lowest installation costs and the highest solar electricity output. It is expected that the company’s new budget will create thousands of new green energy jobs all over the United States and will give our economy the stabilization it needs with this clean alternative energy.
The DOEs investment in renewables is due to President Obama’s landmark policy to bring a strong workforce back into America while developing clean renewable energy that will ensure a future free of foreign oil reliance. Another excellent advantage to the President’s clean energy act is great reduction in job outsourcing; instead of relying on trade with other nations to meet our energy requirements, we will be depending on America’s resources and hard working individuals. Prior to the closing of a loan guarantee, the Department of Energy takes careful steps to ensure little risk for each project and performs thorough investigations and analysis on complete company background. The assertive acceleration of loan consideration for Solyndra signifies that many more renewable energy groups may be able to capitalize on this resourceful economic stimulus strategy in the near future.
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It is so refreshing to hear positive news about our country. I truly believe that this decision will provide many benefits and create more solutions on rebuilding America. Not only will this restrict the hazards of job outsourcing, help America become less dependent on foreign oil, this will ultimately improve our environment!!! This is something we have all waited so long to see happen and it is finally here. Thank you for sharing this information with me.
I’m so glad Obama is holding true to his promises on the environment pre-election. Thank you President Obama.
Wow, this is just awesome news. …Can someone tell me why it took until 2009 to get some federal support for Solar?
I’m glad to finally see that a good thing like solar energy is receiving some stimulus!
finally debt we can believe in! This is what our country needs to build an economy based on clean renewable energy and not a toxic asset bubble.
Finally we are subsidizing solar panels instead of petroleum. Thank you Obama for investing in a clean renewable future that will create jobs in America. Imagine a future where we are a net energy exporter!
I am 100% behind the alternative energy field. I’m actually going back to school in the fall to be trained as a wind energy technician. I also voted for Obama, however the government loaning money to the private sector is always a bad idea. Remember how Fannie and Freddie were good investments for America and posed no risk to the American taxpayers? This first loan given out by the government might be for a good company that just can’t obtain financing right now; however, what about the 5th company and later, when the precedent has been established that the government is a lender. Bad companyies will get loans from the government because they made themselves look good, and buddied up to the government. It’s quite possible I’m completely wrong, and I hope I am, but this course of action is what starts economic bubbles.
@adrn85:
The nuclear energy industry is already so awash with federal funding, that pretty much the only way out of the mess is to federally fund some alternatives.
adrn85:
In this case a bubble is actually exactly what we want! The housing bubble was a bad thing all around because it involved giving mortgages to people who could not afford them, and most of the investors financing those mortgages had no idea how risky they were because they were all tied up in complicated securities and other financial products that you need an MBA to understand. When the bubble popped, investors lost all their money, but the poor folk who have the homes still got foreclosed upon (mostly) – nobody won except a few greedy hedge fund managers and the like.
In this case, if the government can stimulate a massive influx of investment into this new and growing field, the companies who get that money will (presumably) use it to go out and build the infrastructure. Stock prices of these companies will inflate erroneously, therefore stimulating even further private investment and (hopefully) further building of the alternative energy infrastructure. Of course, like any bubble, the markets will eventually figure out that these companies can never return even a fraction of the amount of money that they’ve been given, stock prices will plummet and anyone still holding onto it will get burned. That will be temporarily bad for the economy, and a potential catastrophe for anyone who didn’t diversify enough.
However, all that infrastructure isn’t going to go away. So the government will put a few billion into the alternative energy industry – but the private sector will pump many times that much in as a result. Everyone involved will lose a crapton of cash over the deal, but when the dust settles our country will have a truly well developed alternative energy infrastructure.
Don’t believe me? Look at the so-called “Dot Com” boom of the late nineties – a lot of folk got screwed on that deal, but now we have a LOT more data infrastructure in this country than we would have had without it. Same thing happened with the railroads in the late 19th and early 20th century. Most of the people who put money into building the railroads never got a dime back because of a similar ‘bubble’ popping – but the railroads were still there to use, and contributed greatly to this country’s prosperity.
I say bring on the bubble! Just make sure you get your money out before it starts to go down the crapper!
What great news! We always seem to hear about how the government is wasting our tax dollars, but here is a prime example of intelligent use of taxpayer money. The Treasury will income that will many multiples of this comparatively tiny investment. Kudos to President Obama for his keen foresight to embrace alternative energy sources and his leadership to bring it to fruition.
Each of us places a great deal of trust in our governments ability to spend tax dollars wisely. Unfortunately for the taxpayer it isn’t simple to find the details of legislation or understand the information provided to legislators for their decision.
Costs
It is difficult to weigh the true costs of using petroleum over it’s alternatives. Solar power isn’t as flexible in generation or delivery as fossil fuels and currently doesn’t compete well with the current infrastructure.
Should the higher costs of solar power discourage development and government incentives?
My opinion is a rather obvious no. Working towards energy independence has its own merits. The technologies used in solar can be widely applied to other industries. Governmental policies will be less influenced by foreign interests and focused more here at home.
Solar power isn’t going to replace all uses for fossil fuels but it can through development replace many of them. The hope is that by educating ourselves and our representatives we can make an informed choice.
~Best Wishes
Its’ really a awesome decision by our smart president.
Thank god for an administration that can see passed its nose. Now if we can just get Congress to get the health care bill passed and move back to the energy bill. We have to wrap the true cost of producing dirty energy into its price, which means carbon tax or cap and trade. Let’s hope this gets done sooner rather than later!
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