Solar Winds Keep Blowing Taxpayer Money Away
It was reported by Forbes less than three weeks ago that Tempe, Arizona-based, solar panel maker First Solar was to receive $2.1 billion in partial loan guarantees from the U.S. Department of Energy, with the money to be used in building two new generating stations in Southern California.
In the last week, it was reported by Bloomberg that First Solar stock was downgraded from "neutral" to "sell" by a securities analyst following the company. Furthermore, it was reported that the share price of First Solar has dropped 59% this year and is trading at its lowest point since early 2007. Market forces are the reasons for both the downgrade and the stock price decline. Also in the last week, a Business Week report indicates that First Solar rival General Electric Co. will soon be producing a solar panel product that surpasses in efficiency the one made by First Solar.
$1.46 billion of the loan guarantees to First Solar is for the 550-megawatt Desert Sunlight project in Riverside County, according to Forbes. A report prepared for First Solar states that this project would provide the area with $336 million in "additional economic activity through its development, local supply chain and employee spending."
So, the Obama Administration is spending almost $1.5 billion to generate economic activity of just over $300 million?
Meanwhile, according to Business Week, GE is spending $300 million of its own money to build a 400-megawatt facility in Aurora, Colorado. (Of course, let's not forget that Obama favorite GE did not pay a dime in corporate income taxes last year).
One can draw a conclusion from the above that the White House is continuing to throw dollars into a green sky where solar winds keep blowing taxpayer money away.
J. James Estrada's LinkedIn profile can be viewed here.
Ad Free / Commenting Login
FOLLOW US ON
Recent Articles
- Trump-O-Phobia Drives Some Americans to Questionable Greener Pastures Overseas
- A Businessman and a Brilliant Strategist
- A Remarkable Headline for a Fascinating Story
- Democrats Unmask Themselves
- How Mexico Became China’s Trojan Horse in U.S. Trade
- Covid Redux: The Bird Flu Scare
- A Taste of the Swamp
- Do We Have 677 Unelected Presidents?
- Global Relations beyond the Prime Directive
- The Democrat Party: The Enemy Within?
Blog Posts
- Hills to Die On: Democrats know how to pick 'em
- Near-death experiences, reliance on oil, and more cataclysmic failures—it’s all just part and parcel of ‘green’ energy
- So where'd America's obesity epidemic come from? Chef Andrew Gruel has a theory ...
- Trump just fired a huge warning shot over Iran’s bow
- Markets respond: Trumpian peace in Russo-Ukrainian war is in the bag
- The time of the hoax
- New York Times goes bipolar on Trump’s border control success
- Mark Kelly decides to offload his Tesla to protest Elon Musk
- The half-million dollar American
- Three things for the U.S. to understand about the Middle East
- Speaker Mike Johnson reveals why the Autopen scandal is a big deal
- The CDC website really needs to update its COVID protocols
- Hands in your back pocket
- Birthright citizenship: The facts
- ‘She’s my little Musk coupe’