Another Solar Company with $1.2 Billion Taxpayer Loan in Trouble?

October 12, 2011
(Weekly Standard) Will it turn out worse than Solyndra?: As failed solar panel manufacturer Solyndra rides through the investigative ringer in Congress, revelations of another politically-connected company that received what appears to be a less-than-virtuous $1.2 billion loan guarantee are surfacing. The company, SunPower, received its $1.2 billion loan guarantee in September, immediately before the program’s deadline. SunPower isn’t as financially sound as the public was led to believe when it secured a loan guarantee twice the size of Solyndra’s $535 million loan. Just this week — less than a month after taxpayers landed on the hook for SunPower’s $1.2 billion loan guarantee — company executives announced that they expect to lower their 2011 earnings projections. The company also carries $820 million in debt, which is $20 million more than its market capitalization. House Energy and Commerce subcommittee on Oversight and Investigations chairman Rep. Cliff Stearns is already looking into the company.

Solyndra Executives Wrongly Claim Fifth Amendment at House Hearing

September 28, 2011

(CSPAN) Executives from the solar power company Solyndra were on Capitol Hill today to testify in front of a House Energy Committee. CEO Brian Higgins and Chief Financial Officer Bill Stover invoked their Fifth Amendment right to remain silent anddid not answer any questions asked by the members of the committee. Solyndra got more than $535 million in loan guarantees from the federal government, and President Obama visited the company’s factory in Fremont, California, to express support for their efforts to create “green” jobs. Solyndra filed for bankruptcy and laid off over 1,000 workers at the end of August. The FBI later raided their headquarters. A criminal investigation is currently underway into whether Solyndra misled the government about its financial situation in order to receive a refinancing loan earlier this year.

Misusing the Fifth Amendment at the Solyndra Hearing:

(National Review) Waxman’s assertion that it was inappropriate for members to continue asking questions is… legally incorrect. The Solyndra executives sought to use the Fifth Amendment as a broad shield to refuse answering any questions. However, the Fifth doesn’t work that way.

You can use the Fifth Amendment to avoid answering questions designed to criminalize, but not political questions in a political forum. Subcommittee members MUST establish whether they were properly invoking the privilege or misusing it as an over broad shield to avoid answering non-incriminating, but politically embarrassing questions.

(National Review) Rep. Diana DeGette (D., Colo.) unwittingly confirmed this misuse when she accused the Republicans on the Subcommittee of  “a cheap gimmick to lob out political questions designed for press and not to actually get to the bottom of an investigation.”

Electricity grid fails to cope with solar power systems.

September 23, 2011
A Green Nightmare from Australia. Apparently the electric grid itself could not cope with all the solar panels. The State Government admitted the electricity grid was failing to cope with its green vision.  Energex said the state’s electricity network since the 1950s had been designed to deliver power from the station to the home and the voltage now heading “the other way” was causing a huge dilemma.

Global Energy Use to Jump 53%

September 20, 2011
TRANSFORM!

Global energy use is expected to jump 53% by 2035, largely driven by strong demand from places like India and China, according to a report Monday.
Combined, developing nations currently use slightly more energy than those in the developed world, according to the U.S. government’s Energy Information Administration. By 2035, they are expected to use double.
“Concerns about fiscal sustainability and financial turbulence suggest that economic recovery in the [developed] countries will not be accompanied by the higher growth rates associated with past recoveries,” the report said. “In contrast, growth remains high in many emerging economies, in part driven by strong capital inflows and high commodity prices.”
The 53% rise is slightly more than the 49% increase the agency predicted in last year’s report.
Accompanying the surge in energy use is a correspondingly large jump in greenhouse gas emissions. EIA sees energy-related carbon dioxide emissions rising 43% by 2035.
The projections, in the agency’s 2011 International Energy Outlook, are based on current policies. They could change substantially if countries like the United States and China passed stronger laws restricting carbon dioxide emissions.
Higher or lower energy price projections can also influence the report’s findings.
EIA assumed slightly lower oil prices in calculating this year’s report. The agency predicts oil prices to reach $108 per barrel in 2020 and $125 per barrel in 2035.
Last year EIA thought oil would be at $133 a barrel by 2035. EIA’s numbers do not include price increases attributed to the normal rise in inflation.
Fossil fuels will continue to be the dominant fuel choice in 2035, the agency predicts, with renewables constituting just 14% to the world’s overall energy consumption.
But that’s a substantial jump from renewable energy consumption in 2008, which stood at 10%. That growth rate makes renewables the fastest growing of all the energy sources, the report said.
The agency noted that most future renewable energy supply will continue to come from wind and hydropower. It did not include biofuels like ethanol as part of its renewable catalog, instead lumping it in with liquid fuels like oil.
EIA does not expect solar power to become a significant energy source by 2035. That runs counter to the opinion of solar power supporters who foresee rapidly declining prices for solar panels in the coming years.
The agency predicts nuclear power will go from about 5% of overall energy consumption in 2008 to about 7% in 2035. The vast majority of new nuclear plants are expected to be built in China. EIA did not factor in how last year’s nuclear disaster in Japan might impact nuclear power plant construction.
Natural gas continues to make up nearly a quarter of the world’s energy consumption, driven by increasing development of shale gas.
EIA projections for natural gas use by 2035 are 8% higher in this year’s report compared to last year’s, largely due to shale gas development.
Natural gas from shale, which is found in a different type of rock than most previous natural gas developments, has grown rapidly in recent years thanks to new drilling and extracting technology.
The technology involves cracking the shale rock with pressurized, water, sand and chemicals — a process knows as hydraulic fracturing, for “fracking” for short.
But the process has many people concerned over its effects on the groundwater, and shale gas development has been put on hold or stopped in some locations.
Despite the concerns, EIA predicts shale gas and other unconventional forms of natural gas will make up three quarters of U.S. natural gas production by 2035, up from about half today. Similar patterns are expected in China and Canada.
{CNN Money/Matzav.com }


Solar Energy Company Touted By Obama Goes Bankrupt

September 2, 2011

Economic isolationism is the only answer. America can not compete with slave labor. While it is true this methodology failed in the past (example: Hawley-Smoot tariff), this was before the United States became the huge Consumer market that it is.  I disagree that subsidizing alternative energy is a bad idea because there is a history of abuse from fossil fuel industries and their previous relationship to government that must be undone.  However if the price of fuel keeps on rising as it does, I see little reason for that argument. If it were 1992 I could see the benefit of subsidizing new kinds of energy.  I see no reason to do that now.  What I do see is a reason to protect our innovations from being taken by countries that abuse their labor.

This is the 3rd solar energy company gone bankrupt in 1 month. Obama touted them as flagships of his economic policies. And as such, they epitomize his epic FAIL.

(The Week) Obama nurtured the solar-panel maker with $535 million in his push to create green jobs. Now it’s kaput and its 1,100 employees are out of luck Solar-power startup Solyndra — one of the flagships of President Obama’s efforts to create green-energy jobs — has shut down, and plans to file for bankruptcy. Solyndra received $535 million in federally guaranteed loans to expand, and Obama once visited the company’s Silicon Valley factory to congratulate its workers on their bright future. But Solyndra says it just can’t compete with cheaper solar panels from China, and now its 1,100 employees are out of work. Is this a “political catastrophe” for Obama, or just a painful setback in the transition to clean energy? [MORE] Eye-on-the-World


Solar Panel Windows

August 11, 2011
Israel saving the world, again:
The dream of constructing a net zero-energy building has yet to become a reality, but now an Israeli company has come up with an idea that could make it possible.The innovative product from Pythagoras Solar can be described as a solar window that combines energy efficiency, power generation and transparency. – EOZ

One of the problems with solar panels is they are expensive and the only way you can get a grant from the government is by cutting down all the trees on your property to increase the light. With this design it makes it so the individual would want to spend their own money and not depend on the government. FRIGG’N BRILLIANT!