Abound Solar and Green Energy Are Going Down & Taking Taxpayer Money With Them

Little Orphan Annie President

Forfeiting the present for an imaginary future

From collapsing solar companies to algal fuel, the government sure can pick winners! They are the best investors of your money!

Obama took $2 billion of your money (I say yours because I don’t have much left with inflation and taxes) and he used it to fund solar and wind and algae companies that are so far ahead of their time that they can’t produce a viable product in this generation.

Unfortunately, that does mean they are going to lose our investment but you didn’t really expect to get a dividend like you would from a corporation, did you? Gee, I sure hope not.

The government takes your money, wastes it, and even if it does yield some modicum of profit, keeps that too so it can waste it on something else.

Abound Solar Manufacturing received a $400 million federal loan guarantee to expand solar panel production with a product that can’t compete and is unaffordable for most. They are laying off 280 workers and delaying a new factory in Indiana. That amounts to a 70% reduction in its workforce.

Obama and Chu plan to get the price of gas and oil so high that a $70,000 investment in solar for your home will look good. It won’t to me because I don’t have $70,000.

I checked it out for my home and there MAY be as much as $30,000 in rebates (your tax money) but it depends on a whole slew of things so there is no guarantee. You have to purchase the solar system and find out if you get the rebates later.

Back to Abound Solar – they are merely “restructuring.”  “We are facing tough market conditions and falling prices,” said Steve Abely, Abound’s chief financial officer. He must have gotten the script from the Solyndra CEO.

Green Energy, a solar panel maker, and a Stimulus recipient, was one of Obama’s favs and he advertised it on his weekly radio address. They just laid off most of its workers. Again, they can not compete.

Apparently Abound was not helped by last July’s $9.2 million Export-Import Bank loan to support exports of thin-film solar photovoltaic modules from Abound Solar to Punj Lloyd Solar Power Ltd., a company in India building a five-megawatt solar project on a 62.5-acre site near the village of Bap.

In a January report, Sharyl Attkisson of CBS News counted at least 12 clean energy companies that were having trouble after collectively being approved for more than $6.5 billion in federal assistance. Five have filed for bankruptcy: the junk bond-rated Beacon, Evergreen Solar, SpectraWatt, AES’ subsidiary Eastern Energy and the infamous Solyndra.

“Hindsight is always 20-20,” Obama said in an interview with George Stephanopoulos of ABC News. “It went through the regular review process. And people felt like this (Solyndra) was a good bet.” As this latest in a string of green energy flops shows, the president has quite a green energy gambling addiction…Read more: Investors.com

They are doing insane, wasteful things with our money, printed money, and money they are borrowing from Chinese Commies.