U.S. Department Of Energy Loan Program Breaks Even

The controversial government program that funded failed solar company Solyndra, and became a lighting rod in the 2012 presidential election, is officially in the black.
 
According to a report by the Department of Energy, interest payments to the government from projects funded by the Loan Programs Office were $810 million as of September - higher than the $780 million in losses from loans it sustained from startups including Fisker Automotive, Abound Solar and Solyndra, which went bankrupt after receiving large government loans intended to help them bring their advanced green technologies to market.
 
The report's findings are more of a political victory than a financial one. It took the program three years to break even after Solyndra's failure, while during that same time the Standard & Poor's 500 index increased 67 percent.
 
Still, the federal loans program is a success for taxpayers, judging by the numbers in the new report, the DOE said. After Solyndra's 2011 collapse, the program was sharply criticized by Republican lawmakers as a waste of public money and a fountain of cronyism. The outcries mounted as others in the program failed, and the DOE issued no new loans between late 2011 and this year.
 
"Taxpayers are not only benefitting from some of the world's most innovative energy projects... but these projects are making good on their loan repayments," Peter Davidson, executive director of the Loan Programs Office, said in an interview on Wednesday. Davidson took over the loan program in May of 2013.

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Roof Tech – E Mount AIR

Roof Tech - E Mount AIR

The most compact versatile rail-less PV mounting system under the sun. Instead of placing solar panels on top of long rails, simply attach E Mount AIR to rafters or the roof decking. Once panels are fastened to the roof, the system array is electrically bonded. The result is a visually seamless PV installation that stands the test of time. - Truly "One With The Roof". - PE stamped cert. letters available, UL 2703 Classified, ASTM 2140 fully waterproof. The one and only with integrated flexible flashing certified by the ICC! All the best quality. Only from Roof Tech