Posted on 11/19/2013 6:01:59 PM PST by jazusamo
A California-based solar company backed by several Obama supporters has been receiving millions in federal tax credits while losing $322 million since 2008, raising concerns about the company “becoming the next Solyndra.”
Among SolarCity Corp.’s biggest investors is Elon Musk -- the high-profile donor and fundraiser who co-founded PayPal and whose companies SpaceX and electric-car company Tesla Motors have received at least $846 million in loans and startup money from the Obama administration.
Alabama Sen. Jeff Sessions, the top Republican on the Senate Budget Committee, warned about SolarCity’s financial standing in a letter Monday to the Treasury Department.
“There is concern that SolarCity might become the next Solyndra -- a company propped on the back of the taxpayers,” Sessions wrote.
The company fired back Tuesday, specifically against the Solyndra comparison.
“The forces which drove Solyndra into bankruptcy -- steeply declining solar panel price -- are precisely what has driven the success of our business, as those declining prices allow more Americans to go solar, and wrest control of their energy supply away from government-regulated monopoly utilities,” company spokesman Will Craven told FoxNews.com.
Craven also said the company will soon set the record straight on the Sessions allegations now that a Securities and Exchange Commission’s “quiet period” has ended.
(Excerpt) Read more at foxnews.com ...
If the low cost Chinese solar makers are having a blow out, gues how US makers are doing...
It’s finally starting to come out just how inefficient both solar and wind power is in regards to subsidies, tax credits and cost per kw/hr.
At first it looked like competition with China would do them in but something let loose. I swing traded it and made a little, only bought 100 sh when it was at the 18 level.
Then it took off. It was an IPO. A lot, like me, were day trading it. Few seemed to be holding long term. It got bid up to the 70's, then back down to high 40's or 50 (I'm out of it now, too much speculation). Then it got bid up again and a selloff.
Now today there was a selloff again. The good thing about it is the panels are American made. I don't know their financials. Obviously one big downturn was after a worse-than-expected quarterly earnings per share.
I won't invest in it. Too volatile. Over priced.
Ping.
Institutionalized corruption.
The solar rental idea is a hot prospect for marketers.
Agreed. They operate in 14 western states I think I read. There are solar panels in the midwest, especially I saw a lot in MN years ago. Just that there are fewer sunny days. But there is a market for them.
With anything concerning my house, I think in terms of buying. Renting if costs stayed reasonable, might be a viable alternative. I don't know if they can stand alone without subsidies. Same with wind turbines.
The combination is financially attractive...
I was wrong; the 52-week high is 65.30 (close).
How long will it stay financially attractive? If it needs subsidies in order to stay afloat, that introduces some further risks.
I've always had trouble with their business model. People rent all sorts of things. I hardly ever do. I have always preferred to buy it. I've owned and used most of it to make owning more attractive. However, solar is totally different, requires technology I could work myself only after hard study, etc. It's usually not real smart to buy anything you don't know how it works. I suppose that could be said about my car, furnace, ac unit. I think you can diy solar panels.
It's down 2 long red candles with a short wick at the bottom. We'll see what it does tomorrow. Stratasys is down 8% today, too. Both I keep on my streaming quotes.
I have always wondered if Elon Musk’s contributions to Obama were enough for Obama to gut NASA so Musk could have a shot at all that Space travel money. His SpaceX is working toward the next generation in space vehicles and NASA is on life support.
Corruption.
"You never let a serious crisis go to waste.
And what I mean by that it's an opportunity to do things
you think you could not do before." - Rahm Emanuel
I believe that Obama thrives on crisies , since it keeps all voices of oppostion jumping from one crisis to another.
That way , nobody gets into any issue to any seious depth or final conclusion.
It's like three-card-Monte with no money card, or the "shell game" with no pea under any of the shells .
It's just another "Bait and Switch " game ... and nobody can get deep enough to figure the fraud that it is !
It all becomes another bump ,...bump ,..bump in the road .
The Senate has a budget committee?
Good point....If they do the members of it have been at lunch for several years.
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