SolarCity latest to see loan loss post Solyndra

Reuters ^ | Sep 23, 2011 | Nichola Groom and Timothy Gardner

[mdittmar]

Solar panel installer SolarCity said on Friday it was the second company in as many days that will not get finalization of U.S. government loan aid by a September 30 deadline.

The Department of Energy informed SolarCity of its inability to close the loan 48 hours ago, blaming increased paperwork resulting from a Congressional investigation into the Department of Energy's $535 million loan guarantee awarded to bankrupt solar company Solyndra, SolarCity said in a letter to the Republican lawmakers heading the probe.

The DOE loan guarantee program, which is under fire for missing signs its first recipient of loan aid, Solyndra, was bleeding money before it went bankrupt, has nearly $9 billion in loans still to finalize.

SolarCity's $275 million loan guarantee was intended to fund a plan, called SolarStrong, to install up to 160,000 rooftop solar systems on military family homes. The conditional loan guarantee was offered on September 2, SolarCity said.

[funfan]

In recent days I have heard a commercial on the radio for Solar City. They say that they will install solar panels on your home at no charge and you just have to pay for the energy you use and that the rate will not increase during the contracted time. They also stated that you will pay less than what your energy costs through your electric company.
When I heard the commercial I was wondering how they would make money if they were not recouping the costs of the solar panel installation now I know the tax payers are paying for it or were.

[American in Israel]

What? The government can’t do its job because it is forced to do it’s paperwork by some arbitrary deadline?

Welcome to the world you created bozos...

[Iron Munro]