Another failed green scheme that cost the taxpayers hundreds of millions of dollars:
House Republicans are demanding White House paperwork related to a $535 million loan guarantee to a solar company that shut down this week.
The Republicans are probing the White House role in the 2009 federal loan guarantee to Solyndra Inc., a California solar panel manufacturing company that ceased operations and is filing for bankruptcy, resulting in 1,100 layoffs.
The shutdown is a bit of an embarrassment for the administration, as the company was the first selected to receive the loan guarantee under a stimulus-backed renewable energy program. President Obama visited the company just more than a year ago to tout White House green energy efforts. [The Hill]
You can read more at the link, but I think solar energy for home use is a worthy thing to promote. However, trying to pick which companies are winners and losers is not something the government should be doing. Instead of giving out money to these green companies why doesn’t the government offer greater tax incentives for consumers who install solar panels on their homes? The tax incentive would need to be enough to where it makes sense for middle class home owners to purchase the solar panels and thus create a larger demand for the technology.
By doing this instead of trying to pick winners and losers the government would create a marketplace where the solar company with the best prices and service will succeed instead of giving money to companies that were friendly to the Obama campaign, but not well run.