SolarCity Looks to Lose Government Loan

by admin on September 26, 2011

Recent news about slowing down the government lending on renewable energy companies could help the private sector.

SolarCity said it will consider getting private financial help after the government said it was not going to fund the SolarStrong project.

The SolarStrong project was going to install solar panels on military homes. Jobs would have been created to help install the panels on over 160,000 rooftops. This leaves people wondering “if government is always trying to help the economy and create jobs why not give SolarCity the loan?”

The recent struggle with getting “green” government loans is due to the now bankrupt Solar company Solyndra. The Department of Energy gave Solyndra Company $535 million in loans before the company went bankrupt.

SolarCity is not the only company suffering from the aftermath of Solyndra. California is not going to get a solar power plant from First Solar Inc, because it did not meet the DOE’s deadline, even though it received conditional approval for a 1.9 billion dollar loan back in June.

The private sector should see growth if other companies follow SolarCity’s lead and seek loans outside of the government.

Past News About SolarCity

SolarCity recently partnered with TXU to provide Dallas-Fort Worth, Texas residents a $1000 discount to customers who installed solar panels on their homes.

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