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March 20, 2012

Obamanomics & Green Energy: US Taxpayers Pay Solar Firm ‘First Solar’ to Sell Solar Panels to Itself

Posted in: Barack Obama,Corruption,Economy,Energy,Green Energy,Green Jobs,Obamanation,Obamanomics,Politics

As gas prices continue to skyrocket out of control, President Obama heads out to shill for his failed “green” energy agenda.  Take a good look at the shell game that is being played at the expense of ‘We the People”.

Obamanomics … You just can’t make this stuff up. Thanks to Barack Obama and his ‘green” energy agenda, American tax payers actually subsidized First Solar, a solar company that received a US taxpayer loan guarantee to sell solar panels. The problem, the company sold the solar panels to itself. UNREAL!

Every wonder why our economy is in disarray under Obama? Barack Obama and his minions are actually trying to make solar energy appear more viable than it really is. Welcome to the Obama green energy shell game where the buyer and seller are the same individual.

A heavily subsidized solar company received a U.S. taxpayer loan guarantee to sell solar panels to itself.

First Solar is the company. The subsidy came from the Export-Import Bank, which President Obama and Harry Reid are currently fighting to extend and expand. The underlying issue is how Obama’s insistence on green-energy subsidies and export subsidies manifests itself as rank corporate welfare.

Here’s the road of subsidies these solar panels followed from Perrysburg, Ohio, to St. Clair, Ontario.

First Solar is an Arizona-based manufacturer of solar panels. In 2010, the Obama administration awarded the company $16.3 million to expand its factory in Ohio — a subsidy Democratic Gov. Ted Strickland touted in his failed re-election bid that year.

Connect the dots of Obama’s solar energy corporate welfare … This reminds me of a ‘Married With Children’ episode where Peg was selling cosmetics and making a commission from the sales. The only problem was she was taking Al’s money to pay for the product. At least Peg Bundy was not using American tax payer dollars to claim she made a profit.

After First Solar pocketed this $17.3 million in government grants and $15 million in government loans, Ex-Im entered the scene.

In September 2011, Ex-Im approved $455.7 million in loan guarantees to subsidize the sale of solar panels to two solar farms in Canada. That means if the solar farm ever defaults, the taxpayers pick up the tab, ensuring First Solar gets paid.

But the buyer, in this case, was First Solar.

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