Solar panel factories in U.S. going broke, government subsidies enriched a small group

US solar panel companies rushed to build new factories as the so-called "Inflation Reduction Act" promised to shower hundreds of billions of dollars on green energy firms that would reduce American's dependence on China.
All these investments are now imperiled by crushing Chinese competition, which has pushed solar panel prices far below those companies cost of production.


You can see older headlines like this one:

Biden's Inflation Reduction Act aimed to boost renewable energy. Subsidies could help one company reap billions | PBS News , June 26, 2024

Biden's Inflation Reduction Act aimed to boost renewable energy. Subsidies could help one company reap billions.

Officials, board members and major investors in First Solar, the largest domestic maker of solar panels, donated at least $1.5 million to Biden’s successful 2020 bid for the White House. After he won, the company spent $2.8 million more lobbying his administration and Congress, records show -- an effort that included high-level meetings with top administration officials.

Since then, First Solar’s stock price has doubled and its profits have soared thanks to new federal subsidies that could be worth up to $10 billion over a decade. The success has delivered a massive windfall to a small group of Democratic donors who invested heavily in the company.

The company will benefit from billions of dollars in lucrative tax credits for domestic clean energy manufacturers -- a policy aimed at putting the U.S. on a more competitive footing with green energy giant China. Though intended to reward clean-energy businesses, the credits can be sold on the open market to companies that have little to do with fighting climate change. Last December, First Solar agreed to sell roughly $650 million of these credits to a tech company -- providing a massive influx of cash, courtesy of the U.S. government.​

 

What a surprise.

 

The Chinese Communist Party in action to damage the US economy and make money at the same time.

 

I know that Republicans have no problem with this because they have said nothing about Ron DeSantis receiving $3.5 Million from the insurance industry while Floridian homeowners insurance and auto insurance has gone through the roof, leading the nation.

 

More like The Republican Party in action to damage the US economy and help us lose another industry to China. Just like with Solyndra. Zero support from Republicans in Congress. They vote against anything Green. This is a gift to China.

 

It seems like you're trying to deflect from what the topic is actually about. Did DeSantis actually do anything that caused insurance prices to go up?

What do you claim the Republican Party actually did to cause this?
Seems like you're throwing around a lot of totally unsubstantiated accusations.

In case you're not aware, it's the Democrats who were recently opposing tariffs on imports from China, and who want increased corporate taxes on American companies.

It seems to me it's the other way around.

This doesn't really make sense. How would voting against green spending be a gift to China?
A lot of the green spending that goes on in the U.S. just ends up going to China.

 

Yes, he allowed them to raise their rates. He has control of that, through FLOIR, The Florida Office of Insurance Regulation.

 

The topic of this thread is getting a case of the vapors because *gasp* lobbyists lobby!!!

 

There is a conspicuous lack of details in that accusation.

 

Of course as a typical Leftist, I'm sure that's how you would think.

"Prices only go up because government allows them to."

Unless there is some sort of monopoly, competition in a market usually creates an equilibrium that keeps prices down. If a customer doesn't like one company, they can switch to another that offers lower prices.

The reason insurance prices went up in Florida had to do with a recent series of hurricanes. And part of the reason insurance prices have gone up is government. Because when courts make insurance companies have to pay out more money, the companies have to raise their prices.

 

You are a fan of Solyndra??

 

Well, you're complaining that lobbying, and campaign contributions get results from politicians. Right?

 

There were no circumstances in Florida that made rates go up, other than a bunch of multimillionaires building McMansions on beaches. Why should everyone else pay more for that?

If you can show that their costs skyrocketed due to normal insurance of homes in Florida, go for it.

 

I'm not a fan of Republicans sabotaging innovative American companies for hyper-ideological reasons.

 

From NPR:
"The cost of homeowners' insurance in Florida is more than three-and-a-half times the national average. There are lots of reasons -- among them, the three hurricanes that battered the state in the last two years."

Soaring home insurance rates are squeezing homeowners, NPR , October 2023

Insurance companies in the state are concerned about an increase frequency of hurricanes.

 

Florida real estate is skyrocketing. Wake up!!

 

Louisiana doesn't get hurricanes?
South and North Carolina don't get hurricanes?
Maybe you should think before you type?

 

Solyndra sabataged themselves. And Obama fell for it.

 

I think HT! might just be a troll.

 

Maybe you should do some homework before embarrassing yourself.

 

You are deflecting from the evidence presented that federal government waste massive amounts of taxpayer's money into the generally unwanted Solar Power companies who wouldn't exist without all the subsidies and tax breaks they get.

 

I said this from the get go, American would create them, china would steal the jobs soon after

still beneficial, but not gonna create any jobs but for the installers

 

not unwanted, just corp will sell out Americans for cheap labor every chance they get

 

OK, why aren't Louisiana insurance through the roof like Florida's?

 

Please provide data based on similar evaluations and tell us why.