Solar Winds Keep Blowing Taxpayer Money Away

It was reported by Forbes less than three weeks ago that Tempe, Arizona-based, solar panel maker First Solar was to receive $2.1 billion in partial loan guarantees from the U.S. Department of Energy, with the money to be used in building two new generating stations in Southern California. In the last week, it was reported by Bloomberg that First Solar stock was downgraded from "neutral" to "sell" by a securities analyst following the company.  Furthermore, it was reported that the share price of First Solar has dropped 59% this year and is trading at its lowest point since early 2007.  Market forces are the reasons for both the downgrade and the stock price decline.  Also in the last week, a Business Week report indicates that First Solar rival General Electric Co. will soon be producing a solar panel product that surpasses in efficiency the one made by First Solar. $1.46 billion of the loan guarantees to First Solar is for the 550-megawatt Desert Sunlight project in...(Read Full Post)