• About Us
  • Activity
  • Advertising
  • Books
  • Business
  • Contact
  • Dashboard
  • EB5
  • Entertainment
  • feedback
  • Forgot Your Password?
  • Government
  • Home
  • Interviews
  • Login
  • Members
  • Meme generator
  • National
  • Nevada
  • Nevada News and Views
  • Newsmax
  • NN&V Ads
  • Opinion
  • Pick a New Password
  • Politics
  • Polls
  • Privacy Policy
  • Profile
  • Recent comments by me
  • Recent comments on my posts
  • Register
  • Submit post
  • Subscribe
  • Subscription Confirmation
  • Survey
  • Survey
  • Terms of Service
  • Today’s Top 10
  • Travel
  • Travel
  • Travel
  • Welcome!
  • Yop Poll Archive
Nevada News and Views
  • About Us
  • Contact
  • More
    • Nevada
    • Opinion
    • Business
    • Travel
    • News
    • Sports
  • Facebook

  • Twitter

  • Pinterest

  • RSS

Business

Another Solar Company Goes Bankrupt

Another Solar Company Goes Bankrupt
Chuck Muth
March 15, 2017

(Courtesy: Shutterstock)

(Andrew Follett, The Daily Caller News Foundation) – The major California-based solar company Sungevity declared Chapter 11 bankruptcy Monday.

Sungevity is laying off workers, auctioning off some assets, and agreeing to hand over control investors in exchange for $20 million in financing to keep the company’s operations going.

Sungevity was one of seven residential solar power companies, which Congress announced in September it would formally investigate for wrongfully receiving billions in tax credits from the government. The federal government likely handed out roughly $25 billion in cash grants and tax credits to these companies.

“The actions we have announced today will allow Sungevity to emerge as a stronger and more competitive company,” William Nettles, the company’s newly appointed Chief Administration Officer, said in a press statement. “With its market-leading software platform and its high-quality employees who provide unwavering commitment to customers and exceptional service, Sungevity intends to be at the forefront of the industry as solar continues on its growth trajectory in the years ahead.”

Sungevity cut 350 jobs last week, according to The Mercury News, as is expected to start selling assets at the end of April.

Another solar company called Beamreach went bust in January after it received $3 million in Department of Energy funding in 2008. The major solar company SunEdison also recently declared bankruptcy. Roughly five major solar companies closed up shop in 2015, which follows the historic tendency that solar power companies tend to go bankrupt as soon as the subsidies are cut off.

Solar power companies are heavily supported by financial invective from the government. Most subsidies go to residential installations payments called net metering or a 30 percent federal tax credit. Previously, solar subsidies were so lucrative that solar-leasing companies installed rooftop systems, which run at minimum $10,000, at no upfront cost to the consumer. This naturally favors relatively wealthy consumers.

Solar and wind power get 326 and 69 times more in subsidies than coal, oil, and natural gas, according to 2013 Department of Energy data collected by Forbes. Green energy in the U.S. received $13 billion in subsidies during 2013, compared to $3.4 billion in subsidies for conventional sources of energy and $1.7 billion in subsidies for nuclear, according to data from the Energy Information Administration.

Researchers found that expanding net metering or maintaining it for long periods of time will drive up power prices. Without government support, solar energy is non-viable, according to a 2015 study by the Massachusetts Institute of Technology.

 

Content originally published at The Daily Caller.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

Prev postNext post

Related Itemsbusiness
Business
March 15, 2017
Chuck Muth

Related Itemsbusiness

More in Business

Nohra: GOED vs. State Senator: A Showdown Over Tax Reductions in Nevada

NN&V StaffMay 10, 2023
Read More

Nevada Biz Execs Give Governor “B-” Grade, Want ID Requirement for Voting

NN&V StaffMay 1, 2023
Read More

Say No to SB 394: Why Increasing Property Taxes is a Bad Idea

NN&V StaffApril 13, 2023
Read More

Budweiser Spreading Transgender Poison

NN&V StaffApril 11, 2023
Read More

Senators Push for Permanent Repeal of Death Tax

NN&V StaffApril 11, 2023
Read More

EU Serves as Example of What NOT to Do on Sugar Imports

Chuck MuthDecember 15, 2022
Read More
Scroll for more
Tap

Subscribe Free By Email

Looking for the best in breaking news and conservative views? Let Chuck do all the work for you! Subscribe to his FREE "Muth's Truths" e-newsletter.

* indicates required
Nevada News and Views
Nevada News & Views is an educational project of Citizen Outreach Foundation, a non-partisan IRS-approved 501(c)(3) organization. It is not associated or affiliated with any political party or group. Nevada News & Views is accessible by the public at no cost. It funds its operations through tax-deductible contributions from donors and supporters and does not accept government money or grants.

TAGS

Featured Article Nevada Politics business Muth's Truths government Muth’s Truths Opinion Government Obama Ron Knecht News Donald Trump GOP Republicans

Copyright © 2023 Citizen Outreach | Maintained by VirtualAlly

Optimism Among U.S. CEOs Shows Biggest Increase Since 2009
CEOs Reveal How To Work With Trump During Face-To-Face Meetings