Solar power company banks on loan, but skeptics question government investment in industry

The federal government is making another big bet on solar panel manufacturing with taxpayer money, hoping the third time will be the charm.

SoloPower held its grand opening Thursday in Portland, Ore., with speeches from local politicians and a ribbon-cutting. "It really revolutionizes rooftop applications, and it makes solar both easy and cost effective for nearly any commercial and industrial building worldwide," CEO Tim Harris said.

SoloPower closed on a guaranteed government loan of $197 million last August, about the time another solar panel manufacturer, Solyndra, filed for bankruptcy. The failure of Solyndra cost U.S. taxpayers more than a half-billion dollars.

The second solar panel maker that received a loan from the Department of Energy, Abound, is also now in bankruptcy. Based in Longmont, Colo., Abound spent $70 million of its green energy loan and next week will auction off its equipment in hopes of paying some of that back.

Industry analysts are not optimistic about SoloPower's prospects.

"It's questionable at this point," says Andrew Soare of Lux Research, "It's uncertain if solar power will be able to produce efficiently and economically at scale. It's something that has not been done yet, and it's still risky."

Soare points to the price advantage enjoyed by Chinese manufacturers which has helped them grab a majority of the U.S. market share. Chinese solar panels are about 30 percent cheaper than ones made in America. The Commerce Department is urging President Obama to slap a tariff on Chines imports.

But SoloPower doesn't view China as competitors because they make far different products. SoloPower manufacturers "thin film," flexible and lightweight panels that can be installed on large commercial and industrial rooftops.

Environmental groups continue to support the federal green power loan program.

"We're just on the cusp of a whole revolution," says Ross Macfarlane of Climate Solutions. "Many (companies) will fail, but the key ones will succeed and they're going to lead us."

But William Yeatman of the Competitive Enterprise Institute says the Energy Department's green loan program created with federal stimulus money has been a failure by any measure. Congress appropriated $4.5 billion for it. Solar panel bankruptcies alone have cost taxpayers $600 million and if SoloPower stumbles, the losses will go even higher. A fourth company, 1366 Technologies, received a $150 million loan but has not even built its manufacturing plant yet.

Yeatman has little faith in SoloPower: "It looks like it will fail for the same reasons as Solyndra."

Much of the debate following Solyndra's collapse has centered on government's role in emerging technologies. Green groups say government has supported the oil industry through tax breaks, so it's essential to help alternative fuels to wean us off carbon.

But John Charles of the Cascade Policy Institute said government just gets in the way.

"It's a terrible risk," Charles said. "This is a program that should not even exist, even if the risk was low. It is not a proper function of government to be a venture capital fund."

SoloPower expects to start spending the taxpayer money late this year.

Source : foxnews[dot]com Read More

Get Ready for the Ultimate IGN UK Pub Quiz!

Like the idea of trading the encyclopaedic games and movie knowledge stored in your brain for money-can’t-buy prizes? Then say hello to the IGN UK Pub Quiz, your chance to prove you really are the country’s fount of entertainment knowledge!

For the next IGN UK Pub Quiz – taking place on October 11, starting at 6.30pm – we’re planning something rather special as we’re bringing it to the London Games Festival for the first time, in aid of the video games charity SpecialEffect, helping people with disabilities enjoy video games. It’ll be the toughest quiz we’ve put together yet – if you don’t know the name of James Pond’s nemesis then chances are you might struggle – but as a reward we’ll be giving away the sweetest swag you can lay your hands on.

That’s not all. Once the victorious team has been crowned GamerDisco will be taking control of the decks to ensure the celebrations continue long into the night.

If you want to get involved then you need to put together a team of six people, at a cost of £30 per team. Remember, all proceeds are going straight to SpecialEffect so it really is for a good cause, and every penny does make a difference.

You’ll need to be fast though – we’re expecting demand to be high and there’s only space for nine team, so head on over to the IGN SpecialEffect registration page and guarantee your space now!

Find out more about the amazing work SpecialEffect is doing but checking out the website.

Source : feeds[dot]ign[dot]com Read More

Super PAC influence reportedly falling short of aims

Big outside political groups armed with an unprecedented river of money had appeared poised to be pivotal players in the 2012 elections.

So far, these super PACs are looking less than super.

Freed of any constraints on the size of donations, political action committees have since April poured more than $250 million into the presidential and select congressional races—more than what the two 1996 presidential candidates spent in total on their campaigns, records show.

But signs are few that super PACs have had the major impact that both supporters and critics predicted. The flood of spending doesn't appear to have significantly influenced voter opinion in key states in the presidential contest or in top congressional races.

On the presidential front, conservative outside groups backing Republican candidates say they already have played their most significant role, and that their influence will fade as the candidates themselves present their closing arguments to voters.

"We believe we have kept a number of races competitive and put important issues on the table. But at this stage of the game, we are no longer the market leader," said Steven Law, who directs two of the biggest right-leaning outside groups, American Crossroads and Crossroads GPS.

Click for more from The Wall Street Journal. 

Source : foxnews[dot]com Read More