Remember with the Republicans had a field day criticizing President’s Obama’s loan guarantee program which was designed to jump start clean-energy projects when traditional financing was not available. This was after Solyndra, the solar cell manufacturer, went bankrupt taking over $500 million in tax dollars down with it. As you will recall, Republican politicians were on every cable news channel using Solyndra as the poster child of why the entire program was a big waste of tax payer dollars. They ridiculed “administration apologists” who countered that like any group of startups, some companies in the program would fail, but many others would succeed and those that did would contribute greatly to an improved environment.
Well it turns out that saying that the Republicans were premature is a vast understatement. It turns out that many of the green companies, such as Tesla Motor Co., succeeded and paid back, or are in the process of paying back, their government backed loans with interest. I would think that if the program just broke even and contributed to a better environment for all of us it would have to be classified as a success. Now it is projected to do much better than that. For the first time the Energy Department has released estimates of the loan guarantee program’s ultimate financial expectations. Over the next 20 to 25 years the program is expected to earn the government $5 billion to $6 billion dollars in profits.
Now if you are a die hard, anti-green, global warming denying Republican, you don’t have to take my word for any of this. Maybe you will be believe Bloomberg – here is the link to their article: http://www.bloomberg.com/news/2014-11-13/solyndra-program-vilified-by-republicans-turns-a-profit.html?cmpid=yhoo