Taxpayer Money Down the Rathole: Solar Power Company Got $3 Billion From Biden Admin, Now Going Bankrupt

AP Photo/Wilson Ring

The more we look back on the shenanigans of the now-thankfully-departed Biden administration, the more it seems like the Energizer Bunny on crack: It just keeps getting dumber, and dumber, and dumber.

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Case in point: In the name of "green energy," the Biden administration shoveled $3 billion in taxpayer money as a "loan" into a solar panel company called Sunnova Energy. Now that company is going bankrupt - and that's not even the worst part.

Sunnova Energy said on Monday that its current finances are "not sufficient to meet obligations and fund operations for a period of at least one year from the date we issue our consolidated financial statements without implementing additional measures."

"Therefore, substantial doubt exists regarding our ability to continue as a going concern for a period of at least one year from the date we issue our consolidated financial statements," the company said in a statement on Monday.

Sunnova’s stock plunged over 70 percent following its announcement, according to Bloomberg.

The news comes a year and a half after the Biden administration’s Department of Energy Loan Programs Office closed on a $3 billion loan with the solar company—the largest federal loan to a solar company in history.

That's bad. But as it happens, some of Sunnova's business practices border on - no, scratch that - they are fraud. As in scamming elderly, confused people out of a lot of money for solar installations that they won't live long enough to break even on.

Sunnova’s business practices have come under scrutiny as well. The company has been accused of scamming dementia patients on their deathbeds into signing five-figure, multi-decade solar panel leases, according to interviews and state consumer complaint records obtained by the Free Beacon in November 2023.

The Free Beacon reviewed at least 50 consumer complaints filed against Sunnova in Texas since 2022. Multiple complaints alleged that Sunnova sales representatives persuaded elderly dementia patients, some on their deathbeds, to enter lengthy solar panel leases.

Two Texas residents told the Free Beacon that their fathers were persuaded to sign such leases while senile and on hospice.

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Rooting out this kind of wasteful spending, of course, is why we now have the Department of Government Efficiency - the DOGE. The Biden administration and the Obama administration didn't seem to have any self-imposed limits; there wasn't a "green" rathole they wouldn't back a dump truck full of taxpayer money up to and dump it in. What's even more egregious is that in this case, the company our money was poured into is not only going broke, but they are going broke despite, or maybe because of, fraudulent business practices.

Not only is this technology a solution looking for a problem in most places, but there are 36 trillion reasons that Washington shouldn't be trying to stick their thumbs on the scale in the energy market at all.


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This isn't the first time something as stupid as this has happened. Remember Solyndra?

On March 20, 2009, then-Secretary of Energy Steven Chu announced Solyndra would be the recipient of a $535 million loan from his department under the Obama administration's revamped loan guarantee program. Solyndra used the money, along with hundreds-of-millions more from private investors, to build a new facility where it would be mass-producing its easy-to-install cylindrical solar "panels." The whole thing lasted about two years.

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This is why government - any government, at any level - has no business getting involved in promoting "green" technology or, indeed, any technology. If it's economically viable, a new tech won't need government backing. If it's not economically viable on its own, it deserves to fail. That's all. This is the kind of thing the DOGE was formed to root out, and may they enjoy every success in so doing.

DOGE is finding billions of dollars in wasteful spending, and the Democrats are losing their minds as they realize their gravy train and woke projects are coming to an end.

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