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After heavy lobbying [$$$$] on the Hill and getting subsidies and tax credits (all taken from taxpayers) now Elon Musk and his cousins are going to sell stock.

*********LEASING********** THE "GREEN" THAT KEEPS GIVING.

April 15, 2012 (National Legal and Policy Center) Taxpayers Subsidize Forbes 'Green' Billionaires' Schemes

"........Musk, best known as co-founder of the company that became PayPal, is Chairman of SolarCity and CEO of Tesla. According to the Center for Responsive Politics, SolarCity spent $535,000 in 2009 and 2010 to lobby Congress and the Department of Energy on climate legislation, the Recovery Act, “green workforce training and development,” and provisions in various legislation “relevant to solar development.” SolarCity has sought to extend a program, due to expire at the end of 2012, that delivers to manufacturers an upfront cash grant in lieu of a 30 percent Investment Tax Credit (called the Section 1603 grant program). So far, according to DOE reports, SolarCity has received more than $66 million from that program.

The company also won a partial guarantee from DOE of a $344 million loan that will place up to 160,000 rooftop solar installations on military housing across the country..........." Source

1 posted on 10/09/2012 8:14:49 AM PDT by Cincinatus' Wife
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MORE "....SolarCity said it might use a part of the proceeds from the offering to expand its current business through acquisitions or investments in other complementary strategic businesses, products or technologies.

It said, however, that reductions in or eliminations of government incentives for solar power could hurt its results and its ability to compete.

In addition, SolarCity said it was notified this month that the Internal Revenue Service is conducting audits of two of its investment funds, including a review of the solar installations that applied for a popular government cash grant program.

"If ... the [IRS] determines that the valuations were incorrect and that our investment funds received U.S. Treasury grants in excess of the amounts to which they were entitled, we could be subject to tax liabilities, including interest and penalties, and we could be required to make indemnity payments to the fund investors," the company said in the SEC filing.....

Other cleantech companies....cancelled IPO plans at the last minute earlier this year...."

2 posted on 10/09/2012 8:16:31 AM PDT by Cincinatus' Wife
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To: Cincinatus' Wife
This company is a bad joke and the joke is on us (electric rate payers). The company installs panels but no backup system, so the person with the panels gets power from the grid during peak hours after sunset. But the panels feed power to the grid during nonpeak times when the power isn't needed and the power company pays full retail price for it.

So instead of buying this solar power for what it is worth, about 3 cents wholesale because it is off peak and unreliable, we are paying full retail, about 13 cents.

3 posted on 10/09/2012 8:26:03 AM PDT by palmer (Jim, please bill me 50 cents for this completely useless post)
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To: Cincinatus' Wife

If Green is Good it should be able to stand on its own.


7 posted on 10/09/2012 8:44:24 AM PDT by hadaclueonce (you are paying 12% more for fuel because of Ethanol. Smile big Corn Lobby,)
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To: Cincinatus' Wife

so not only would you trade one ogre of a utility provider for another, you would be subsidizing it... at least they wouldn’t blow up on ya.. or would they? can a solar panel become overloaded if a massive solar flare huts Earth and would it just fry or could it flame-on?


10 posted on 10/09/2012 9:09:13 AM PDT by NormsRevenge (Semper Fi)
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To: Cincinatus' Wife
If carbon credits don't happen, this guy is toast.
11 posted on 10/09/2012 9:12:50 AM PDT by Carry_Okie (Islam offers us choices: convert or kill, submit or die.)
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To: Cincinatus' Wife
Unlike Solyndra, SolarCity will be able to rip off not just the taxpayer but also a million shareholders.
12 posted on 10/09/2012 11:59:41 AM PDT by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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