$1 Billion Solar Project Goes Ahead Without DOE Backing
We’ve heard a lot about Solyndra, a solar panel maker that went bankrupt despite lots of federal subsidies. But on Wednesday, a solar installation company and one of the country’s biggest banks announced a billion-dollar project to put solar systems on the roofs of military housing. And they’re doing it without the kind of federal help Solyndra got.
When SolarCity CEO Lyndon Rive came up with a plan to put solar on the rooftops of military housing around the country, he was sure he’d need federal backing to get loans for such a big project.
But after his company and the Department of Energy missed a deadline to get that help, SolarCity and its lender, Bank of America Merrill Lynch, didn’t give up.
Now they’re announcing a deal to install solar systems on up to 120,000 military homes.
“It will be the largest residential deployment of solar in American history,” says Rive.