Solyndra vs The Solar Industry

SOLYNDRA THE SOLAR INDUSTRY The high-profile bankruptcy of solar manufacturer Solyndra has given naysayers a soapbox to suggest there's something wrong with the solar industry as a whole. A closer look, however, reveals that the solar industry is booming and Solyndra's failure was, in many ways, the result of solar market's overall success. SOLYNDRA AND THE SOLAR INDUSTRY SOLYNDRA THE SOLAR INDUSTRY (MARKET When Solyndra began, it was a cost-competitive option in the solar market. Today, however, Solyndra's reputed cost structure is significantly higher than the average price for solar modules. This steep decline in price resulted in significant losses for Solyndra. The falling price per watt of solar modules has made solar more accessible for many Americans. Between 2009 and 2010, the U.s. solar market grew more than 60 percent. U.S. GDP Growth (2009-2010) | 2.8% Revenue In 2010 $142 M U.S. Solar Market 67% Net Losses in 2010 $329 M Growth (2009-2010) 2009 U.S. Solar Market $3.6 BILLION $4.2/WATT 2010 U.S. Solar Market $6 BILLION Average Cost of Pre-Incentive Solar Installations $2/WATT $7.9/WATT $7.6/WATT $7.5/WATT $6.2/WATT S5.5/WATT $1.5/WATT Average Price October 2008 Average Price Today Solyndra 2007 2008 2009 2010 01 2011 JOBS ) When the company filed for bankruptcy in September 2011, it also laid off the majority of its staff. The U.S. solar industry is creating jobs faster than the U.S. economy as a whole. Between August 2010 and August 2011, the number of solar jobs grew by 6.8 percent. 1,100 6.735 positions at Solyndra were eliminated when the company filed for bankruptcy. new jobs were added between August 2010 and August 2011. 100,237 Workers employed by U.S. solar businesses as of August 2011. 1,100 POSITIONS SOLYNDRA 3.7% 9.1% BANKRUPTCY Traditional job growth (1998-2007) Clean economy job growth (1998-2007) National Median Wage: $38,616 Median Wage of Typical Clean Economy Job: $44,000 ( CURRENT VALUE In addition to the government loan, Solyndra received more than $1 billion in private funding. At the time of bankruptcy filing, the company declared nearly $784 million in secured debt. In 2010, solar energy installations created a total of $6.0 billion in direct value, of which 75% was accrued to the U.S. 82% ($3.6 BILLION) $1.1 BILLION came from the $859 MILLION photovoltaics sector. $6 $749 MILLION 9% ($419 MILLION) $535 MILLION came from the concentrating solar BILLION sector. 9% ($400 MILLION) came from the Private Capital Funding solar heating and cooling sector. DOE Assets as Debts as Guaranteed Loan of Jan. 1 of Jan. 1 CON THE WORLD STAGE) When Solyndra secured the DOE loan, thin-film solar was a cost-competitive alternative to silicon-based panels. However, global market forces ultimately made silicon more competitive. The U.S. is currently running a $1.9 billion trade surplus in solar technologies. Compare that to a $250 million trade deficit in petroleum. $5,630 MILLION $3.750 MILLION $1,880 MILLION A6% The price of silicon-based panels, made mainly in China and with which Solyndra was competing, fell 46 percent between 2009 and 2011. Solar Imports Solar Exports Net Solar Exports PUTTING IT IN PERSPECTIVE ( THE SOLYNDRA LOAN ) The financial losses from Solyndra were extensive. However, the loan guarantee was only 1.3 percent of the funds the government set aside for clean-energy projects. 535 MILLION 38.6 BILLION SOLYNDRA LOAN CLEAN-ENERGY LOAN GUARANTEE PROGRAM ( IT'S ALL RELATIVE) Compared to other loans from the Department of Energy, Solyndra's loan was tiny. And to date, the Solyndra loan is the only one known to be troubled out of 1705. 10 LARGEST CLOSED LOANS FROM DEPARTMENT OF ENERGY'S LOAN PROGRAM (1705 LOANS) $1.6 BILLION $1.4 BILLION $1.3 BILLION $1.2 $967 MILLION BILLION $852 MILLION $535 MILLION $400 MILLION $343 MILLION 2$ 2$ 2$ $197 MILLION NextEra Energy Solyndra Abound LS Power BrightSource Energy Abengoa Solar Caithness Abengoa Solar (Mojave Solar) Agua Solo Shepherds Caliente Solar Associates Power Flat Resources CANOTHER GOVERNMENT-BACKED FLOP But Solyndra isn't alone when it comes to Solyndra $535 MILLION LOAN government-subsidized companies that have failed. Consider Enron, which filed for Enron $1.2 BILLION LOAN bankruptcy in September 2001. THE SOLYNDRA TIMELINE Solyndra was approved for the federal loan guarantee program by the Bush administration and the loan itself was several years in the making-not a rush job by the Obama administration, as many news outlets would have you believe. MAY 2005 JUL 2005 LATE 2007 FEB-OCT 2006 DEC 2006 Solyndra is approved Solyndra is founded to provide a competitive alternative to silicon-based panels as a silicon shortage The Bush Solyndra raises first-round funding Solyndra applies for a loan guarantee as part Administrationsigns as one of 16 clean-tech the Energy Policy Act of 2005, which creates the 1703 loan from CMEA Capital, of the Department of Energy loan program. companies to move Argonaut Venture Capital, Madrone forward in the loan guarantee program drives prices of solar photovoltaics. guarantee program. Capital Partners, and under the Bush others, which were part Administration's DOE. of a $78.2 million fund. NOV 2008 JAN 2009 MAR 2009 JUN 2009 SEP 2009 Shortly before President Obama is With silicon prices still The credit committee Silicon prices begin to drop as more silicon The company raises $219 million more high, the company is approves the loan an attractive inaugurated, the Bush application. Staff at the production facilities grow. Between June shortly before the DOE secures the $535 investment and raises Administration tries to DOE issue a conditional million loan guarantee. more funding, bringing total private bring Solyndra before commitment setting out the terms. 2009 and August 2011, photovoltaics prices fall by more than 50 a DOE credit review The close on the loan investment to more committee, which guarantee occurs than $450 milLlion. remands the loan back roughly three years after the application is percent. to DOE because it wasn't ready for submitted. conditional commitment. JAN-JUN FEB 2011 JUN 2011 AUG 2011 SEP 2011 2010 Solyndra files for bankruptcy, lays off workers, and shutters its manufacturing The price of Rather than liquidate The average price for The DOE refuses to silicon-based PV the company, the DOE decides to give Solyndra a chance. solar modules falls to restructure the loan continues its steady $1.50 per watt. Analysts guarantee for a second fall. Investors question worry about how the time. Inves tors pump in $75 company will compete, even though Solyndra facility. Solyndra's ability to compete at the same million to restructure time the company raises $175 million the loan guarantee. says it has cut costs. more. 1One Block JOff the Grid SOURCES: DEPARTMENT OF ENERGY, THE SOLAR FOUNDATION, GREENTECHSOLAR, WASHINGTON POST, DAILY CALLER, SOLAR ENERGIES INDUSTRY ASSOCIATION, CLIMATE PROGRESS, CLEANTECHNICA, BLOOMBERG, VOTESOLAR.ORG, GUARDIAN.CO.UK, BUSINESSWEEK, LAWRENCE BERKELEY NATIONAL LABORATORY, NEW YORK TIMES, THE ASSOCIATED PRESS GROUP DISCOUNTS ON SsOLAR HTTP://1BOG.ORG %24 SOLYNDRA THE SOLAR INDUSTRY The high-profile bankruptcy of solar manufacturer Solyndra has given naysayers a soapbox to suggest there's something wrong with the solar industry as a whole. A closer look, however, reveals that the solar industry is booming and Solyndra's failure was, in many ways, the result of solar market's overall success. SOLYNDRA AND THE SOLAR INDUSTRY SOLYNDRA THE SOLAR INDUSTRY (MARKET When Solyndra began, it was a cost-competitive option in the solar market. Today, however, Solyndra's reputed cost structure is significantly higher than the average price for solar modules. This steep decline in price resulted in significant losses for Solyndra. The falling price per watt of solar modules has made solar more accessible for many Americans. Between 2009 and 2010, the U.s. solar market grew more than 60 percent. U.S. GDP Growth (2009-2010) | 2.8% Revenue In 2010 $142 M U.S. Solar Market 67% Net Losses in 2010 $329 M Growth (2009-2010) 2009 U.S. Solar Market $3.6 BILLION $4.2/WATT 2010 U.S. Solar Market $6 BILLION Average Cost of Pre-Incentive Solar Installations $2/WATT $7.9/WATT $7.6/WATT $7.5/WATT $6.2/WATT S5.5/WATT $1.5/WATT Average Price October 2008 Average Price Today Solyndra 2007 2008 2009 2010 01 2011 JOBS ) When the company filed for bankruptcy in September 2011, it also laid off the majority of its staff. The U.S. solar industry is creating jobs faster than the U.S. economy as a whole. Between August 2010 and August 2011, the number of solar jobs grew by 6.8 percent. 1,100 6.735 positions at Solyndra were eliminated when the company filed for bankruptcy. new jobs were added between August 2010 and August 2011. 100,237 Workers employed by U.S. solar businesses as of August 2011. 1,100 POSITIONS SOLYNDRA 3.7% 9.1% BANKRUPTCY Traditional job growth (1998-2007) Clean economy job growth (1998-2007) National Median Wage: $38,616 Median Wage of Typical Clean Economy Job: $44,000 ( CURRENT VALUE In addition to the government loan, Solyndra received more than $1 billion in private funding. At the time of bankruptcy filing, the company declared nearly $784 million in secured debt. In 2010, solar energy installations created a total of $6.0 billion in direct value, of which 75% was accrued to the U.S. 82% ($3.6 BILLION) $1.1 BILLION came from the $859 MILLION photovoltaics sector. $6 $749 MILLION 9% ($419 MILLION) $535 MILLION came from the concentrating solar BILLION sector. 9% ($400 MILLION) came from the Private Capital Funding solar heating and cooling sector. DOE Assets as Debts as Guaranteed Loan of Jan. 1 of Jan. 1 CON THE WORLD STAGE) When Solyndra secured the DOE loan, thin-film solar was a cost-competitive alternative to silicon-based panels. However, global market forces ultimately made silicon more competitive. The U.S. is currently running a $1.9 billion trade surplus in solar technologies. Compare that to a $250 million trade deficit in petroleum. $5,630 MILLION $3.750 MILLION $1,880 MILLION A6% The price of silicon-based panels, made mainly in China and with which Solyndra was competing, fell 46 percent between 2009 and 2011. Solar Imports Solar Exports Net Solar Exports PUTTING IT IN PERSPECTIVE ( THE SOLYNDRA LOAN ) The financial losses from Solyndra were extensive. However, the loan guarantee was only 1.3 percent of the funds the government set aside for clean-energy projects. 535 MILLION 38.6 BILLION SOLYNDRA LOAN CLEAN-ENERGY LOAN GUARANTEE PROGRAM ( IT'S ALL RELATIVE) Compared to other loans from the Department of Energy, Solyndra's loan was tiny. And to date, the Solyndra loan is the only one known to be troubled out of 1705. 10 LARGEST CLOSED LOANS FROM DEPARTMENT OF ENERGY'S LOAN PROGRAM (1705 LOANS) $1.6 BILLION $1.4 BILLION $1.3 BILLION $1.2 $967 MILLION BILLION $852 MILLION $535 MILLION $400 MILLION $343 MILLION 2$ 2$ $197 MILLION NextEra Energy Solyndra Abound LS Power BrightSource Energy Abengoa Solar Caithness Abengoa Solar (Mojave Solar) Agua Solo Shepherds Caliente Solar Associates Power Flat Resources CANOTHER GOVERNMENT-BACKED FLOP But Solyndra isn't alone when it comes to Solyndra $535 MILLION LOAN government-subsidized companies that have failed. Consider Enron, which filed for Enron $1.2 BILLION LOAN bankruptcy in September 2001. THE SOLYNDRA TIMELINE Solyndra was approved for the federal loan guarantee program by the Bush administration and the loan itself was several years in the making-not a rush job by the Obama administration, as many news outlets would have you believe. MAY 2005 JUL 2005 LATE 2007 FEB-OСT 2006 DEC 2006 Solyndra is approved Solyndra is founded to provide a competitive alternative to silicon-based panels as a silicon shortage The Bush Solyndra raises first-round funding Solyndra applies for a loan guarantee as part Administrationsigns as one of 16 clean-tech the Energy Policy Act of 2005, which creates the 1703 loan from CMEA Capital, of the Department of Energy loan program. companies to move Argonaut Venture Capital, Madrone forward in the loan guarantee program drives prices of solar photovoltaics. guarantee program. Capital Partners, and under the Bush others, which were part Administration's DOE. of a $78.2 million fund. NOV 2008 JAN 2009 MAR 2009 JUN 2009 SEP 2009 Shortly before President Obama is With silicon prices still The credit committee Silicon prices begin to drop as more silicon The company raises $219 million more high, the company is approves the loan an attractive inaugurated, the Bush application. Staff at the production facilities grow. Between June shortly before the DOE secures the $535 investment and raises Administration tries to DOE issue a conditional million loan guarantee. more funding, bringing total private bring Solyndra before commitment setting out the terms. 2009 and August 2011, photovoltaics prices fall by more than 50 a DOE credit review The close on the loan investment to more committee, which guarantee occurs than $450 milLlion. remands the loan back roughly three years after the application is percent. to DOE because it wasn't ready for submitted. conditional commitment. JAN-JUN FEB 2011 JUN 2011 AUG 2011 SEP 2011 2010 Solyndra files for bankruptcy, lays off workers, and shutters its manufacturing The price of Rather than liquidate The average price for The DOE refuses to silicon-based PV the company, the DOE decides to give Solyndra a chance. solar modules falls to restructure the loan continues its steady $1.50 per watt. Analysts guarantee for a second fall. Investors question worry about how the time. Inves tors pump in $75 company will compete, even though Solyndra facility. Solyndra's ability to compete at the same million to restructure time the company raises $175 million the loan guarantee. says it has cut costs. more. 1One Block JOff the Grid SOURCES: DEPARTMENT OF ENERGY, THE SOLAR FOUNDATION, GREENTECHSOLAR, WASHINGTON POST, DAILY CALLER, SOLAR ENERGIES INDUSTRY ASSOCIATION, CLIMATE PROGRESS, CLEANTECHNICA, BLOOMBERG, VOTESOLAR.ORG, GUARDIAN.CO.UK, BUSINESSWEEK, LAWRENCE BERKELEY NATIONAL LABORATORY, NEW YORK TIMES, THE ASSOCIATED PRESS GROUP DISCOUNTS ON SsOLAR HTTP://1BOG.ORG %24 SOLYNDRA THE SOLAR INDUSTRY The high-profile bankruptcy of solar manufacturer Solyndra has given naysayers a soapbox to suggest there's something wrong with the solar industry as a whole. A closer look, however, reveals that the solar industry is booming and Solyndra's failure was, in many ways, the result of solar market's overall success. SOLYNDRA AND THE SOLAR INDUSTRY SOLYNDRA THE SOLAR INDUSTRY (MARKET When Solyndra began, it was a cost-competitive option in the solar market. Today, however, Solyndra's reputed cost structure is significantly higher than the average price for solar modules. This steep decline in price resulted in significant losses for Solyndra. The falling price per watt of solar modules has made solar more accessible for many Americans. Between 2009 and 2010, the U.s. solar market grew more than 60 percent. U.S. GDP Growth (2009-2010) | 2.8% Revenue In 2010 $142 M U.S. Solar Market 67% Net Losses in 2010 $329 M Growth (2009-2010) 2009 U.S. Solar Market $3.6 BILLION $4.2/WATT 2010 U.S. Solar Market $6 BILLION Average Cost of Pre-Incentive Solar Installations $2/WATT $7.9/WATT $7.6/WATT $7.5/WATT $6.2/WATT S5.5/WATT $1.5/WATT Average Price October 2008 Average Price Today Solyndra 2007 2008 2009 2010 01 2011 JOBS ) When the company filed for bankruptcy in September 2011, it also laid off the majority of its staff. The U.S. solar industry is creating jobs faster than the U.S. economy as a whole. Between August 2010 and August 2011, the number of solar jobs grew by 6.8 percent. 1,100 6.735 positions at Solyndra were eliminated when the company filed for bankruptcy. new jobs were added between August 2010 and August 2011. 100,237 Workers employed by U.S. solar businesses as of August 2011. 1,100 POSITIONS SOLYNDRA 3.7% 9.1% BANKRUPTCY Traditional job growth (1998-2007) Clean economy job growth (1998-2007) National Median Wage: $38,616 Median Wage of Typical Clean Economy Job: $44,000 ( CURRENT VALUE In addition to the government loan, Solyndra received more than $1 billion in private funding. At the time of bankruptcy filing, the company declared nearly $784 million in secured debt. In 2010, solar energy installations created a total of $6.0 billion in direct value, of which 75% was accrued to the U.S. 82% ($3.6 BILLION) $1.1 BILLION came from the $859 MILLION photovoltaics sector. $6 $749 MILLION 9% ($419 MILLION) $535 MILLION came from the concentrating solar BILLION sector. 9% ($400 MILLION) came from the Private Capital Funding solar heating and cooling sector. DOE Assets as Debts as Guaranteed Loan of Jan. 1 of Jan. 1 CON THE WORLD STAGE) When Solyndra secured the DOE loan, thin-film solar was a cost-competitive alternative to silicon-based panels. However, global market forces ultimately made silicon more competitive. The U.S. is currently running a $1.9 billion trade surplus in solar technologies. Compare that to a $250 million trade deficit in petroleum. $5,630 MILLION $3.750 MILLION $1,880 MILLION A6% The price of silicon-based panels, made mainly in China and with which Solyndra was competing, fell 46 percent between 2009 and 2011. Solar Imports Solar Exports Net Solar Exports PUTTING IT IN PERSPECTIVE ( THE SOLYNDRA LOAN ) The financial losses from Solyndra were extensive. However, the loan guarantee was only 1.3 percent of the funds the government set aside for clean-energy projects. 535 MILLION 38.6 BILLION SOLYNDRA LOAN CLEAN-ENERGY LOAN GUARANTEE PROGRAM ( IT'S ALL RELATIVE) Compared to other loans from the Department of Energy, Solyndra's loan was tiny. And to date, the Solyndra loan is the only one known to be troubled out of 1705. 10 LARGEST CLOSED LOANS FROM DEPARTMENT OF ENERGY'S LOAN PROGRAM (1705 LOANS) $1.6 BILLION $1.4 BILLION $1.3 BILLION $1.2 $967 MILLION BILLION $852 MILLION $535 MILLION $400 MILLION $343 MILLION 2$ 2$ $197 MILLION NextEra Energy Solyndra Abound LS Power BrightSource Energy Abengoa Solar Caithness Abengoa Solar (Mojave Solar) Agua Solo Shepherds Caliente Solar Associates Power Flat Resources CANOTHER GOVERNMENT-BACKED FLOP But Solyndra isn't alone when it comes to Solyndra $535 MILLION LOAN government-subsidized companies that have failed. Consider Enron, which filed for Enron $1.2 BILLION LOAN bankruptcy in September 2001. THE SOLYNDRA TIMELINE Solyndra was approved for the federal loan guarantee program by the Bush administration and the loan itself was several years in the making-not a rush job by the Obama administration, as many news outlets would have you believe. MAY 2005 JUL 2005 LATE 2007 FEB-OСT 2006 DEC 2006 Solyndra is approved Solyndra is founded to provide a competitive alternative to silicon-based panels as a silicon shortage The Bush Solyndra raises first-round funding Solyndra applies for a loan guarantee as part Administrationsigns as one of 16 clean-tech the Energy Policy Act of 2005, which creates the 1703 loan from CMEA Capital, of the Department of Energy loan program. companies to move Argonaut Venture Capital, Madrone forward in the loan guarantee program drives prices of solar photovoltaics. guarantee program. Capital Partners, and under the Bush others, which were part Administration's DOE. of a $78.2 million fund. NOV 2008 JAN 2009 MAR 2009 JUN 2009 SEP 2009 Shortly before President Obama is With silicon prices still The credit committee Silicon prices begin to drop as more silicon The company raises $219 million more high, the company is approves the loan an attractive inaugurated, the Bush application. Staff at the production facilities grow. Between June shortly before the DOE secures the $535 investment and raises Administration tries to DOE issue a conditional million loan guarantee. more funding, bringing total private bring Solyndra before commitment setting out the terms. 2009 and August 2011, photovoltaics prices fall by more than 50 a DOE credit review The close on the loan investment to more committee, which guarantee occurs than $450 milLlion. remands the loan back roughly three years after the application is percent. to DOE because it wasn't ready for submitted. conditional commitment. JAN-JUN FEB 2011 JUN 2011 AUG 2011 SEP 2011 2010 Solyndra files for bankruptcy, lays off workers, and shutters its manufacturing The price of Rather than liquidate The average price for The DOE refuses to silicon-based PV the company, the DOE decides to give Solyndra a chance. solar modules falls to restructure the loan continues its steady $1.50 per watt. Analysts guarantee for a second fall. Investors question worry about how the time. Inves tors pump in $75 company will compete, even though Solyndra facility. Solyndra's ability to compete at the same million to restructure time the company raises $175 million the loan guarantee. says it has cut costs. more. 1One Block JOff the Grid SOURCES: DEPARTMENT OF ENERGY, THE SOLAR FOUNDATION, GREENTECHSOLAR, WASHINGTON POST, DAILY CALLER, SOLAR ENERGIES INDUSTRY ASSOCIATION, CLIMATE PROGRESS, CLEANTECHNICA, BLOOMBERG, VOTESOLAR.ORG, GUARDIAN.CO.UK, BUSINESSWEEK, LAWRENCE BERKELEY NATIONAL LABORATORY, NEW YORK TIMES, THE ASSOCIATED PRESS GROUP DISCOUNTS ON SsOLAR HTTP://1BOG.ORG %24 SOLYNDRA THE SOLAR INDUSTRY The high-profile bankruptcy of solar manufacturer Solyndra has given naysayers a soapbox to suggest there's something wrong with the solar industry as a whole. A closer look, however, reveals that the solar industry is booming and Solyndra's failure was, in many ways, the result of solar market's overall success. SOLYNDRA AND THE SOLAR INDUSTRY SOLYNDRA THE SOLAR INDUSTRY (MARKET When Solyndra began, it was a cost-competitive option in the solar market. Today, however, Solyndra's reputed cost structure is significantly higher than the average price for solar modules. This steep decline in price resulted in significant losses for Solyndra. The falling price per watt of solar modules has made solar more accessible for many Americans. Between 2009 and 2010, the U.s. solar market grew more than 60 percent. U.S. GDP Growth (2009-2010) | 2.8% Revenue In 2010 $142 M U.S. Solar Market 67% Net Losses in 2010 $329 M Growth (2009-2010) 2009 U.S. Solar Market $3.6 BILLION $4.2/WATT 2010 U.S. Solar Market $6 BILLION Average Cost of Pre-Incentive Solar Installations $2/WATT $7.9/WATT $7.6/WATT $7.5/WATT $6.2/WATT S5.5/WATT $1.5/WATT Average Price October 2008 Average Price Today Solyndra 2007 2008 2009 2010 01 2011 JOBS ) When the company filed for bankruptcy in September 2011, it also laid off the majority of its staff. The U.S. solar industry is creating jobs faster than the U.S. economy as a whole. Between August 2010 and August 2011, the number of solar jobs grew by 6.8 percent. 1,100 6.735 positions at Solyndra were eliminated when the company filed for bankruptcy. new jobs were added between August 2010 and August 2011. 100,237 Workers employed by U.S. solar businesses as of August 2011. 1,100 POSITIONS SOLYNDRA 3.7% 9.1% BANKRUPTCY Traditional job growth (1998-2007) Clean economy job growth (1998-2007) National Median Wage: $38,616 Median Wage of Typical Clean Economy Job: $44,000 ( CURRENT VALUE In addition to the government loan, Solyndra received more than $1 billion in private funding. At the time of bankruptcy filing, the company declared nearly $784 million in secured debt. In 2010, solar energy installations created a total of $6.0 billion in direct value, of which 75% was accrued to the U.S. 82% ($3.6 BILLION) $1.1 BILLION came from the $859 MILLION photovoltaics sector. $6 $749 MILLION 9% ($419 MILLION) $535 MILLION came from the concentrating solar BILLION sector. 9% ($400 MILLION) came from the Private Capital Funding solar heating and cooling sector. DOE Assets as Debts as Guaranteed Loan of Jan. 1 of Jan. 1 CON THE WORLD STAGE) When Solyndra secured the DOE loan, thin-film solar was a cost-competitive alternative to silicon-based panels. However, global market forces ultimately made silicon more competitive. The U.S. is currently running a $1.9 billion trade surplus in solar technologies. Compare that to a $250 million trade deficit in petroleum. $5,630 MILLION $3.750 MILLION $1,880 MILLION A6% The price of silicon-based panels, made mainly in China and with which Solyndra was competing, fell 46 percent between 2009 and 2011. Solar Imports Solar Exports Net Solar Exports PUTTING IT IN PERSPECTIVE ( THE SOLYNDRA LOAN ) The financial losses from Solyndra were extensive. However, the loan guarantee was only 1.3 percent of the funds the government set aside for clean-energy projects. 535 MILLION 38.6 BILLION SOLYNDRA LOAN CLEAN-ENERGY LOAN GUARANTEE PROGRAM ( IT'S ALL RELATIVE) Compared to other loans from the Department of Energy, Solyndra's loan was tiny. And to date, the Solyndra loan is the only one known to be troubled out of 1705. 10 LARGEST CLOSED LOANS FROM DEPARTMENT OF ENERGY'S LOAN PROGRAM (1705 LOANS) $1.6 BILLION $1.4 BILLION $1.3 BILLION $1.2 $967 MILLION BILLION $852 MILLION $535 MILLION $400 MILLION $343 MILLION 2$ 2$ $197 MILLION NextEra Energy Solyndra Abound LS Power BrightSource Energy Abengoa Solar Caithness Abengoa Solar (Mojave Solar) Agua Solo Shepherds Caliente Solar Associates Power Flat Resources CANOTHER GOVERNMENT-BACKED FLOP But Solyndra isn't alone when it comes to Solyndra $535 MILLION LOAN government-subsidized companies that have failed. Consider Enron, which filed for Enron $1.2 BILLION LOAN bankruptcy in September 2001. THE SOLYNDRA TIMELINE Solyndra was approved for the federal loan guarantee program by the Bush administration and the loan itself was several years in the making-not a rush job by the Obama administration, as many news outlets would have you believe. MAY 2005 JUL 2005 LATE 2007 FEB-OСT 2006 DEC 2006 Solyndra is approved Solyndra is founded to provide a competitive alternative to silicon-based panels as a silicon shortage The Bush Solyndra raises first-round funding Solyndra applies for a loan guarantee as part Administrationsigns as one of 16 clean-tech the Energy Policy Act of 2005, which creates the 1703 loan from CMEA Capital, of the Department of Energy loan program. companies to move Argonaut Venture Capital, Madrone forward in the loan guarantee program drives prices of solar photovoltaics. guarantee program. Capital Partners, and under the Bush others, which were part Administration's DOE. of a $78.2 million fund. NOV 2008 JAN 2009 MAR 2009 JUN 2009 SEP 2009 Shortly before President Obama is With silicon prices still The credit committee Silicon prices begin to drop as more silicon The company raises $219 million more high, the company is approves the loan an attractive inaugurated, the Bush application. Staff at the production facilities grow. Between June shortly before the DOE secures the $535 investment and raises Administration tries to DOE issue a conditional million loan guarantee. more funding, bringing total private bring Solyndra before commitment setting out the terms. 2009 and August 2011, photovoltaics prices fall by more than 50 a DOE credit review The close on the loan investment to more committee, which guarantee occurs than $450 milLlion. remands the loan back roughly three years after the application is percent. to DOE because it wasn't ready for submitted. conditional commitment. JAN-JUN FEB 2011 JUN 2011 AUG 2011 SEP 2011 2010 Solyndra files for bankruptcy, lays off workers, and shutters its manufacturing The price of Rather than liquidate The average price for The DOE refuses to silicon-based PV the company, the DOE decides to give Solyndra a chance. solar modules falls to restructure the loan continues its steady $1.50 per watt. Analysts guarantee for a second fall. Investors question worry about how the time. Inves tors pump in $75 company will compete, even though Solyndra facility. Solyndra's ability to compete at the same million to restructure time the company raises $175 million the loan guarantee. says it has cut costs. more. 1One Block JOff the Grid SOURCES: DEPARTMENT OF ENERGY, THE SOLAR FOUNDATION, GREENTECHSOLAR, WASHINGTON POST, DAILY CALLER, SOLAR ENERGIES INDUSTRY ASSOCIATION, CLIMATE PROGRESS, CLEANTECHNICA, BLOOMBERG, VOTESOLAR.ORG, GUARDIAN.CO.UK, BUSINESSWEEK, LAWRENCE BERKELEY NATIONAL LABORATORY, NEW YORK TIMES, THE ASSOCIATED PRESS GROUP DISCOUNTS ON SsOLAR HTTP://1BOG.ORG %24 SOLYNDRA THE SOLAR INDUSTRY The high-profile bankruptcy of solar manufacturer Solyndra has given naysayers a soapbox to suggest there's something wrong with the solar industry as a whole. A closer look, however, reveals that the solar industry is booming and Solyndra's failure was, in many ways, the result of solar market's overall success. SOLYNDRA AND THE SOLAR INDUSTRY SOLYNDRA THE SOLAR INDUSTRY (MARKET When Solyndra began, it was a cost-competitive option in the solar market. Today, however, Solyndra's reputed cost structure is significantly higher than the average price for solar modules. This steep decline in price resulted in significant losses for Solyndra. The falling price per watt of solar modules has made solar more accessible for many Americans. Between 2009 and 2010, the U.s. solar market grew more than 60 percent. U.S. GDP Growth (2009-2010) | 2.8% Revenue In 2010 $142 M U.S. Solar Market 67% Net Losses in 2010 $329 M Growth (2009-2010) 2009 U.S. Solar Market $3.6 BILLION $4.2/WATT 2010 U.S. Solar Market $6 BILLION Average Cost of Pre-Incentive Solar Installations $2/WATT $7.9/WATT $7.6/WATT $7.5/WATT $6.2/WATT S5.5/WATT $1.5/WATT Average Price October 2008 Average Price Today Solyndra 2007 2008 2009 2010 01 2011 JOBS ) When the company filed for bankruptcy in September 2011, it also laid off the majority of its staff. The U.S. solar industry is creating jobs faster than the U.S. economy as a whole. Between August 2010 and August 2011, the number of solar jobs grew by 6.8 percent. 1,100 6.735 positions at Solyndra were eliminated when the company filed for bankruptcy. new jobs were added between August 2010 and August 2011. 100,237 Workers employed by U.S. solar businesses as of August 2011. 1,100 POSITIONS SOLYNDRA 3.7% 9.1% BANKRUPTCY Traditional job growth (1998-2007) Clean economy job growth (1998-2007) National Median Wage: $38,616 Median Wage of Typical Clean Economy Job: $44,000 ( CURRENT VALUE In addition to the government loan, Solyndra received more than $1 billion in private funding. At the time of bankruptcy filing, the company declared nearly $784 million in secured debt. In 2010, solar energy installations created a total of $6.0 billion in direct value, of which 75% was accrued to the U.S. 82% ($3.6 BILLION) $1.1 BILLION came from the $859 MILLION photovoltaics sector. $6 $749 MILLION 9% ($419 MILLION) $535 MILLION came from the concentrating solar BILLION sector. 9% ($400 MILLION) came from the Private Capital Funding solar heating and cooling sector. DOE Assets as Debts as Guaranteed Loan of Jan. 1 of Jan. 1 CON THE WORLD STAGE) When Solyndra secured the DOE loan, thin-film solar was a cost-competitive alternative to silicon-based panels. However, global market forces ultimately made silicon more competitive. The U.S. is currently running a $1.9 billion trade surplus in solar technologies. Compare that to a $250 million trade deficit in petroleum. $5,630 MILLION $3.750 MILLION $1,880 MILLION A6% The price of silicon-based panels, made mainly in China and with which Solyndra was competing, fell 46 percent between 2009 and 2011. Solar Imports Solar Exports Net Solar Exports PUTTING IT IN PERSPECTIVE ( THE SOLYNDRA LOAN ) The financial losses from Solyndra were extensive. However, the loan guarantee was only 1.3 percent of the funds the government set aside for clean-energy projects. 535 MILLION 38.6 BILLION SOLYNDRA LOAN CLEAN-ENERGY LOAN GUARANTEE PROGRAM ( IT'S ALL RELATIVE) Compared to other loans from the Department of Energy, Solyndra's loan was tiny. And to date, the Solyndra loan is the only one known to be troubled out of 1705. 10 LARGEST CLOSED LOANS FROM DEPARTMENT OF ENERGY'S LOAN PROGRAM (1705 LOANS) $1.6 BILLION $1.4 BILLION $1.3 BILLION $1.2 $967 MILLION BILLION $852 MILLION $535 MILLION $400 MILLION $343 MILLION 2$ 2$ $197 MILLION NextEra Energy Solyndra Abound LS Power BrightSource Energy Abengoa Solar Caithness Abengoa Solar (Mojave Solar) Agua Solo Shepherds Caliente Solar Associates Power Flat Resources CANOTHER GOVERNMENT-BACKED FLOP But Solyndra isn't alone when it comes to Solyndra $535 MILLION LOAN government-subsidized companies that have failed. Consider Enron, which filed for Enron $1.2 BILLION LOAN bankruptcy in September 2001. THE SOLYNDRA TIMELINE Solyndra was approved for the federal loan guarantee program by the Bush administration and the loan itself was several years in the making-not a rush job by the Obama administration, as many news outlets would have you believe. MAY 2005 JUL 2005 LATE 2007 FEB-OСT 2006 DEC 2006 Solyndra is approved Solyndra is founded to provide a competitive alternative to silicon-based panels as a silicon shortage The Bush Solyndra raises first-round funding Solyndra applies for a loan guarantee as part Administrationsigns as one of 16 clean-tech the Energy Policy Act of 2005, which creates the 1703 loan from CMEA Capital, of the Department of Energy loan program. companies to move Argonaut Venture Capital, Madrone forward in the loan guarantee program drives prices of solar photovoltaics. guarantee program. Capital Partners, and under the Bush others, which were part Administration's DOE. of a $78.2 million fund. NOV 2008 JAN 2009 MAR 2009 JUN 2009 SEP 2009 Shortly before President Obama is With silicon prices still The credit committee Silicon prices begin to drop as more silicon The company raises $219 million more high, the company is approves the loan an attractive inaugurated, the Bush application. Staff at the production facilities grow. Between June shortly before the DOE secures the $535 investment and raises Administration tries to DOE issue a conditional million loan guarantee. more funding, bringing total private bring Solyndra before commitment setting out the terms. 2009 and August 2011, photovoltaics prices fall by more than 50 a DOE credit review The close on the loan investment to more committee, which guarantee occurs than $450 milLlion. remands the loan back roughly three years after the application is percent. to DOE because it wasn't ready for submitted. conditional commitment. JAN-JUN FEB 2011 JUN 2011 AUG 2011 SEP 2011 2010 Solyndra files for bankruptcy, lays off workers, and shutters its manufacturing The price of Rather than liquidate The average price for The DOE refuses to silicon-based PV the company, the DOE decides to give Solyndra a chance. solar modules falls to restructure the loan continues its steady $1.50 per watt. Analysts guarantee for a second fall. Investors question worry about how the time. Inves tors pump in $75 company will compete, even though Solyndra facility. Solyndra's ability to compete at the same million to restructure time the company raises $175 million the loan guarantee. says it has cut costs. more. 1One Block JOff the Grid SOURCES: DEPARTMENT OF ENERGY, THE SOLAR FOUNDATION, GREENTECHSOLAR, WASHINGTON POST, DAILY CALLER, SOLAR ENERGIES INDUSTRY ASSOCIATION, CLIMATE PROGRESS, CLEANTECHNICA, BLOOMBERG, VOTESOLAR.ORG, GUARDIAN.CO.UK, BUSINESSWEEK, LAWRENCE BERKELEY NATIONAL LABORATORY, NEW YORK TIMES, THE ASSOCIATED PRESS GROUP DISCOUNTS ON SsOLAR HTTP://1BOG.ORG %24 SOLYNDRA THE SOLAR INDUSTRY The high-profile bankruptcy of solar manufacturer Solyndra has given naysayers a soapbox to suggest there's something wrong with the solar industry as a whole. A closer look, however, reveals that the solar industry is booming and Solyndra's failure was, in many ways, the result of solar market's overall success. SOLYNDRA AND THE SOLAR INDUSTRY SOLYNDRA THE SOLAR INDUSTRY (MARKET When Solyndra began, it was a cost-competitive option in the solar market. Today, however, Solyndra's reputed cost structure is significantly higher than the average price for solar modules. This steep decline in price resulted in significant losses for Solyndra. The falling price per watt of solar modules has made solar more accessible for many Americans. Between 2009 and 2010, the U.s. solar market grew more than 60 percent. U.S. GDP Growth (2009-2010) | 2.8% Revenue In 2010 $142 M U.S. Solar Market 67% Net Losses in 2010 $329 M Growth (2009-2010) 2009 U.S. Solar Market $3.6 BILLION $4.2/WATT 2010 U.S. Solar Market $6 BILLION Average Cost of Pre-Incentive Solar Installations $2/WATT $7.9/WATT $7.6/WATT $7.5/WATT $6.2/WATT S5.5/WATT $1.5/WATT Average Price October 2008 Average Price Today Solyndra 2007 2008 2009 2010 01 2011 JOBS ) When the company filed for bankruptcy in September 2011, it also laid off the majority of its staff. The U.S. solar industry is creating jobs faster than the U.S. economy as a whole. Between August 2010 and August 2011, the number of solar jobs grew by 6.8 percent. 1,100 6.735 positions at Solyndra were eliminated when the company filed for bankruptcy. new jobs were added between August 2010 and August 2011. 100,237 Workers employed by U.S. solar businesses as of August 2011. 1,100 POSITIONS SOLYNDRA 3.7% 9.1% BANKRUPTCY Traditional job growth (1998-2007) Clean economy job growth (1998-2007) National Median Wage: $38,616 Median Wage of Typical Clean Economy Job: $44,000 ( CURRENT VALUE In addition to the government loan, Solyndra received more than $1 billion in private funding. At the time of bankruptcy filing, the company declared nearly $784 million in secured debt. In 2010, solar energy installations created a total of $6.0 billion in direct value, of which 75% was accrued to the U.S. 82% ($3.6 BILLION) $1.1 BILLION came from the $859 MILLION photovoltaics sector. $6 $749 MILLION 9% ($419 MILLION) $535 MILLION came from the concentrating solar BILLION sector. 9% ($400 MILLION) came from the Private Capital Funding solar heating and cooling sector. DOE Assets as Debts as Guaranteed Loan of Jan. 1 of Jan. 1 CON THE WORLD STAGE) When Solyndra secured the DOE loan, thin-film solar was a cost-competitive alternative to silicon-based panels. However, global market forces ultimately made silicon more competitive. The U.S. is currently running a $1.9 billion trade surplus in solar technologies. Compare that to a $250 million trade deficit in petroleum. $5,630 MILLION $3.750 MILLION $1,880 MILLION A6% The price of silicon-based panels, made mainly in China and with which Solyndra was competing, fell 46 percent between 2009 and 2011. Solar Imports Solar Exports Net Solar Exports PUTTING IT IN PERSPECTIVE ( THE SOLYNDRA LOAN ) The financial losses from Solyndra were extensive. However, the loan guarantee was only 1.3 percent of the funds the government set aside for clean-energy projects. 535 MILLION 38.6 BILLION SOLYNDRA LOAN CLEAN-ENERGY LOAN GUARANTEE PROGRAM ( IT'S ALL RELATIVE) Compared to other loans from the Department of Energy, Solyndra's loan was tiny. And to date, the Solyndra loan is the only one known to be troubled out of 1705. 10 LARGEST CLOSED LOANS FROM DEPARTMENT OF ENERGY'S LOAN PROGRAM (1705 LOANS) $1.6 BILLION $1.4 BILLION $1.3 BILLION $1.2 $967 MILLION BILLION $852 MILLION $535 MILLION $400 MILLION $343 MILLION 2$ 2$ $197 MILLION NextEra Energy Solyndra Abound LS Power BrightSource Energy Abengoa Solar Caithness Abengoa Solar (Mojave Solar) Agua Solo Shepherds Caliente Solar Associates Power Flat Resources CANOTHER GOVERNMENT-BACKED FLOP But Solyndra isn't alone when it comes to Solyndra $535 MILLION LOAN government-subsidized companies that have failed. Consider Enron, which filed for Enron $1.2 BILLION LOAN bankruptcy in September 2001. THE SOLYNDRA TIMELINE Solyndra was approved for the federal loan guarantee program by the Bush administration and the loan itself was several years in the making-not a rush job by the Obama administration, as many news outlets would have you believe. MAY 2005 JUL 2005 LATE 2007 FEB-OСT 2006 DEC 2006 Solyndra is approved Solyndra is founded to provide a competitive alternative to silicon-based panels as a silicon shortage The Bush Solyndra raises first-round funding Solyndra applies for a loan guarantee as part Administrationsigns as one of 16 clean-tech the Energy Policy Act of 2005, which creates the 1703 loan from CMEA Capital, of the Department of Energy loan program. companies to move Argonaut Venture Capital, Madrone forward in the loan guarantee program drives prices of solar photovoltaics. guarantee program. Capital Partners, and under the Bush others, which were part Administration's DOE. of a $78.2 million fund. NOV 2008 JAN 2009 MAR 2009 JUN 2009 SEP 2009 Shortly before President Obama is With silicon prices still The credit committee Silicon prices begin to drop as more silicon The company raises $219 million more high, the company is approves the loan an attractive inaugurated, the Bush application. Staff at the production facilities grow. Between June shortly before the DOE secures the $535 investment and raises Administration tries to DOE issue a conditional million loan guarantee. more funding, bringing total private bring Solyndra before commitment setting out the terms. 2009 and August 2011, photovoltaics prices fall by more than 50 a DOE credit review The close on the loan investment to more committee, which guarantee occurs than $450 milLlion. remands the loan back roughly three years after the application is percent. to DOE because it wasn't ready for submitted. conditional commitment. JAN-JUN FEB 2011 JUN 2011 AUG 2011 SEP 2011 2010 Solyndra files for bankruptcy, lays off workers, and shutters its manufacturing The price of Rather than liquidate The average price for The DOE refuses to silicon-based PV the company, the DOE decides to give Solyndra a chance. solar modules falls to restructure the loan continues its steady $1.50 per watt. Analysts guarantee for a second fall. Investors question worry about how the time. Inves tors pump in $75 company will compete, even though Solyndra facility. Solyndra's ability to compete at the same million to restructure time the company raises $175 million the loan guarantee. says it has cut costs. more. 1One Block JOff the Grid SOURCES: DEPARTMENT OF ENERGY, THE SOLAR FOUNDATION, GREENTECHSOLAR, WASHINGTON POST, DAILY CALLER, SOLAR ENERGIES INDUSTRY ASSOCIATION, CLIMATE PROGRESS, CLEANTECHNICA, BLOOMBERG, VOTESOLAR.ORG, GUARDIAN.CO.UK, BUSINESSWEEK, LAWRENCE BERKELEY NATIONAL LABORATORY, NEW YORK TIMES, THE ASSOCIATED PRESS GROUP DISCOUNTS ON SsOLAR HTTP://1BOG.ORG %24 SOLYNDRA THE SOLAR INDUSTRY The high-profile bankruptcy of solar manufacturer Solyndra has given naysayers a soapbox to suggest there's something wrong with the solar industry as a whole. A closer look, however, reveals that the solar industry is booming and Solyndra's failure was, in many ways, the result of solar market's overall success. SOLYNDRA AND THE SOLAR INDUSTRY SOLYNDRA THE SOLAR INDUSTRY (MARKET When Solyndra began, it was a cost-competitive option in the solar market. Today, however, Solyndra's reputed cost structure is significantly higher than the average price for solar modules. This steep decline in price resulted in significant losses for Solyndra. The falling price per watt of solar modules has made solar more accessible for many Americans. Between 2009 and 2010, the U.s. solar market grew more than 60 percent. U.S. GDP Growth (2009-2010) | 2.8% Revenue In 2010 $142 M U.S. Solar Market 67% Net Losses in 2010 $329 M Growth (2009-2010) 2009 U.S. Solar Market $3.6 BILLION $4.2/WATT 2010 U.S. Solar Market $6 BILLION Average Cost of Pre-Incentive Solar Installations $2/WATT $7.9/WATT $7.6/WATT $7.5/WATT $6.2/WATT S5.5/WATT $1.5/WATT Average Price October 2008 Average Price Today Solyndra 2007 2008 2009 2010 01 2011 JOBS ) When the company filed for bankruptcy in September 2011, it also laid off the majority of its staff. The U.S. solar industry is creating jobs faster than the U.S. economy as a whole. Between August 2010 and August 2011, the number of solar jobs grew by 6.8 percent. 1,100 6.735 positions at Solyndra were eliminated when the company filed for bankruptcy. new jobs were added between August 2010 and August 2011. 100,237 Workers employed by U.S. solar businesses as of August 2011. 1,100 POSITIONS SOLYNDRA 3.7% 9.1% BANKRUPTCY Traditional job growth (1998-2007) Clean economy job growth (1998-2007) National Median Wage: $38,616 Median Wage of Typical Clean Economy Job: $44,000 ( CURRENT VALUE In addition to the government loan, Solyndra received more than $1 billion in private funding. At the time of bankruptcy filing, the company declared nearly $784 million in secured debt. In 2010, solar energy installations created a total of $6.0 billion in direct value, of which 75% was accrued to the U.S. 82% ($3.6 BILLION) $1.1 BILLION came from the $859 MILLION photovoltaics sector. $6 $749 MILLION 9% ($419 MILLION) $535 MILLION came from the concentrating solar BILLION sector. 9% ($400 MILLION) came from the Private Capital Funding solar heating and cooling sector. DOE Assets as Debts as Guaranteed Loan of Jan. 1 of Jan. 1 CON THE WORLD STAGE) When Solyndra secured the DOE loan, thin-film solar was a cost-competitive alternative to silicon-based panels. However, global market forces ultimately made silicon more competitive. The U.S. is currently running a $1.9 billion trade surplus in solar technologies. Compare that to a $250 million trade deficit in petroleum. $5,630 MILLION $3.750 MILLION $1,880 MILLION A6% The price of silicon-based panels, made mainly in China and with which Solyndra was competing, fell 46 percent between 2009 and 2011. Solar Imports Solar Exports Net Solar Exports PUTTING IT IN PERSPECTIVE ( THE SOLYNDRA LOAN ) The financial losses from Solyndra were extensive. However, the loan guarantee was only 1.3 percent of the funds the government set aside for clean-energy projects. 535 MILLION 38.6 BILLION SOLYNDRA LOAN CLEAN-ENERGY LOAN GUARANTEE PROGRAM ( IT'S ALL RELATIVE) Compared to other loans from the Department of Energy, Solyndra's loan was tiny. And to date, the Solyndra loan is the only one known to be troubled out of 1705. 10 LARGEST CLOSED LOANS FROM DEPARTMENT OF ENERGY'S LOAN PROGRAM (1705 LOANS) $1.6 BILLION $1.4 BILLION $1.3 BILLION $1.2 $967 MILLION BILLION $852 MILLION $535 MILLION $400 MILLION $343 MILLION 2$ 2$ $197 MILLION NextEra Energy Solyndra Abound LS Power BrightSource Energy Abengoa Solar Caithness Abengoa Solar (Mojave Solar) Agua Solo Shepherds Caliente Solar Associates Power Flat Resources CANOTHER GOVERNMENT-BACKED FLOP But Solyndra isn't alone when it comes to Solyndra $535 MILLION LOAN government-subsidized companies that have failed. Consider Enron, which filed for Enron $1.2 BILLION LOAN bankruptcy in September 2001. THE SOLYNDRA TIMELINE Solyndra was approved for the federal loan guarantee program by the Bush administration and the loan itself was several years in the making-not a rush job by the Obama administration, as many news outlets would have you believe. MAY 2005 JUL 2005 LATE 2007 FEB-OСT 2006 DEC 2006 Solyndra is approved Solyndra is founded to provide a competitive alternative to silicon-based panels as a silicon shortage The Bush Solyndra raises first-round funding Solyndra applies for a loan guarantee as part Administrationsigns as one of 16 clean-tech the Energy Policy Act of 2005, which creates the 1703 loan from CMEA Capital, of the Department of Energy loan program. companies to move Argonaut Venture Capital, Madrone forward in the loan guarantee program drives prices of solar photovoltaics. guarantee program. Capital Partners, and under the Bush others, which were part Administration's DOE. of a $78.2 million fund. NOV 2008 JAN 2009 MAR 2009 JUN 2009 SEP 2009 Shortly before President Obama is With silicon prices still The credit committee Silicon prices begin to drop as more silicon The company raises $219 million more high, the company is approves the loan an attractive inaugurated, the Bush application. Staff at the production facilities grow. Between June shortly before the DOE secures the $535 investment and raises Administration tries to DOE issue a conditional million loan guarantee. more funding, bringing total private bring Solyndra before commitment setting out the terms. 2009 and August 2011, photovoltaics prices fall by more than 50 a DOE credit review The close on the loan investment to more committee, which guarantee occurs than $450 milLlion. remands the loan back roughly three years after the application is percent. to DOE because it wasn't ready for submitted. conditional commitment. JAN-JUN FEB 2011 JUN 2011 AUG 2011 SEP 2011 2010 Solyndra files for bankruptcy, lays off workers, and shutters its manufacturing The price of Rather than liquidate The average price for The DOE refuses to silicon-based PV the company, the DOE decides to give Solyndra a chance. solar modules falls to restructure the loan continues its steady $1.50 per watt. Analysts guarantee for a second fall. Investors question worry about how the time. Inves tors pump in $75 company will compete, even though Solyndra facility. Solyndra's ability to compete at the same million to restructure time the company raises $175 million the loan guarantee. says it has cut costs. more. 1One Block JOff the Grid SOURCES: DEPARTMENT OF ENERGY, THE SOLAR FOUNDATION, GREENTECHSOLAR, WASHINGTON POST, DAILY CALLER, SOLAR ENERGIES INDUSTRY ASSOCIATION, CLIMATE PROGRESS, CLEANTECHNICA, BLOOMBERG, VOTESOLAR.ORG, GUARDIAN.CO.UK, BUSINESSWEEK, LAWRENCE BERKELEY NATIONAL LABORATORY, NEW YORK TIMES, THE ASSOCIATED PRESS GROUP DISCOUNTS ON SsOLAR HTTP://1BOG.ORG %24