Solar plane – latest breakthrough as solar energy gains momentum

In the spirit of the season, since heat waves are roasting major cities around the world, solar energy is a hot topic. From residential rooftops to power plants to experimental aircraft, solar energy has its season in the sun. Thursday, after spending 26 hours aloft, a solar powered airplane landed. And this week the Obama administration pledged $ 1.85 billion in guaranteed loans to develop a solar energy power plant and also some solar panel factories. There’s a cloud though. Fannie Mae and Freddie Mac, ever the bearers of bad news these days, won’t accept any mortgage loans that use a government funded program to finance solar energy installation costs.

Article resource: Solar plane is latest breakthrough as solar energy gains momentum by Personal Money Store

Solar plane with its day in the sun

Thursday, a solar plane landed in Paris after flying continuously for 26 hours, 9 minutes. The New York Times reports the Solar Impulse reached an altitude of more than 28,000 feet and reached a maximum speed of 78 miles per hour during a day over Switzerland. The solar energy plan was powered overnight by energy that was collected during the day from solar panels on its 210-foot wingspan. Organizers said the flight was the longest and highest by a solar-powered craft.

Poster child for solar energy- solar plane

The Solar Impulse record-breaking flight took seven years of planning and brings the Swiss-led project one step closer to its goal of flying Solar Impulse around the world powered only by the solar energy. It was reported by the Associated Press that although the objective is to prove that emissions-free air travel is possible with Solar Impulse, the flight team said it doesn’t see solar energy replacing jet propulsion any time soon. Instead, the project is designed to test and promote new energy-efficient technologies.

Solar energy companies get billions from stimulus package

Speaking of new energy-efficient technologies, President Obama announced the U.S. Department of Energy will pledge $ 1.85 billion from the economic stimulus package to two solar energy companies: Abengoa Solar and Abound Solar Manufacturing. As outlined by the International Business Times, Abengoa Solar will build the first ever large-scale solar energy power plant in Arizona with $ 1.45 billion in funding. Developers explain that the project will create more than 1,600 construction jobs and clean energy for 70,000 homes. Abound Solar Manufacturing will build a plant that manufactures solar panels in Colorado and in Indiana with $ 400 million in funding. The solar panel factories are expected to create more than 2,000 construction jobs, conserve energy for 200,000 homes, and produce ! more than 1,500 permanent clean energy jobs.

PACE provides solar panels for house

Clean energy initiatives that focus on solar energy are gaining momentum on numerous fronts. But the U.S. housing market, which has become the ball and chain for of economic recovery, is running true to form. According to Trading Markets, the Obama administration’s Property Assessed Clean Energy (PACE) program is falling to the black hole of Freddie Mac and Fanny Mae. The PACE program is distributing about $ 150 million in loans for local governments which they can then lend to you to cover the upfront costs solar panels for your home. Through property tax bills, the loans are paid off.

Cloud cast over solar energy by Freddie and Fannie

With PACE, residential solar energy could are headed for a big boost. But Fannie and Freddie, federal agencies that guarantee more than 50 percent of U.S. mortgages, are overwhelmed with millions of foreclosures. Officials that are in charge of the agencies, which have cost U.S. taxpayers more than $ 145 billion in losses, assume people will start defaulting on PACE mortgages also. Both Fannie and Freddie have issued letters to mortgage sellers stating that they will not accept any loans for homes using the new program.

More info about this topic at these websites:

New York Times

nytimes.com/2010/07/09/world/europe/09plane.html?_r=1&hp

Associated Press

google.com/hostednews/ap/article/ALeqM5goDxf8Obh9y8tOk6Nse1GMEmSXWgD9GQNU181

International Business Times

ibtimes.com/articles/33502/20100708/obama-s-commitment-to-solar-technology-job-creation-and-economic-recovery.htm

Trading Markets

tradingmarkets.com/news/stock-alert/fnm_us-energy-solar-initiatives-threatened-by-white-house-dissonance-1028938.html