Residential solar energy companies are helping more and more homeowners upgrade their properties to clean energy sources. Solar energy companies can equip you with the technology you need to harness the amazing power of the sun and reduce your need for fossil fuels. In this article, we'll review some of the most trustworthy providers and installers of solar power.
Our picks for the best solar companies
The first step in the process is researching some of the top companies in the solar industry. Here are the ones that stood out in our research.
Each product featured here has been independently selected by the writer. If you make a purchase using the links included, we may earn commission.
How we chose the best solar energy companies
How did we determine which solar power companies to recommend?
To begin with, we took a deep dive into each company's offerings, assessing them for the following criteria:
- Range of services offered
- Pricing/affordability and financing options
- Extent of service area
- Solar panel efficiency
- Warranty
- Temperature coefficient (e.g., how much high temperatures affect efficiency)
Additionally, we weighed membership and certification by professional associations like the Solar Energy Industries Association (SEIA). Affiliation with these groups is a good indicator that a solar energy company is reputable, and that their work is up to the highest standards within the industry.
The best solar energy companies
With these criteria in mind, consider our picks for the best solar panel providers and installers in the industry.
SunPower
If you're looking for a company that can walk you through the process of upgrading to solar power for an easy and convenient experience, look no further than to SunPower. The company offers:
- A "design studio" app, allowing you to safely and seamlessly design your own solar power system so that you can see a visual of what the finished product will look like once installed.
- Online calculators that make it easy for you to determine about how much electricity you will save once you upgrade to solar panels.
- Virtual consultations, allowing you to chat one-on-one with a solar power expert and to ask any questions you might have.
SunPower offers leading solar panels and energy storage technology to homeowners across dozens of states. And, they are also the preferred solar partner of many major businesses, including Walmart, FedEx, and Lowes.
Why buy: SunPower is a reliable solar energy company with an impressive tech portfolio and an extremely easy, intuitive process.
SunRun
Upgrading to solar power can seem a little intimidating, but SunRun is out to bring simplicity. Their approach makes it extremely straightforward to select a custom solar energy plan for your household. Here's what to know about SunRun:
- They offer virtual consultations with solar energy experts, making it simple to explore your options and determine which solar set-up is right for your home energy needs.
- Each system they design is completely customized to address the customer's needs. SunRun doesn't do "one size fits all" solar equipment options.
- Their guarantee, the best in the industry, offers extraordinary peace of mind that your solar system will prove durable and reliable.
- SunRun also leads in terms of flexible financing options, making solar power accessible and affordable.
Why buy: With SunRun, the name of the game is customization. This is one of the best solar installation companies to turn to for solar power solutions that are truly made with you in mind.
Tesla
You probably associate Tesla with their electric vehicles, but did you know that the company also produces high-efficiency solar panels? Depending on your needs and your budget, Tesla can hook you up with an array of solar panels or even a solar roof, making it easy to cut electricity costs and power your home via the sun's vital energy.
Some fast facts about choosing solar power from Tesla:
- They offer a price match guarantee and affordable financing options.
- Their advanced solar panel technology offers a low profile, a sleek style, and long-term durability.
- Home battery backups allow you to save solar power and then access it on demand, whenever you need it.
Why buy: Tesla offers sophisticated solar products for what the company claims is the lowest price of any national provider, which they back with a price-match guarantee. Plus, all of their solar panels come with a solid 25-year performance guarantee.
LG
LG is another well-known tech company that is also a leader in solar energy. Some of their solar panels use a bifacial solar module that captures energy from two directions to increase their efficiency. While they are a solar panel manufacturer, they can also help you with the installation process by finding an LG Pro installer in your area.
- They offer an online "solar concierge" service that allows you to evaluate your home energy needs and to compare different options for going solar.
- LG offers a 25-year warranty, not only on their technology but also on the work their of their solar installers.
- They offer a range of solar panels and supporting products, and they supply you with plenty of information to make a fully informed choice.
Why buy: LG is a company that knows technological innovation. Their award-winning solar energy products are reliably efficient, well-priced, and designed for maximum efficiency.
Panasonic
Panasonic has one of the most impressive tech portfolios in the solar energy industry. Their products boast some of the highest conversion efficiency rates, along with the lowest degradation rates. And they back everything with a generous warranty.
Some additional reasons to choose Panasonic:
- They offer a range of solar panels to choose from. With Panasonic, you'll find that you have plenty of options.
- They also provide a lot of great online support and consumer education, ensuring you'll get the most out of your solar technology.
Why buy: Panasonic is a solar panel company with products that are tough to beat. Both their pricing and warranties are very appealing, and their HIT high-performance solar panels offer some of the best power conversion rates of any product.
Vivint
Vivint is a company that offers a full spectrum of services, including solar power consultation, design, and installation. A few reasons why homeowners trust their solar power needs to the Vivint team:
- Everything Vivint does is customized. They tailor everything to fit your roof and to help you achieve your home energy goals.
- They make the entire process simple, handling all of the little details for you. This includes securing permits, filing the right paperwork, etc.
- They emphasize safety, using only the highest caliber of solar panels and backing everything with a world-class warranty.
Why buy: Vivint is noteworthy for their focus on customization, their commitment to safety, and their one-stop-shop solar power solutions. In addition to solar panel installation, they also offer other specialized technology, including solar-powered electric vehicle chargers.
Enphase
Enphase is another company that stands out, both for their robust technology as well as for their commitment to customization. Their microinverter technology makes their solar system safer by reducing the likelihood of arc fault fires.
- They design their solar technology with safety in mind, including fire safeguards that other companies can't match.
- Their solar panels are built for durability and can hold up even through the most extreme kinds of weather.
- Enphase uses smart technology to update itself; all you need to do is connect it to your home Internet.
- They also have one of the best apps in the solar industry, making it simple to monitor your home energy use.
Why buy: Enphase is a company of innovators, and their solar portfolio has a lot to offer. Their system is also modular, meaning you can easily add more panels to your system as you need them.
Canadian Solar
This solar power provider has won recognition not just for their excellent technology, but also for their sincere commitment to sustainability and to ecological stewardship. And don't let the name throw you off: Though Canadian Solar is based in Canada, they provide solar power solutions in the U.S. and other countries.
Some additional facts about Canadian Solar:
- They offer a wide range of products, from energy converters to storage solutions.
- Their solar panels boast exceedingly high energy efficiency rates.
- Canadian Solar has won a number of awards for its first-class innovations, and one of their products even set a world record for conversion efficiency in 2020.
Why buy: This company has a proven track record of technological excellence, plus a real commitment to ecological stewardship. They also closely monitor their supply chain to ensure that no goods or materials used in their products come from prohibited forms of labor.
First Solar
First Solar boasts an impressive track record of advocacy for solar power and for renewable energy sources. And, thankfully, they back their advocacy with some excellent solar technologies.
A few reasons to choose First Solar solar panels:
- Their technology offers an outstanding temperature coefficient, meaning they won't lose performance during high temperatures.
- Their solar cells are among the most reliable and most efficient in the clean energy sector.
- First Solar also offers a lot of post-purchase, post-installation help, as needed.
Why buy: First Solar is a great option for anyone who's serious about renewable energy, and who wants the best performance from their solar panels.
Go Solar
The biggest drawback to Go Solar is that, right now, their work is limited to just a few states. But if you happen to live in that part of the country, you're in luck. Go Solar's panels are uniquely calibrated to take advantage of the western region's abundant sunlight. Some additional reasons to pick Go Solar include:
- They offer free home solar assessments.
- They custom-design solar systems to meet the needs of your home.
- They have some of the most trusted installers in the solar power industry.
Why buy: For solar solutions that are tailored to the climate of the American West, definitely consider Go Solar. Plus, with their Give Solar International partnership, they give an equivalent solar panel system to a family in Uganda for each system sold.
How does a solar energy system work?
As you explore the different options for embracing solar power, it may be helpful to have a baseline understanding of how solar energy systems actually function.
Generally speaking, solar energy systems involve solar panels installed on your roof. These panels absorb the sun's energy, storing it in what are known as photovoltaic cells. These cells convert the solar energy into direct current (DC) energy, then use an inverter to convert that DC energy into alternate current (AC) electricity. AC electricity is what you need to power all your home appliances.
It's important to note that, before you purchase solar panels, it's worthwhile to meet with a solar energy consultant who can tell you more about how many panels your home will require, and also to let you know how those panels should be ideally positioned on the roof.
One more note: If you're concerned about the affordability of solar power, it's important to remember that most solar energy companies provide a host of options, including flexible financing and solar lease options for a system rather than purchase it outright. As you talk with different solar energy companies, don't hesitate to inquire about these leasing and financing options.
Benefits of solar energy
Installing solar panels on your home can yield a number of benefits. Here are just a few examples.
Cleaner energy
One of the main reasons why homeowners choose to install solar cells is that it allows them to truly embrace clean energy sources. Rather than depend on fossil fuels and power plants, you can power your home with renewable energy that comes straight from the sun. This can be a highly effective way to minimize your environmental footprint.
Solar tax credits and rebates
There are a number of ways in which choosing renewable energy can save you money, starting with the fact that there are so many rebates and tax credits available. Essentially, both the federal government and many state governments want to encourage people to "go green" as much as possible, and they will make it worth your while by allowing you to claim these important tax incentives. Some utility companies also offer rebates that can help pay for the upfront costs of solar projects.
Lower electricity bills
Of course, embracing solar power will also help you save money by slashing your electricity bills. Most solar energy companies offer online calculators that allow you to see for yourself how much money you'll save over time, simply by changing to a renewable energy source. There is also an option called a power purchase agreement (PPA) that can allow you to host a solar or renewable energy system from a utility provider in exchange for lowered energy rates. If your solar panel system generates excess energy, the utility will then purchase that energy from you in the form of a net metering credit on your bill.
Make a smart choice about solar power
There are obviously a lot of perks to choosing solar energy for your home. And yet, it can also be a rather daunting process, simply because there are so many solar energy companies to choose from.
Using our guidelines and rankings, start doing your due diligence, seeking the solar power company that's right for you. Remember to look for a company that's well-regarded within the industry and get a consultation before you buy. Always be sure to ask some direct questions about the financing options that are available to you.
Josh Hurst is a journalist, critic, and essayist. He lives in Knoxville, TN, with his wife and three sons. His writing on natural health, nutrition, and supplements has appeared in Health, Shape, and Remedy Review.
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U.S. Sen. Mitch McConnnell (R-KY) surprised nobody with the bill he introduced Wednesday in response to U.S. Environmental Protection Agency Administrator Gina McCarthy's detailing of President Barack Obama's plan to reduce carbon dioxide emissions across the country.
McConnell's measure would have blocked the regulations within Obama's proposal. It would have also provided the Senate minority leader a key piece of legislation for his November re-election bid, enabling him to discuss all the jobs he saved for his coal-reliant state.
McConnell will likely still say all of that, but won't have the accompaniment of his "Coal Country Protection Act." That's because U.S. Senate Majority Leader Harry Reid blocked McConnell's call for "immediate consideration" of the bill.
“President Obama’s new energy regulations would ship middle class jobs overseas, splinter our manufacturing base and boost energy costs for struggling families," McConnell claimed on the Senate floor.
"The president’s energy regulations would hurt the poor, the unemployed, seniors, and especially families in Kentucky."
Reid followed that by reminding McConnell that there is a lengthy public comment period on the EPA plan. States will also have two-to-three years to submit final plans after the EPA's proposal is finalized.
However, it's true that McConnell's state will have a tougher time reducing carbon emissions than others. Kentucky gets a whopping 95 percent of its energy from coal plants. Those plants are clearly a vital part of the economy, but reducing the emissions that come from a state so reliant on coal would preserve the health of the workforce, regardless the industry residents are employed by.
Still, McConnell says 7,000 coal-sector jobs have been lost since Obama took office. That's not all the president's fault, though. Coal plants become more expensive to maintain as they age, making it an industry few want to continue investing in.
Bloomberg's map of retiring plants show that coal closures will take place in nearly every state, but that can't be attributed to those with different political beliefs than McConnell. After all, solar energy didn't capture 74 percent of all new electricity capacity during this year's first quarter because it's a bad investment. In fact, the U.S. Department of Energy reported earlier this year that solar energy is 60 percent of the way to achieving the $0.06-per-kilowatt-hour target set for 2020.
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Trending
Vote Hemp and Kentucky-based Growing Warriors have partnered to organize a planting of industrial hemp in Mount Vernon, KY, on May 16, as part of the nationwide grassroots education effort Hemp History Week. The certified industrial hemp seed provided by the Kentucky Department of Agriculture will be grown as part of a research and development program in conjunction with the Kentucky State University, and marks an historic moment in the Bluegrass State after decades of federal prohibition of industrial hemp.
“Kentucky is leading the country toward a revitalized, lucrative and sustainable hemp industry,” says Eric Steenstra, president of Vote Hemp. “Kentucky farmers, legislators and manufacturers have joined together to bring back hemp farming to the Kentucky landscape, knowing that hemp will bring job creation, among many other economic and environmental benefits.”
Grown for its versatile fiber and oilseed, which can be used to make rope, paper, building materials, bio-fuels, cosmetics, healthy food, body care products, textiles, plastic composites and much more, hemp was once a paramount crop of Kentucky cultivated in the state as recently as the 1950’s, but was permanently banned in 1970 as a Schedule 1 drug under the Controlled Substances Act. The return of hemp to Kentucky’s farmland and mills is lauded by many political, agriculture and industry leaders in the state and beyond who view the burgeoning industrial hemp market as a step toward job growth and sustained economic stability in the commonwealth.
The hemp will be sown by war veterans who have partnered with Growing Warriors to learn agriculture and farming skills and work toward creating local community food systems. A reception will follow the hemp planting, to include refreshments and speeches by a number of notable leaders in the movement to legalize industrial hemp, including Agriculture Commissioner James Comer, Mike Lewis, executive director of Growing Warriors, Kentucky legislators, and other notable figures in the grassroots movement to legalize industrial hemp.
"The farming and production of industrial hemp in America just makes sense," said Lewis. "The important thing to note is that a hemp industry must be built from the ground up, and if done properly and responsibly it will restore some vibrancy to our communities. Fighting alongside my fellow Veterans for this crop has already made me a wealthier man as I witnessed the grit and determination that built this country play out daily and now I will be afforded the opportunity to plant this historic crop with true patriots."
“We took on this fight at the state legislature a year ago, and who would have ever dreamed we would change Kentucky law—change federal law—and have hemp in the ground today?” Comer said. “This is an historic moment for Kentucky farmers, and my hope is that industrial hemp can again be a thriving industry that presents new opportunities in agriculture and manufacturing for years to come.”
To date, thirty-three states have introduced pro-hemp legislation and twenty-two have passed pro-hemp legislation. Thirteen states (California, Colorado, Indiana, Kentucky, Maine, Montana, Nebraska, North Dakota, Oregon, Vermont, Washington and West Virginia) have defined industrial hemp as distinct and removed barriers to its production. However, despite state authorization to grow hemp, farmers in those states risk raids by federal agents if they plant the crop outside the parameters of Section 7606 of the recent Farm Bill, due to failure of federal policy to distinguish oilseed and fiber varieties of Cannabis (i.e. industrial hemp) from psychoactive varieties (i.e. marihuana.)
In 2013, both the federal Senate and House introduced versions of the Industrial Hemp Farming Act, S. 359 and H.R. 525 respectively. So far in the 2014 legislative session, industrial hemp legislation has been introduced or carried over in Puerto Rico and twenty-five states: Alabama, Arizona, Colorado, Connecticut, Hawaii, Illinois (carried over from 2013), Indiana, Kentucky, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire (carried over from 2013), New Jersey (carried over from 2013), New York, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, Washington (two bills were carried over from 2013), West Virginia, and Wisconsin.
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Yesterday, the U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced more than seven million dollars in funding to support research on the profitability of small and medium-sized family farms, including their potential role in building local and regional systems. This announcement came amidst a flurry of other USDA news and program announcements in support of small farmers.
These grants were awarded through the Agriculture and Food Research Initiative (AFRI), which is administered by the National Institute of Food and Agriculture (NIFA)—USDA’s intramural grant-making agency related to agricultural research, education and extension. The small and medium-sized family farm subprogram within AFRI was added over a decade ago following a campaign by National Sustainable Agriculture Coalition (NSAC) backed by a variety of members of Congress.
AFRI is USDA’s largest competitive research grants program, with an annual budget of $274 million in Fiscal Year (FY) 2013 and $316 million for FY14. And while the awards announced this week are a small portion of AFRI’s total program funding levels, the research funded by these grants will nonetheless have significant impact on our understanding of how small and medium-sized farms can remain economically viable amidst the changes in our current agricultural landscape.
For 2013, AFRI’s Small and Medium-Sized Farm program focuses on research, education and extension projects that develop new ideas on how to increase the viability and competitiveness of small and medium-sized dairy, poultry, livestock, crop and commodity operations. This includes developing strategies to increase market access; developing efficient local and regional food systems; and assessing the impacts of changes in input costs, markets and credit on farm entry, transition and the economic viability of small farms.
In total, 10 research grants were awarded for FY13, including several grants that focus on how small and mid-scale farms can contribute to local and regional food systems and increase profitability through more environmentally sustainable production systems. Some projects funded in these areas include:
Michigan State University’s Center for Regional Food Systems (an NSAC member) will lead a project focusing on the development of profitable Michigan-based meat and livestock value chains supplying local and regional markets. This research will expand the Center’s Livestock Work Group, as will another research project funded on the production and supply side strategies for a local, Michigan grass-finished beef production system. Another MSU grant will examine business networks for food hubs in Michigan and Missouri and is tied to the Center’s Michigan Food Hub Network.
In Idaho, researchers at the University of Idaho will investigate ways to overcome constraints in serving local and regional markets in the Intermountain West, given its vast geography and often large distances between producers and consumers. Research will focus on identifying strategies for aggregation, storage, processing and distribution for small and medium-sized farmers to access local and regional vegetable and livestock markets.
Researchers at the University of Illinois in Urbana-Champaign will support research, education and outreach for designing and implementing more sustainable agroecosystems in the Upper Sangamon River Watershed (a typical region of the Midwest primarily dominated by corn and soybeans) by focusing on local food and biomass production for small farmers in the region.
Oklahoma State University will evaluate the role of small and mid-size farms and their impact in local and regional food systems. Specifically, this project will assess the economic development benefits that can be derived from more localized food systems.
Researchers at the University of Wisconsin will work with small and mid-sized diversified vegetable farms in Wisconsin who are selling into multiple local and regional food markets in order to develop strategies to help them identify better balances between diversification and specialization in the crops grown on their farms.
In Vermont, researchers at the University of Vermont will assist decision-making by rural farm families to increase the sustainability and competitiveness of small and medium-sized farms, to strengthen the local economy with sustainable food production through the adoption of innovative and environmentally sustainable farming practices.
Kentucky State University researchers and extension agents will work with small, limited resources, socially disadvantaged, beginner and women farmers through workshops, meetings, one-on-one education and Extension Agent training in order to increase the efficiency and utilization of these farmers across the state.
Applications for the next round of funding for FY 2014 were due earlier this week, and awards are not expected to be announced until later this year.
To see a list of complete projects for 2013, click here.
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Neighbors for an Ohio Valley Alternative
By Geoffrey Sea
[Read Part I, Part II, Part III and Part IV of this series]
Whistleblowers allied with the Natural Resources Defense Council have filed suit against Paducah contractors over past fraud and legal violations in waste handling at the site, a new round of litigation after fraud claims joined by the federal government about a decade ago. Paducah workers will likely sue to recover their vanishing pension benefits, and heck, if you don’t sue somebody, then you’re just not a member of the Paducah nuclear club.
It’s a litigious self-sustaining chain reaction, a post-atomic parody of the old Tom Lehrer A-Bomb song “Who’s Next?” Yesterday I visited “Future City,” an empty developer’s dream town adjacent to the hulking Paducah Gaseous Diffusion Plant, and I saw the Paducah mural wall along the lovely Ohio River, which includes one depicting the incoming traffic of the “A-Boom” of 1952. But there’s an ominous empty mural space after it, ripe for depiction of the rear-ends of automobiles in the A-Bust of 2013, and it’s clear that Future City belongs now only to the lawyers.
The Week the USEC World Ended
USEC, the company whose bust-up operations and the cessation thereof included no serious planning for impacts on the community, is only midway through a nuclear week of woe.
On Monday, June 24, a special joint session of the Paducah City Council and the McCracken County Fiscal Court, chaired by mayor Gayle Kaler, was called to respond to the crisis of USEC’s precipitous departure, resulting in a joint resolution demanding federal insurance of safe power-down and recognizing united community opposition to a planned on-site 100-acre waste cell following plant demolition.
Representatives of Neighbors for an Ohio Valley Alternative (NOVA) attended, presented comments, and announced the launch of a nationwide petition-drive to transfer responsibility for nuclear cleanup from the Department of Energy to the U.S. Environmental Protection Agency. The NOVA petition also calls for a transfer of federal funds from USEC’s failed “American Centrifuge” program to urgent safety and cleanup work at the Paducah and Piketon, Ohio, sites. Media attention has focused on my revelation at the Monday meeting that for years USEC has been moving contaminated equipment from the Piketon site to Paducah, under the rubric of “spare parts,” but with many outstanding questions as to why contaminated spare parts would be required for a facility scheduled to be shut down.
On Tuesday, June 25, Kentucky Governor Steve Beshear came to Paducah for meetings with Mayor Kaler and other officials mobilizing community response, after which the governor announced that the state is contemplating a lawsuit against DOE. Such a suit would be modeled on the massive successful litigation brought by the states of Washington and Oregon against DOE, to increase the funding and alter the action plan for cleanup of the Hanford nuclear reservation, near the border of those two states.
At issue in the potential Kentucky case would be DOE’s failure to plan for and fund safe power-down at Paducah. Instead, DOE relied on a weak lease provision that requires USEC to accomplish that work, but DOE apparently failed to take cognizance of USEC’s financial collapse, rendering the company incapable of incurring additional expenses without pushing itself into bankruptcy. That eventuality would bring a raft of other problems of unanticipated consequence, including the potential disappearance of worker pension benefits at the same time workers lose the remaining value of their USEC stock holdings.
Enron All Under Again
USEC stock value has flat-lined at about 30 cents per share, creating a radioactive penny-stock, making a mockery of USEC’s “Stock Up” program of partial employee compensation. It’s Enron all under again, with economic impact highly concentrated in the communities of Paducah and Piketon, far less capable of absorbing the impacts than was Houston.
Also on Tuesday, Edward Markey was elected to the U.S. Senate in a special election in Massachusetts. Markey has been USEC’s arch-foe in the House, dubbing it “the United States Earmark Corporation,” a jab at the House Committee chairmen from Kentucky, Hal Rogers and Ed Whitfield, who claimed credit for the Republican “No Earmark Rule” even as they shoveled new federal subsidies to USEC. In its carefree days, the company would dutifully kick back some of those subsidies in the form of campaign contributions, with Rogers and Whitfield near the top of that list. They, along with Paducah point man Mitch McConnell, will have to explain to constituents, if not the Justice Department, why USEC took the federal money and ran.
This would be a propitious time to review just one of Congressman Markey’s prophetic anti-USEC rants in House committee deliberations, this one in opposition to USEC’s eligibility for a federal loan guarantee.
Now, Congressman Markey will move to the U.S. Senate, where he will caucus with the majority, just as USEC is preparing to submit a third revision of its loan guarantee application, or so the company says.
Quadruple Back-Flip Split?
But the week is far from over. On Thursday, June 27, USEC shareholders are meeting at the company’s beltway-bandit hideout in Bethesda, Maryland. They will stare straight into the double-barrels of doomsday de-listing warnings from the New York Stock Exchange (NYSE), one because USEC’s stock price has failed to meet the one-buck minimum for over a year, and another because the company’s total market capitalization is only 75% of the $50 million minimum NYSE requirement. If USEC is de-listed for either or both reasons, half a billion dollars of bond debt becomes immediately due.
To ward off that Apocalypse, USEC shareholders will vote on a no-choice proposal for a reverse stock split, whereby current shares will be traded in for new ones at a ratio of between ten-to-one and thirty-to-one. It’s a Wikipedia understatement that “a reverse stock split is often an indication that a company is in financial trouble,” even when the swap ratio is lower than double-digits. But USEC has a number of additional problems. While the reverse split will likely cure the share price deficiency at least temporarily, it will also likely worsen the market capitalization deficiency, which USEC suggests in a disclosure statement. That’s not just because reverse splits have the stench of dead flesh, but because odd shares that cannot be swapped at the selected ratio must be cashed out. (If the swap ratio is thirty-to-one but you only own twenty-nine shares, the company has to buy your shares.)
NYSE just was not cut out for micro-cap companies that make a meager living by extorting illegal subsidy payments from corrupt politicians. Maybe USEC needs a quadruple back-flip split on the balance beam as its final substitution for a legal business plan?
And it gets worse for USEC. The company needed to cut its losses at Paducah, after paying about half a billion dollars each year just in power costs to TVA. However, the company banked on being able to pack-up and leave Paducah cost-free. It had intended to shut out the lights, and “de-lease” the facility, using any threat of nuclear safety calamity from a rapid power-down as a way to extract yet more federal payments for subsidized “extension.”
When the Department of Energy said no to that plan in May, according to reliable sources, it also informed USEC that it would hold the company to a lease provision that the plant be returned in “safe condition.” The possibility of federal aid for that project is negated by USEC’s own scheming that Paducah power-down costs not be included in the 2013 federal budget (even in theory, such funds will not be available until October at the earliest).
There is ongoing wrangling between the litigants even now as to what exactly “safe condition” means. USEC is meeting a minimal standard of its own determination, simply blowing air through the system as diffusion cells are powered down, but leaving substantial residues of solidified uranium and transuranic crap inside the pipes and compressors. That will be a costly nightmare for future cleanup workers. (Workers report about two inches of residue coating the insides of all process equipment). Imagine a gigantic sixty-year-old sewerage installation that’s never been Roto-Rooted.
That leaves a horrid legacy for future cleanup workers, as Terra Hays testified at Monday night’s governmental meeting. She is the wife of a Paducah worker who became seriously ill after only 23 months of removing and packaging contaminated materials at Paducah, and Ms. Hays cited the statistic that there are now 19,128 active claims for work-related illness compensation at Paducah.
DOE was able to compel USEC to take minimal safety precautions at Paducah because USEC’s continuing investment scam is to say that it will apply for and receive a $2 billion loan guarantee from DOE, a loan guarantee that is inexplicably supposed to enable USEC to build a new centrifuge plant with undemonstrated technology that will cost a minimum of $5 billion. Thus, USEC did not terminate its TVA power contract at the end of May as threatened, and to date has shut down about 60 percent of the Paducah cascade, with the remainder to be shut down over the next month or two. Power consumption has been reduced from about 1500 MW per year to about 350 MW or lower.
With USEC’s financial situation, however, that creates a whole separate set of issues. USEC did not anticipate having to pay the costs of that work, and so did not disclose those costs to its investors or the SEC. In a Form 8-K filed with the SEC on May 31, USEC says only that “USEC is in discussions with DOE regarding the timing of USEC’s de-lease of the Paducah GDP and is seeking to minimize its transition costs, which could be substantial.” By my estimation, the unanticipated power costs alone will total in the tens of millions of dollars.
And that raises the question of whether USEC has been forthcoming with its investors and federal regulators headed into its shareholders meeting on June 27. A cornucopia of new potential lawsuits!
Scores of World War II ammunition bunkers cluster around the Paducah plant. I think they may find a new use sooner than the gaseous diffusion plant, warehousing the litigation files about to be generated in a case of uncontrolled nuclear proliferation. As for the massively contaminated plant site itself, how could we do better than a new federal penitentiary for the white-collar perpetrators of these hazmat-orange crimes?
The security fences and guard stations are already in place for the nuclear chain gang, and the plant was prophetically organized by cell-block. Consider the government cost savings on convict transportation alone.
Visit EcoWatch’s ENERGY and NUCLEAR pages for more related news on this topic.
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Click here to tell Congress to Expedite Renewable Energy.
