Treasury IG Probes Solar Firms Over $14B Grant Program

Law360, New York (October 10, 2012, 2:50 PM EDT) -- California-based SolarCity Corp. on Friday said it and other firms in the solar panel installation sector have received subpoenas from the U.S. Treasury Department's inspector general as part of an investigation into possible misrepresentations in a $14 billion federal grant program, the latest black eye for the industry.

The disclosure, made as part of SolarCity’s $200 million initial public offering, said the inspector general in July demanded documents going back five years that concern the so-called 1603 program, which offsets 30 percent of costs associated with...
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