"Treasury Watchdog Probes Solar Tax Grant Program"

"The Treasury Department's inspector general is investigating a popular stimulus program that allowed rooftop solar panel projects to turn tax credits into cash grants, according to a regulatory filing."

"The Treasury's internal watchdog is looking at how the department managed the program and is searching for 'possible misrepresentations' about the fair market value of solar systems that received grants, one large installer of solar panels said in its filing with the U.S. Securities and Exchange Commission.

The inspector general issued subpoenas to SolarCity Corp and other big players in the market, working with the Justice Department's civil division, San Mateo, California-based SolarCity said in its initial public offering (IPO) filing last week.

SolarCity did not say who else received subpoenas, and the reason for the probe was not immediately clear."

Nichola Groom and Roberta Rampton report for Reuters October 10, 2012.
 

Source: Reuters, 10/10/2012