Local solar company defaults on taxpayer supported loan

Perrysburg solar company orderd to pay back loan

Perrysburg based Willard & Kelsey Solar Group has been ordered by the state of Ohio to repay $5 million because it defaulted on it's taxpayer-supported loan.

The Columbus Dispatch reported that the solar group failed to make payments on the loan and also struggled to get financial investments.

Payment on the loan was due Thursday and The Ohio Air Quality Development Authority ordered repayment by Sept. 3. The Ohio Department of Development called a separate loan to the company due this month.

Willard and Kelsey received the loans and also got nearly $700,000 in state grants and a 10-year job-creation tax credit.

State officials say the infant solar industry has been battered by a poor economy and a Chinese effort to flood the overseas market with cheap panels.