Taxpayer provided welfare for the renewable energy industry became a lot richer yesterday as the Departments of Treasury and Energy announced that they were making $502 million in “grants” available to firms in lieu of earned tax credits. Apparently the tax credits weren’t worth anything since the industry has no profits.
The $502 million of stimulus funding supposedly will provide 2,000 jobs according to the feds.That’s only $251,000 per job — and all so that consumers can pay higher prices for electricity.
Whoever is being stimulated by this spending is pretty perverse.
Yeah. I’m pretty stimulated about now, too. The renewable energy grant in California is for $2.170B. Total energy production will be 1482 MW. Do the math. It works out to 67 cents per KW/Hr. By comparison, Maryland residents pay 15 cts and that includes taxes and surcharges from every federal agency with a 4 letter name.
I think the government could spend $250,000 much better than giving it to a bunch of greens.