As
the astronomical taxpayer exposure from the DOE’s loan guarantee
program indicates, subsidizing renewable energy is not a good deal for
taxpayers. But loan guarantees are just one of the ways the federal
government bankrolls risky green energy projects.
Thursday, May 23, 2013
The Department of Energy Committed $11 Million Per Job
Without much fanfare, the Department of Energy (DOE) recently updated the list of loan guarantee projects on
its website. Unlike in 2008, when Barack Obama pledged to create 5
million jobs over 10 years by directing taxpayer funds toward renewable
energy projects, there were no press conferences or stump speeches. But
the data are nonetheless revealing: for the over $26 billion committed
since 2009, DOE Section 1703 and 1705 loan guarantees have created only
2,298 permanent jobs – that’s $11.45 million per job.
As
the astronomical taxpayer exposure from the DOE’s loan guarantee
program indicates, subsidizing renewable energy is not a good deal for
taxpayers. But loan guarantees are just one of the ways the federal
government bankrolls risky green energy projects.
As
the astronomical taxpayer exposure from the DOE’s loan guarantee
program indicates, subsidizing renewable energy is not a good deal for
taxpayers. But loan guarantees are just one of the ways the federal
government bankrolls risky green energy projects.
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