Taxpayers Are Footing Bill for Solar Project That Doesn’t Work (We are on the hook for $1.6 billion, maybe more)

And please do tell me how this isn't massive scar on the land.
And please do tell me how this isn’t a massive scar on the land.

I once put together a panel with David Kreutzer (the author of the attached article) on it. Good to see he is examining the crony side of energy these days and continuing his good work.

As we say all the time with these stories, we are for alternative energies. But we are for them within the market. Billions of dollars shouldn’t be going to corporate America to pursue some politician’s whim.

But we must spend (taxpayer) money to get these technologies ready for prime time, you say.

Sorry, if Google wants to develop this technology (Google is part owner of the Ivanpah facility) it should develop it on its own. Taxpayers should not be underwriting a highly profitable company. (Or any company for that matter.)

(From The Daily Signal)

Here’s the story so far, Ivanpah:

  • Is owned by Google, NRG Energy, and Brightsource, who have a market cap in excess of $500 billion
  • Received $1.6 billion in loan guarantees from the Department of Energy
  • Is paid four to five times as much per megawatt-hour as natural-gas powered plants
  • Is paid two to three times as much per megawatt-hour as other solar power producers
  • Has burned thousands of birds to death
  • Has delayed loan repayments
  • Is seeking over $500 million in grants to help pay off the guaranteed loans
  • Burns natural gas for 4.5 hours each morning to get its mojo going

Brightsource, which is privately held, is owned by a virtual who’s who of those that don’t need subsidies from taxpayers and ratepayers.

Click here for the article.