A battery package for a medium size electrical vehicle costs more than $13,000 – equivalent to the material cost of an entire gas-fueled compact car – and they can require 8 hours to recharge. Then there's the subsidies.
"The New England electricity market will rapidly worsen, requiring further out-of-market actions to adequately compensate generators in order to preserve grid reliability... State subsidies will beget reliability subsidies, driving consumer costs ever higher and doing away with future market-based investments for new or existing power generation."
Xcel energy claims that wasting billions will save Coloradans money. CFACT student pollsters found that students see through this nonsense.
American Electric Power (AEP) announced it is cancelling plans for a massive wind farm project in the Oklahoma panhandle because it cannot get the project approved before generous federal subsidies may run out.
The wind and solar power industries each receive such enormous taxpayer subsidies that all other energy industries combined do not receive as much taxpayer pork as either wind or solar power alone. Big renewable has no interest in sharing.
“Wealthy consumers who have purchased Teslas and Chevy Bolts primarily to signal their green bona fides for their friends and neighbors, and who have socialized many of the costs of their purchases to those who are less well-off, might wish to take a closer look at the numbers."
Despite vehement opposition from the solar industry lobby, the bill sailed through both chambers of Connecticut’s legislature, passing the state Senate by a vote of 29-3 before passing the House 100-45 in the same week. Malloy, the state’s outgoing Democratic governor, is widely expected to turn the bill into law given his office introduced the measure.
Michigan officials are changing the way solar panel owners are paid for the energy they put back into the grid, joining a growing chorus of states that are recognizing the expensive costs of subsiding solar energy.
SolarCity, a subdivision of electric vehicle maker Tesla, agreed to pay $29.5 million to resolve allegations the company submitted inflated claims to cash in on a solar stimulus program.
CFACT advisor Larry Bell argues that the time has come to end the so-called production tax credit for wind turbines that produce intermittent power, require major balancing of the grid, require constant maintenance, devastate bat and bird populations and create health problems for nearby residents, and increase the cost of energy to all.
CFACT Senior Policy Advisor Paul Drieseen outlines the various justifications for wind turbines and biofuels and shows the fallacies behind arguments in their favor. The simple truth is that renewable energy costs more, and that hurts the poor, who are doubly stung as their tax dollars are given as subsidies to wealthy speculators (like Warren Buffett, who chortled that the subsidies are the reason he makes money from wind).
Like “dangerous manmade climate change,” sustainability reflects poor understanding of basic energy, economic, resource extraction, and manufacturing principles – and a tendency to emphasize tautologies and theoretical models as an alternative to readily observable evidence in the Real World. It also involves well-intended but ill-informed people being led by ill-intended but well-informed activists who use the concept to gain greater government control over people’s lives, livelihoods, and living standards.
As world leaders attempt to implement the Paris Climate Agreement signed last year, crony capitalists are gathering, eager to take a bite out of the giant heap of cash allotted for the UN Green Climate Fund, and massive national grants and subsidies.
The amount of money flowing into European green energy from governments and the private sector collapsed from $132 billion in 2011 to $58 billion last year.
The past couple of weeks have highlighted the folly of the energy policies favored by left-leaning advocacy agencies that, rather than allowing consumers and markets to choose, require government mandates and subsidies. Three major, but very different, solar entities—none of which would exist without such political preference—are now facing their demise. Even with the benefit of tax credits, low-interest loans, and cash grants that state and federal governments have bestowed on them, the solar industry is struggling. We’ve seen Abengoa—which I’ve followed for years—file for bankruptcy. Ivanpah, the world’s biggest solar power tower project in the California desert, is threatened with [...]