Last week we learned that last year the Obama Administration gave mega industrial real estate developer Prologis a $1.4 billion loan to buy solar panels from the now defunct Solyndra. Prologis, one of the top 1% in revenue growth earners could well have afforded to pay for the panels themselves is they were a sound business decision. But the Obama Administration was desperate to prop up Solyndra, Obama's poster child company for green energy investments.
All the while Obama is going whole hog for green energy, the nation's of Europe which led the way in this field are backtracking as fast as they can. Spain, Europe's leader in green energy was first to put a stop to any further subsidies without which the projects cannot go forward.
Now Germany. Bjorn Lomborg writes in Slate that 7.5 gigawatts of solar power have run up electric costs by an average of $260 annually for German families despite a government subsidy of $130 billion (and that money had to come from somewhere).
Solar power has turned out to be a costly loser for Germans because it relies on the sun. It doesn't work at night or when it's cloudy which it often is in northern Europe. Who knew?
All this was done to reduce carbon emissions. But here too, the story is a disappointment. CO2 emissions would be reduced approximately 1% for the next 20 years. Unfortunately, due to carbon trading
So, the bottom line: electricity rates skyrocket (sound familiar?), big investors in green energy get rich and absolutely NO decrease in carbon emissions overall. Does this sound like a good idea?
Why then would we want to do the same in the U.S.?