I’ve been writing about the half-a-billion dollar, money-sucking, solar failure known as Solyndra, for over a year, and now the Washington Times has found year another federally-funded boondoggle: the Genesis Solar Company.
Reports the Times:
Last week, the Obama administration’s Department of Energy announced it is extending an $852 million loan guarantee to something called the Genesis Solar Project in California.
Genesis, according to Energy Secretary Steven Chu, will be built on federal land and ultimately employ perhaps 800 people during its construction and 47 people once it is up and running. This would seem to be a lot of money to generate very few jobs at a time when the nation is on the verge of bankruptcy, but the project really isn’t about jobs.
It’s the latest in the administration’s attempt to turn us away from dependence on fossil fuels regardless of cost and reality. This project, according to Mr. Chu, “will enable the deployment of clean, renewable sources at scale, which will help bring down the cost of solar power in the years to come.”
Maybe, but one has to remember that this man is part of an administration with neither a learning curve nor much regard for the intelligence of the people who elected the president.
You see, Mr. Chu and his boss have been there and done that already in California, using tax money to guarantee a massive investment in a company that was going to help usher in a brave, new and a very green world.
That company, Solyndra, declared bankruptcy not 48 hours after Mr. Chu announced his faith in Genesis. Solyndra’s founders managed to procure and eat up roughly half a billion dollars in federally guaranteed loans without making a penny in profit before declaring bankruptcy.
As I write in my upcoming book (details soon to come) solar power, though nifty, is financially impossible to employ without massive government subsidies. The energy it produces is inefficient, only available when the sunshines, and incredibly expensive for the consumer.
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