Here we go again. More green taxpayer cash going down the eco-green sewage drain.
According to findings released yesterday, taxpayers are on the hook for more than $2.2 billion in expected costs from the federal government’s energy loan guarantee programs; a new audit suggests that the controversial projects may not pay for themselves, as officials had promised.
Nearly $1 billion in loans have already defaulted under the Energy Department program, which included the infamous Solyndra stimulus project and dozens of other green technology programs the Obama administration approved, totaling nearly about $30 billion in taxpayer backing, the Government Accountability Office reported in its audit.
The massive $2.2 billion price tag is actually an improvement over initial estimates, which found the government was poised to face $4 billion in losses from the loan guarantees.
“As of November 2014, DOE estimates the credit subsidy cost of the loans and loan guarantees in its portfolio — that is, the total expected net cost over the life of the loans — to be $2.21 billion, including $807 million for loans that have defaulted,” the GAO said in its report to Congress.
The green program loan guarantees were created in a 2005 law and boosted by the 2009 stimulus. The first applications were approved in 2009, and through 2014 the Obama administration had issued some 38 loans and guarantees, covering 34 projects ranging from nuclear power plants to fuel-efficient vehicles to solar panels and wind-generation technology.
The Energy Department said it considers the loan program a success.
“We believe that the data presented demonstrates that the department’s Loan Programs Office is achieving its statutory mission to accelerate the deployment of innovative clean energy projects and advanced vehicle manufacturing facilities in the U.S., while being a responsible steward of taxpayer dollars,” Peter W. Davidson, executive director of the loan programs, said in an official reply to the GAO.
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