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Federal Subsidies for “Green” Power

Written by Gary North on June 26, 2012

The Department of Energy has a slush fund of $20 million to promote green energy.

With the government running a $1.2 trillion deficit, this is chump change. But it indicates the extent of the waste. The campaign praises expensive solutions at the expense of cost-effective ones.

Many green energy firms are funded by the federal government. Between 2007 and 2010, subsidies rose over 50%

On average, solar-power “farms” receive on average a subsidy of $775 per each megawatt of power. The subsidy for coal and natural gas is 64 cents.

There should be no subsidies for anyone.

How many Chevy Volts did GM sell in May? A grand total of 1,680. This is not going to change the American highway.

The myth of salvation by renewable energy is one of the most powerful myths of our era. It may come, but it is unlikely to come by way of federal subsidies.

Until it comes, coal and natural gas will be the most cost-effective ways to generate power. And gasoline will power our cars.

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