WASHINGTON (CBSDC) — A new report found that the Department of Energy has spent more than $11 million per green job created since 2009.
The Institute for Energy Research report revealed that the Energy Department has doled out $26 billion in taxpayer-funded loans to green energy companies, helping to create 2,298 permanent jobs. That equates to $11.45 million per job created for these companies.
Two companies produced zero jobs: Solyndra Inc., which received $535 million, and Abound Solar, which got $400 million. In contrast, Georgia Power Company has received more than $8 billion to create 800 jobs.
“As the astronomical cost of the DOE’s loan guarantee program indicates, subsidizing renewable energy is not a good deal for taxpayers,” the report stated.
The IER study found that energy-related tax preferences cost taxpayers about $13.5 billion in fiscal year 2012 and that a Treasury Department grant program for renewable energy companies cost an additional $5.8 billion.
“Clearly, in terms of ‘bang for the buck,’ government programs that coddle renewable energy are losers,” the report stated. “In terms of jobs, the losers are the American workers who would otherwise be gainfully employed but for the tremendous waste of taxpayer dollars on the administration’s obsession with ‘green energy.’”
In 2008, President Barack Obama pledged to create 5 million green energy jobs over 10 years. The Obama Administration has been heavily criticized by Republicans since the failure of Solyndra.
The Institute for Energy Research is a not-for-profit organization which conducts research and analysis on government regulation of global energy markets.