Posted May 8, 2013 | Print this page

Without much fanfare, the Department of Energy (DOE) recently updated the list of loan guarantee projects on its website. Unlike in 2008, when Barack Obama pledged to create 5 million jobs over 10 years by directing taxpayer funds toward renewable energy projects, there were no press conferences or stump speeches. But the data are nonetheless revealing: for the over $26 billion committed since 2009, DOE Section 1703 and 1705 loan guarantees have created only 2,298 permanent jobs – that’s $11.45 million per job.

As the astronomical taxpayer exposure from the DOE’s loan guarantee program indicates, subsidizing renewable energy is not a good deal for taxpayers. But loan guarantees are just one of the ways the federal government bankrolls risky green energy projects.

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http://www.instituteforenergyresearch.org/2013/05/08/does-11-million-jobs/