There’s some story about a tortoise and a hare that comes to mind here. Instant gratification is not always available when developing renewable energy.
The U.S. government expects to earn $5 billion to $6 billion from the renewable-energy loan program that funded flops including Solyndra LLC, supporting President Barack Obama’s decision to back low-carbon technologies.
The results contradict the widely held view that the U.S. has wasted taxpayer money funding failures including Solyndra, which closed its doors in 2011 after receiving $528 million in government backing. That adds to Obama’s credibility as he seeks to make climate change a bigger priority after announcing a historic emissions deal with China.
This is a huge return that is better than many venture capital and private equity investments, Congresswoman Marsha Blackburn (Republican, Tennessee) isn’t impressed:
“Taxpayers want us to completely end the program,” she said in a telephone interview Nov. 11. “When you look at what’s happened with solar, some of the battery companies, you see that most of these companies are bankrupt and are no longer in existence, and the taxpayer is left holding the bag.”
If you don’t know who Marsha Blackburn is, she’s all about oil.