The Crippling Economic Costs of Green Energy Subsidies

The green energy subsidies in the Inflation Reduction Act have been justified by the Biden Administration as a booster of U.S. economic growth and jobs.

Under the IRA, the lion's share of subsidies will be paid to wind and solar developers.

With the increase in interest rates to normal levels, financing costs will soar, adding an estimated $500 to $800 billion to the bill costs, almost as much as the subsidies themselves.

The envisioned spending and subsidies for green energy, several hundred billion dollars annually just for wind and solar generation, will distort energy markets.

Although the subsidies will benefit wind and solar developers, but the overall economic impacts for the country will be crippling.

One gauge of the adverse economic impacts of green subsidies is the cost to taxpayers to create the promised thousands of green energy jobs, especially for offshore wind.

Using offshore wind developers' claimed employment impacts, the average subsidy for each green job created will be over $2 million per year. 

https://realclearwire.com/articles/2023/12/05/the_crippling_economic_costs_of_green_energy_subsidies_997062.html