It doesn’t matter if you think, as I do, that global warming poses a dubious threat. You still pay dearly to address it.
I’m conflicted over the Cape Wind Project in Massachusetts. The idea of wind power is appealing. Defeating the smug and hypocritical Kennedy family opposition to windmills that would barely affect their summer compound views is also appealing. But today’s WSJ editorial highlights the bad news hidden behind subsidies for wind power:
“Namely: the price of electricity from wind is more than twice what consumers now pay.”
Today, we Cape Cod consumers pay about 9 cents per kilowatt hour for electricity. Cape Wind wants more than 20 cents.
“That works out to roughly $443 million in new energy costs, and that doesn't count the federal subsidies that Cape Wind will receive from national taxpayers. It does, however, include the extra 6.1 cents per kilowatt hour that Massachusetts utilities are mandated to pay for wind, solar and the like under a 2008 state law called the Green Communities Act. Also under that law, at least 15% of power company portfolios must come from renewable sources by 2020. “Given that taxpayers will be required to pay to build Cape Wind and then required to buy its product at prices twice normal rates, opponents might have more success if they simply pointed out what a lousy deal it is.”
It is a very lousy deal for taxpayers and electricity users.
Also today, in the same issue, Holman Jenkins points out another absurd boondoggle:
“Congratulations. You're about to buy a fancy new Nissan Leaf or Chevy Volt . . . for someone else. This is news masochists will want to grind their faces into after sending a big check last month to the IRS.”
He’s writing about the absurd subsidies for electric vehicles—the kind of corporate welfare that got me my free golf cart.
“Let's concede that the Leaf and Volt will be nifty gadgets, but not unless we're going to start subsidizing Ferraris for the tiara set is it possible to imagine a more regressive tax subsidy. In particular, the Leaf is a car for a wealthy hobbyist, good for a trip of 100 miles after which it becomes an inert lump at the end of your driveway (or behind a tow truck) for the many hours it will take to recharge.”
I plan to do a show soon on “Going Green” ... suggestions welcome.