Germany Says Solar Energy is Path to Bankruptcy, Yet Obama Doubles US Down On It
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Original Post Monday, February 20, 2012
by Ed Farnan
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One of the biggest national investors in green energy, Germany, is coming to the realization that green energy is the path to bankruptcy. This is nothing short of blasphemy in the green world to even make a partial admission that solar power is not the panacea it was promised to be.
Germany invested gargantuan amounts of money in green energy, doling out more than 130 billion in subsidies to install solar systems and spends an additional 10 billion per year subsidizing existing solar installations.
Yet after all of this capital expenditure, Germany has little to show in terms of reducing green house gasses and helping the country’s power needs. Despite massive investment, solar power accounts for approximately three percent of Germany’s total energy… when the sun shines! To add insult to injury, Germans also pay the second highest price for electricity in the developed world, due mainly to the fact that they are heavily subsidizing green energy by adding the cost to everyone’s utility bills.
According to Der Spiegel, members of Chancellor Merkel’s staff are describing the policy as a massive money pit. Philipp Rösler, Germany’s minister of economics and technology, has called the spiraling solar subsidies a “threat to the economy.”
Germany will be cutting subsidies to solar sooner than planned, and to phase out support over the next five years.
In spite of this ominous sign that solar may be a technology that will not reach its dreamed of potential, President Obama has America on a headlong rush down the same path of energy broken dreams that Germany has found itself on.
The green energy price tag for America under the Obama administration is reaching into the billions. When you consider the energy policies that choke off America from its natural resources and the subsidies to green energy by adding the price tag onto consumers utility bills, we are talking more than billions, possibly trillions, in outright costs and damage to our economy.
Does Obama and his team of experts in the White House think that if we just throw enough taxpayer money at green energy, it will magically become economically feasible? That the rules of physics and economics will somehow be swept aside?
President Obama should examine very closely what lead to Germany’s decision to basically pull the plug on solar. President Obama has had plenty of red warning flags along this path he has us on, some of these flags have names like Solyndra and Evergreen Solar.
Another red flag is the cost of gasoline to Americans; in some areas it is hitting over 5.00 per US gallon. Due to Obama energy policies and tensions in the middle east, gas is getting very expensive. Expensive fuel will increase the price of everything Americans consume and take money out of their pockets at the exact time you want to encourage consumer spending. This could tip the American economy back into the recession they tell us we are no longer in.