Christine McDaniel | Mar 8, 2023 | forbes.com |
"The Costs Of Wind Production Tax Credits Provided In The IRA"
Last year’s Inflation Reduction Act (IRA) was widely greeted as a landmark federal effort on clean energy and climate change. The Congressional Budget Office’s herculean task of scoring this massive piece of legislation that zoomed through Congress in an omnibus spending package was no small feat. But more recent data indicate the subsidies are going to cost more than what Congress was told before passing the legislation.
The formulas to subsidize the production of electric vehicle battery cells and modules are already proving to be even more expensive – potentially far more – than estimates provided to Congress at the time of passage in August. Last month, I demonstrated that the purported $30.6 billion 10-year production tax credits to the manufacturers of EV battery cells and modules were on track to have an actual budget impact of at least $43.7 billion and potentially as much as $196.5 billion over the decade.
My latest analysis shows the Congressional Budget Office’s 10-year estimate of 11.2 billion dollars for wind energy production credits – paid for putting wind-generated kilowatts into the grid – may not reflect the genuine cost, either. My own projections show that the price tag at a minimum will be more than double at $24.3 billion.
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Europe’s Van der Leyden was in the White House to have the law changed so that battery pack supply chains sourced in Europe would be get subsidies, the same as those sourced in the US
When I read that I just could not believe the U.S. would be that stupid.
The bill was sold to the public as a U.S. job creator, but now we learn Europe wants the bill changed so it becomes a U.S. subsidized, EU job creator.
The federal government is driving us into energy poverty.
The State government is driving us into energy poverty.
Get local governments to start taxing these projects.
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