"Show me one other industry that requests and receives a nearly 30 percent taxpayer subsidy. That's what the wind and solar industries require - at a minimum - to exist. All the president did today is throw more money at an unproven technology that is not economically viable in the marketplace. Unfortunately, the only winners in this latest taxpayer giveaway will be Wall Street money managers and corporate interests in the wind and solar industry. --Thomas J. Pyle, Institute for Energy Research
That in response to this:
President Obama's announcement earlier today of an additional $2.3 billion in federal tax credits for creating approximately 17,000 subsidized temporary jobs in the green energy industry.....
The White House said the tax credits will go to 183 projects in 43 states under the $787 billion economic recovery stimulus program approved last year by Congress
The awards include $12.45 million in tax credits to Waukesha Electric Systems Inc. in Waukesha for an expansion of its plant to produce large, high-voltage power transformers. Another significant tax credit award, $14.87 million, will go to ZBB Energy Inc. (AMEX: ZBB), a Menomonee Falls-based manufacturer of large-scale zinc bromide batteries for alternative energy applications.
- CalStar Products, Caledonia, will get a $2.44 million tax credit to manufacture bricks and pavers from coal power plant fly ash. The process uses 88 percent less energy than traditional fired clay products, while avoiding the carbon dioxide emissions associated with concrete, and makes beneficial use of fly ash.
- Kaydon Corp. will get a $1.77 million tax credit to re-equip and expand its plant in Milwaukee to produce pitch and yaw bearings used in the production and assembly of wind energy turbines. Kaydon is based in Ann Arbor, Mich.
- Wausaukee Composites Inc. will get $930,810 in tax credits to manufacture fiberglass wind turbine components.
- Bassett Inc., of Kaukauna, will receive $868,500 in tax credits to manufacture wind turbine towers and foundation components for all sizes of turbines and a $75,000 tax credit to manufacture carbon capture and sequestration systems to extract and trap carbon from waste systems from coal fired power plants.
- Cooper Power Systems, or Waukesha, is receiving $846,180 in tax credits for a new facility that will be producing high efficiency transformers
It's likely that some of these companies will hire some people as a result of these tax credits, and that's a good thing.
Just remember that you're kicking in--quite a bit--to make it happen.