DOE has guaranteed $34.7 billion in loans … Some 2,378 permanent jobs were claimed to be created under the program. This works out to a potential cost per job of $6.7 million. – U.S. News
By Veronique de Rugy at U.S. News
The 1705 program (under which Solyndra received funding) deserves particular attention. This program is a product of the economic stimulus bill of 2009. The data shows that:
- 26 projects were funded under the 1705, and guaranteed roughly $16 billion in total.
- Some 2,378 permanent jobs were claimed to be created under the program. This works out to a potential cost per job of $6.7 million.
- The recipient of the most 1705 loans is NRG Energy Inc.
- NRG Energy Inc. received $3.8 billion (23.7 percent of the overall amount guaranteed under the 1705).
- Four companies received 64 percent, or $10.3 billion, of the total amount guaranteed under the 1705 program.
So what does this mean? First, very few permanent green jobs were created under the 1705 loan program (or any of the other loan programs). To the extent that permanent “green jobs” were created, the $6.7 million cost per job is quite spectacular. This trend and number also dismisses this particular loan program as a job program.
Help Make A Difference By Sharing These Articles On Facebook, Twitter And Elsewhere: