$2.2 Billion Allotted for Clean Energy Bonds

The Treasury Department announced on Tuesday the allocation of $2.2 billion in clean renewable energy bonds to 805 public power companies and cooperatives nationwide. The program will help energy developers access lower cost credit and encourage clean renewable energy production, Neal Wolin, a Treasury deputy secretary said in a news release. The department sorted through more than 1,000 applications from companies and cooperatives clamoring to get what is essentially a highly subsidized loan. Because the bonds are tax credit bonds, the companies do not pay full interest on them. Instead, the federal government provides the bondholder with a tax credit that covers 70 percent of the interest earned...read more

Subsidy after subsidy after subsidy.