Even Warren Buffet Admits Wind Energy Is a Bad Investment

Bazinga! This should be reposted all over the web and shared with our legislators!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Despite being famous for touting the idea that the rich don’t pay their fair share of taxes, investor Warren Buffet seems to be perfectly fine with receiving tax breaks for making investments in Big Wind. “I will do anything that is basically covered by the law to reduce Berkshire’s tax rate,” Buffet told an audience in Omaha, Nebraska recently. “For example, on wind energy, we get a tax credit if we build a lot of wind farms. That’s the only reason to build them. They don’t make sense without the tax credit.”

But while the wind production tax credit may be great for Buffet’s bottom line, it’s harmful for American taxpayers and energy consumers.

The credit’s proponents say that tax breaks for green energy technologies will encourage innovation, but they fail to acknowledge that Washington’s history on these handouts and tax breaks for green energy have consistently failed. For example, we cannot control when or how much the wind blows, and it just so happens that it tends to blow when we need it least. On average, wind energy facilities operate at just 30 percent of their capacity and must be backed up by more reliable forms of energy such as natural gas. Instead of producing energy solutions that can survive and thrive in the marketplace, we’re left with botched green energy projects that have brought us no closer to our energy goals.

If private companies like Berkshire Hathaway are not willing to jump in without government incentives, it is a sign that the energy technology is a bad investment. It simply does not make sense for the government to subsidize energy technologies that are economically unviable, while attempting to restrict other options that provide reliable and affordable energy for everyday Americans….

via Even Warren Buffet Admits Wind Energy Is a Bad Investment – US News.