SARAH HOYT’S SHOCKED FACE IS STUCK LIKE THAT: Biden’s Green Energy Inflation Reduction Act Needs a Big Bailout Already.

According to a report late last month by the New York State Energy Research and Development Authority (Nyserda), large offshore wind developers are asking for an average 48% price adjustment in their contracts to cover rising costs. The Alliance for Clean Energy NY is also requesting an average 64% price increase on 86 solar and wind projects.

The IRA includes federal tax credits that can offset 50% of a project’s costs. But renewable developers say their costs are increasing faster than inflation and that the projects will “not be economically viable and would be unable to proceed to construction and operation under their existing pricing,” says Nyserda.

Irony alert: One reason is that the government-forced green energy transition is driving up demand for equipment, material and labor. “Growing demand for renewable energy projects nationwide ‘has exacerbated inflation for renewable project cost components relative to broader inflation levels,’” Nyserda says, citing the Alliance for Clean Energy NY.

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The speed at which these projects blew up seems stunning. But it really isn’t.

EVs, solar, and wind projects don’t scale. Heck, they don’t scale even with subsidies. I have been saying this for months.

Needed minerals and and skilled labor are in short supply. The US is still dependent on China and other foreign countries for materials.

Biden has escalated trade wars with China, but China hasn’t even retaliated much yet. It can with rare earth elements.

Bidenomics is inflation necessitating bailouts for the subsidized.

I wonder how long before price controls get added to the equation.