It’s Time For a Publicly Financed Renewable Power Authority
Wall Street Financing and Corporate Profits Vastly Increase Costs
Democratically Controlled Public Power Reduces Cost & Accelerates Transition To Renewables
More Jobs With Better Pay & Benefits And More Equitable Treatment of Low Income People
Enough of the shakedowns, blackmail and ripoffs
NJ Spotlight is again reporting on an expanding crisis in the solar power sector, as Wall Street and Corporate America flex their political muscles and seek to leverage and continue current windfall profits (no pun) they are making from the current “market based” “incentive” approach to subsidizing renewable energy in NJ, se:
Under the current “market based” approach, NJ homeowners, businesses, and workers are held hostage to the power and investment decisions of Wall Street and solar corporations.
Those private corporations decide when and where and how much renewable power to invest in, how many jobs to create, how much those workers get paid, what benefits they are provided, who gets solar power, how much they pay for it, and how fast NJ can transition away from fossil fuels.
Most importantly, the need for Wall Street financing returns and corporate profits drives the cost of renewable power. Consumers are not only held hostage, they are paying a significant profit premium for renewable power.
I found this blatant blackmail threat to leave the state no different than the recent threat to shut down nuke plants in the “highway robbery” by PSEG in their nuke bailout: (NJ Spotlight)
If most developers agree with that assessment, it could lead to an exodus of large portions of the [solar] sector to other states, some said. By most accounts, the solar industry employs about 7,000 in New Jersey, more than 40% in the residential sector.
Get that?
If NJ ratepayers don’t provide sufficient profits to Wall Street banks and greedy solar investors, they will walk.
I say good riddance. Enough of the blackmail, shakedowns, and ripoffs.
Wall Street and the corporations have gone too far – their greed and arrogance know no bounds.
It’s time for public renewable power.
Public renewable power would put people of NJ in charge of the transition to renewable energy, democratizing current private market based decisions and significantly lowering the costs of that transition.
Public financing and ownership of solar and wind renewables would be FAR cheaper than relying on Wall Street financing and providing sufficient corporate profits for greedy investors.
Public ownership would allow real energy planning to occur, which would not only lower the costs, but greatly accelerate and rationalize the many technological, regulatory, and practical problems inherent in the massive transition away from a centralized fossil fuel based grid to energy efficiency and local distributed renewable power.
So, why not abandon the current market based approach and form a public NJ Solar Bank and Renewable Power Authority?
[Update – a veery old idea – check this out: (Washington Post, 6/21/79)
From the roof of the West Wing of the White House, President Carter called yesterday for creation of a $100 million solar energy bank to help move the country toward a goal of getting 20 percent of its power from the sun and other renewable sources of energy by the year 2000. ~~~ end update]
Legislation could build on the current NJ Environmental Infrastructure Trust. The NJEIT is able to secure lower cost financing.
The Bernie Sanders Green New Deal plan calls for public power, in the form of redirecting and expanding the missions and jurisdiction of current federal Power Marketing Authorities (e.g. the TVA).
That federal approach is not inconsistent with State’s taking the lead in forming public power banks and publicly controlled renewable power authorities.
We are facing an existential crisis as a result of the accelerating climate emergency –
We can not put the fate of human civilization in the hands of Wall Street and greedy corporations.