Only $25 million per job? Bargain of the century.
LAS VEGAS — The company behind the recently opened Silver State North solar plant is eligible to receive up to $50 million in federal tax credits under the Obama administration’s “stimulus” legislation, even though the plant created only two full-time jobs.
According to a Department of Interior memo, Enbridge Energy Partners, a Canadian-based company with extensive energy holdings in the U.S. that purchased the Southern Nevada plant from Arizona-based First Solar, “can apply for payments of up to 30 percent of the eligible costs of the project — approximately $50 million.”
The payments are available through the 1603 Program, a special exemption in the Treasury Department created by the American Reinvestment and Recovery Act to “reimburse eligible applicants for a portion of the cost of installing specified energy property used in a trade or business or for the production of income.”
The Department of Energy estimates 5,500 full-time jobs were created by the program, meaning each job cost taxpayers approximately $2,036,363.
Construction of the Silver State North plant, overseen by First Solar, employed 350 people. Now owned by Enbridge, the plant only requires two full-time employees for operation.