New Study Shows Green Energy Receives More Subsidies than Fossil Fuels

New Study Shows Green Energy Receives More Subsidies than Fossil Fuels

October 4, 2023

This week, the Biden Administration tried to quietly issue a new report on federal energy-related subsidies. The 59-page report showed that the renewable energy sector receives more taxpayer subsidies than the fossil fuel industry. 

Fox News reports, 

“The report — authored by the Department of Energy’s Energy Information Administration (EIA) and published in August — represents the first of its kind since 2018. The EIA analyzed data from 2016 through 2022, and determined that, during that time period, the federal government doled out $183.3 billion in direct and mainly indirect taxpayer subsidies, more than half of which came over the last three years.” 

The report was requested by the top Senators of the Senate Energy and Natural Resources Committee, John Barrasso (R-WY) and Joe Manchin (D-WV). Both senators wanted the information as Congress considers their level of involvement in our energy systems. 

“The reports findings suggest far more taxpayer money is being spent per energy unit produced by green energy sources than for the equivalent energy until produced by fossil fuel energy.

For example, natural gas power generated 44.9 quadrillion British thermal units in 2022, 45% of total energy generated economywide, but received $2.3 billion in taxpayer subsidies that year. That means for every million British thermal units (MMBtu) produced by natural gas, the industry received about $0.05. By comparison, in 2022, the solar industry generated about 0.6 quadrillion British thermal units, less than 1% of total energy produced economywide in the U.S., but received $7.5 billion in subsidies. That means the solar power industry received $11.9 per MMBtu generated last year. 

The results are as pronounced when comparing coal power which received $873 million in subsidies last year while generating 18 times the amount of power as solar energy.”

Even Biden’s administration can’t fake that renewable energy is more reliable and affordable than fossil fuels. Their own report shows just how much we rely on fossil fuels, all while our tax dollars are propping up green energy. It is time to tap into our own resources and bring back American energy independence.