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Chris Wysocki
Caldwell, NJ
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Hey! I've moved to He's Pretty Fly For A Jersey Guy.
Please update your bookmarks. Thanks!
Sunday, 22 February 2015
How do you fix a solar energy fiasco that's $88 million in the hole? Throw more money at it!
Why waste a mere $88 million, when you can waste millions more? Yup. That tri-county solar energy debacle I wrote about last week is getting a taxpayer bailout.
Three counties have a solution to salvage an $88-million-dollar solar project that went bust: borrow more millions to pump into the project and hope it will eventually turn a profit and ease the pain to taxpayers, officials said.
Some officials view the solution as damage control. Others are calling it a repeat of a mistake, one they will fight to avoid.
Freeholders in Sussex, Morris and Somerset counties will vote on settlement agreements this week that would end multiple lawsuits and get the projects back on track, officials said.
It couldn't make money when it cost $88 million. So obviously the "solution" is to pour even more money into it!
Did these clowns fail math?
Of course they did.
In a deal that will be "nearly identical" to one in Morris and Somerset, Sussex will pump millions into the settlement and take over its part of the solar development, according officials.
Sussex plans to borrow $7 million, buying its own bonds using an emergency reserve account from the sale of a county-owned nursing home in 2012, said county officials.
In the Real World, we call that "throwing good money after bad."
In government, they call that "Tuesday."
Posted at 14:47 by Chris Wysocki
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