Solar project is a money-waster
To the editor:
The solar power project described in your Jan. 21 edition, “An empty field, a solar vision” describes another example of our government’s wasting our money. No profit-oriented business would ever invest the funds mentioned to lose money. $800,000 returned for $2.6 million invested is a big loss. A business would require a positive return.
If we assume the town would gain the highest savings stated ($800,000 over 20 years) the present value of that stream of payments is only $500,000 at 5 percent, 543,000 at 4 percent and 600,000 at 3 percent. The town energy savings amount to less than 23 percent of the investment, and less than 50 percent of the state grant alone. That even ignores the possible alternative uses (values) of the land used.
Some will say, “but it’s somebody else’s money,” except that it is not. It is ours, and it is wasted.