TPA Slams Elon Musk on Comments about Solar Subsidies

Billionaire Subsidy King Elon Musk Poses Alongside A Tesla 

TPA Blasts Crony Capitalist Elon Musk for Receiving Billions of Dollars in Taxpayer Subsidies
Musk Admits He Doesn’t Need Handouts 

WASHINGTON, D.C. – The Taxpayers Protection Alliance (TPA) today criticized Elon Musk for defending his taxpayer-subsidized businesses of SpaceX, Tesla and SolarCity.  In response to a Los Angeles Times article noting Musk’s $4.9 billion in taxpayer subsidies, Musk defended his subsidies to CNBC when he noted that, “none of the incentives are necessary, but they are all helpful.”

The continued subsidies of SolarCity, TPA believes, is nothing more than corporate welfare to a failing technology.  In a report released in February, TPA noted that, “American taxpayers spent an average of $39 billion a year over the past 5 years financing grants, subsidizing tax credits, guaranteeing loans, bailing out failed solar energy boondoggles.”  According to one estimate by the Los Angeles Times, state and federal subsidies to SolarCity have eclipsed the $1.5 billion mark. Meanwhile, less than one percent of the electricity used by Americans comes from solar energy sources.

Another report released by TPA in April details SolarCity’s financial House of Cards, “SolarCity reported a net loss of $141 million for the 4th quarter of 2014, despite a 52 percent  increase in revenue, strong demand, and clear dominance in  the rooftop solar market.”

“If Musk is correct and the incentives aren’t necessary, he should then give up those handouts and survive based upon private investment rather than taxpayer subsidies,” said TPA President David Williams. “Subsidies to the solar industry are a waste of money and need to be stopped immediately.”

For more information visit www.SolarSecrets.org.