Amidst the surge in energy production in New Mexico, attention has turned towards the green energy sector. Particularly, two green energy companies have received significant subsidies from the New Mexico government, prompting retired small business owner Ramona Goolsby to question the appropriateness of such allocations.
"It appears that the government in New Mexico is stepping out on a limb to support an industry that has been unable to support itself since the beginning of its modern existence. Solar panels and farms only produce at approximately 75% efficiency, require a lot of maintenance, only last 20 years, and then they are toxic waste.", said Ramona Goolsby.
Both Maxeon Technologies Inc., a Taiwan-based solar panel manufacturer and Array Technologies, an Albuquerque-based solar tracking company are seeking Industrial Revenue Bonds (IRBs). These bonds are issued by governments to aid companies in financing their projects and are expected to be repaid at a later date. Maxeon Technologies Inc. seeks $2.4 billion in IRBs for a manufacturing facility in Mesa del Sol while Array Technologies requires about $50 million in IRBs. Goolsby raises concerns over these requests given both companies' recent stock market dips as reported by New Mexico Sun.
The Albuquerque Development Commission endorses Maxeon Technologies’ IRB request according to the Albuquerque Journal. The proposal will likely appear before council late this year or early 2024. The proposed facility at Mesa del Sol would mark Maxeon's first establishment in the United States.
In other news from Los Alamos Daily Post, Array Technologies is gearing up plans for a new $50 million facility based out of Bernalillo County scheduled for early 2024 opening. It holds the distinction of being among few publicly traded companies rooted in New Mexico.
Data from Institute for Energy Research report reveals substantial increases between Fiscal Year 2016 and 2022 in green energy subsidies - from $7.4 billion to $15.6 billion - half of all federal energy subsidies. These figures exclude state and local subsidies. Solar energy bears the highest subsidy costs per unit of production among renewable energy sources, as evidenced by the fact that solar requires about $38 in government subsidies to produce the same amount of energy as wind at $8, hydroelectric at $0.15 or nuclear at $0.50.
In her op-ed, Goolsby highlights the significant pullout of over $280 billion globally from green stocks since their peak in August 2022. She proposes the New Mexico government to explore geothermal or small modular reactors as potential alternatives for investment in renewable energy sources.