“Shark Tank” star Kevin O’Leary said Tuesday that clean energy funds and stocks are dropping because investors realized that clean energy companies can’t make a profit.
Several stocks and exchange-traded funds in the “clean energy” sector, including Enphase Energy, the Invesco Solar ETF, the iShares Global Clean Energy ETF and the First Trust Global Wind Energy ETF have seen substantial drops in their share prices in the last year. President Joe Biden signed the Inflation Reduction Act, spends $370 billion to combat climate change and is loaded with green energy provisions, including a $7,500 tax credit for electric vehicles, into law in August 2022. (RELATED: ‘It’s Not Going To Work’: ‘Shark Tank’ Star Pours Cold Water On Pentagon’s Plan For ‘All-Electric Fleet’)
“No, Larry, I’m not… These companies don’t make any money and they don’t make any money because the cost of these technologies has not yet gotten to where they, they require government subsidies to work,” O’Leary told Fox Business host Larry Kudlow after the former Trump administration official asked if he would invest in the companies. “The market is seeing there could be risk in the subsidy mandates because there may be change in administration, nobody knows obviously, but let’s take wind. The last 12 months people have figured out the transmission costs, the cable, actually wind in this country is not where people are, so you have to build transmission lines, which cost billions of dollars. Somebody has to pay for that.”
“States aren’t willing to do it, the feds are starting to look… and say that is an additional subsidy beyond what we’ve already paid for. So, no money to be made here,” O’Leary continued. “There is occurring in solar. I think these technologies don’t have a place. They will one day when they actually become economic. So far they haven’t proven to be economic at all and markets figured it out.”
In one instance showing issues caused by the push for clean energy, California advised electric vehicle owners to not charge their vehicles between 4 p.m. and 9 p.m. in August 2022 due to a heat wave that posed a risk of blackouts.
“I think they’ll go down more,” O’Leary said about the clean energy funds and stocks.
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