"The subject of the Naval Audit Service Report driving Grassley’s questions is a $90 million contract awarded for photovoltaic projects in Florida, Mississippi, Texas and Virginia using money appropriated by the American Recovery and Reinvestment Act of 2009. Based on a careful review of all relevant facts, the audit concluded that these projects were a waste of money and recommended that they be cancelled.
Grassley said the Naval Audit Service Report spells out the dramatic degree to which these projects fail on cost-effectiveness. With an average payback of 124 years, ranging from a low of 70 all the way up to 324 years and a savings-to-investment ratio in the 0.04-0.20 range, these projects were not even close to meeting energy efficiency standards established in law and regulation. And because the photovoltaic panels have an expected useful life of 25 years, the audit report states, “recovery of investment is impossible … . The panels will never pay for themselves.” " [Liberty News Network]
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