A report from Germany (PDF) on renewable energy shows that it is so expensive and produces so little, that "net climate effect has been equal to zero", while costing billions of dollars:
Given the net cost of 41.82 Cents/kWh for PV modules installed in 2008, and assuming that PV displaces conventional electricity generated from a mixture of gas and hard coal, abatement costs are as high as 716 € (US $1,050) per tonne. Using the same assumptions and a net cost for wind of 3.10 Cents/kWh, the abatement cost is approximately 54 € (US $80). While cheaper than PV, this cost is still nearly double the ceiling of the cost of a per-ton permit under Europe’s cap-andtrade scheme. Renewable energies are thus among the most expensive GHG reduction measures.
There are much cheaper ways to reduce carbon dioxide emissions than subsidizing renewable energies. CO2 abatement costs of PV are estimated to be as high as 716 € (US $1,050) per tonne, while those of wind power are estimated at 54 € (US $80) per tonne. By contrast, the current price of emissions certificates on the European emissions trading scheme is only 13.4 Euro per tonne. Hence, the cost from emission reductions as determined by the market is about 53 times cheaper than employing PV and 4 times cheaper than using wind power. Moreover, the prevailing coexistence of the EEG and emissions trading under the European Trading Scheme (ETS) means that the increased use of renewable energy technologies generally attains no additional emission reductions beyond those achieved by ETS alone. In fact, since the establishment of the ETS in 2005, the EEG’s net climate effect has been equal to zero.