The Cost of Renewable Energy

Last week, President Obama doled out $3.4 billion in federal grants for renewable energy projects including "smart meters," designed to allow consumers to track the electricity they use and, hopefully, change their habits. They're said to be the first step to what's called a "smart grid." Twenty million dollars went to Burbank Water and Power, the publicly owned utility in a suburb of Los Angeles.  Florida Power and Light also received "smart meter" grants, as well as $200 million for a solar photovoltaic plant, much praised by President Obama. That private company has a subsidiary named NextEra, which is developing solar energy "farms" in Southern California.