Detroit — The Energy Department finalized a $465 million taxpayer-financed, low-cost loan to Tesla Motors this week to build the $57,500 Model S electric luxury sedan at a new plant in California.

“This is an investment in our clean energy future that will create jobs and reduce our dependence on foreign oil,” said Energy Secretary Steven Chu.

It is also a public investment in a product that will be marketed and purchased by the well-to-do. Some might even be — gasp! — bankers. Taxpayers will also line the pockets of Tesla’s wealthy customers with an additional $7,500 tax break at purchase. Apparently, it’s offensive for Detroit auto executives who use private jets to ask for federal loans, but Palo Alto auto executives using private jets (Tesla’s founder Elon Musk has one in his garage) can get federal loans to build luxury electrics.

When asked if this is the kind of investment taxpayers should be making in a recession (or anytime), Rep. Gray Peters (D., Mich.) — who supports an increase in the program’s budget — said yes. Peters explained that it was important to give green-tech loans to a variety of sources so that “they will have broad applications” and kick-start America’s green vehicle revolution.

We’ll see how that plays with Michigan’s unemployed.