Tesla’s Battery Power Could Provide Nevada a $100 Billion Jolt

2024-12-24 10:52:18 source: category:Markets

The new Tesla Motors factory being built outside Sparks, Nev., was already on tap to produce 500,000 electric car batteries and become the largest battery factory in the world when chief executive Elon Musk announced last month it would also produce the potentially revolutionary home battery, the Powerwall.

Its biggest energy boost, however, could be to Nevada’s economy, with the state estimating a $100 billion impact over the next 20 years.

That’s a lot of battery power.

But that’s what Musk had in mind when he co-founded Tesla as an electric car company. And with last month’s unveiling of the Powerwall, the company has built another technology to hasten the clean energy economy. The Powerwall is designed to store solar-panel-generated energy for homes and businesses. The smallest version is about the length and width of a mini-fridge. It is designed to store 7 kilowatt-hours a day that can be released after the sun goes down and will cost $3,000. An average U.S. home uses about 30 kilowatt-hours daily.

A few weeks after its unveiling, Musk said the Powerwall had already sold out through mid-2016.

The gigafactory could start producing batteries in 2016. When up and running, state officials predict it will provide nearly a half a billion dollars in tax revenue and more than 22,000 permanent jobs and 31,000 temporary ones in a state with one of the nation’s highest unemployment rates.

Click to enlarge graphic

More:Markets

Recommend

Reds honor Pete Rose with a 14-hour visitation at Great American Ball Park

CINCINNATI (AP) — Thousands of fans streamed into Great American Ball Park despite steady rain on Su

Sean 'Diddy' Combs accused of sexually assaulting minor, multiple rapes in new civil suits

Six new accusers of Sean "Diddy" Combs have filed lawsuits against the music mogul, alleging rape, s

Charlotte Tilbury Spills Celebrity-Approved Makeup Hacks You'll Actually Use, No Matter Your Skill Level

We interviewed Charlotte Tilbury because we think you'll like her picks. The products featured are f