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Tesla Unveils Major Solar Project on Kauai Island, Hawaii
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Tesla Motors, Inc. (TSLA - Free Report) launched a solar project in Hawaii, in association with Kauai Island Utility Cooperative (“KIUC”). Tesla will provide Hawaiian island of Kauai with solar power, using its panels and giant battery packs at the farm.
The solar farm comprises 54,978 solar panels, which have 13 megawatts of solar generation capacity as well as 272 52-megawatt-hour Tesla Powerpack lithium-ion battery storage systems. Tesla has installed these batteries in order to store the solar energy which can be used during night.
Under the terms of the collaboration, KIUC will purchase power for a period of 20 years at the rate of 13.9 cents per kilowatt-hour. The cost is lower than that incurred to purchase power from diesel plants as well as below the charge paid by consumers for electricity in the state.
Recently, KIUC has also signed a contract with a subsidiary of Virginia-based AES Corp. Under the deal, the entities will develop a solar-plus-battery storage project on the island’s South Shore. It will include a 28-megawatt solar farm and a 20-megawatt five-hour duration energy storage system. This will be the biggest battery system globally.
The solar project in Hawaii demonstrates Tesla’s effort to transform into a one-stop-shop for clean energy consumers. The company expects this project to reduce fossil fuel consumption by 1.6 million gallons per year.
Tesla has been outperforming the Zacks categorized Auto Manufacturers-Domestic industry over the last three months. During the period, Tesla gained 28.3% while the industry witnessed a 5.6% rise.
For the current year, Lear Corporation, American Axle and General Motors expect earnings growth of around 8.9%, 8.1% and 9.4%, respectively.
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Tesla Unveils Major Solar Project on Kauai Island, Hawaii
Tesla Motors, Inc. (TSLA - Free Report) launched a solar project in Hawaii, in association with Kauai Island Utility Cooperative (“KIUC”). Tesla will provide Hawaiian island of Kauai with solar power, using its panels and giant battery packs at the farm.
The solar farm comprises 54,978 solar panels, which have 13 megawatts of solar generation capacity as well as 272 52-megawatt-hour Tesla Powerpack lithium-ion battery storage systems. Tesla has installed these batteries in order to store the solar energy which can be used during night.
Under the terms of the collaboration, KIUC will purchase power for a period of 20 years at the rate of 13.9 cents per kilowatt-hour. The cost is lower than that incurred to purchase power from diesel plants as well as below the charge paid by consumers for electricity in the state.
Recently, KIUC has also signed a contract with a subsidiary of Virginia-based AES Corp. Under the deal, the entities will develop a solar-plus-battery storage project on the island’s South Shore. It will include a 28-megawatt solar farm and a 20-megawatt five-hour duration energy storage system. This will be the biggest battery system globally.
The solar project in Hawaii demonstrates Tesla’s effort to transform into a one-stop-shop for clean energy consumers. The company expects this project to reduce fossil fuel consumption by 1.6 million gallons per year.
Tesla Inc. Price
Tesla Inc. Price | Tesla Inc. Quote
Price Performance
Tesla has been outperforming the Zacks categorized Auto Manufacturers-Domestic industry over the last three months. During the period, Tesla gained 28.3% while the industry witnessed a 5.6% rise.
Zacks Rank & Key Picks
Tesla currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include Lear Corporation (LEA - Free Report) , American Axle & Manufacturing Holdings, Inc. (AXL - Free Report) and General Motors Company (GM - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
For the current year, Lear Corporation, American Axle and General Motors expect earnings growth of around 8.9%, 8.1% and 9.4%, respectively.
8 Stocks with Huge Profit Potential
Just released: Driverless Cars: Your Roadmap to Mega-Profits Today. In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>