Mar 10, 2017 06:00 AM EST
Tesla Kauai Solar Facility Will Save This Much Gallons of Oil Per Year; How the Entire World Can Also Benefit Like the Hawaiian Island
Tesla Kauai solar facility will offset 1.6 million gallons of fuel usage per year. That's how much Kauai Island can save fuel gallons and the good news doesn't end there. As of Friday, the 13MW SolarCity solar installation is officially open for business.
It's a beautiful facility that has 52MWh total capacity and captures the energy of the sun during peak days. It then gets that energy ready for night consumption. Tesla is the first to address the overlapping problem that the State of Hawaii has, Tech Crunch reported.
The Kauai Solar Facility is built for the Kauai Island Utility Cooperative (KIUC) and it's the biggest solar storage facility in the world. It occupies a space that was once a sugarcane field and it was an effort that's become a key part in Hawaii's 100 percent renewable energy drive by 2045. For Tesla, it's the perfect avenue to demonstrate how they can deploy solar facilities like the one in Kauai to the rest of the world.
Instead of purchasing the solar energy system from Tesla, Teslarati reported, KIUC will purchase at a flat rate of 13.9 cents/kilowatt hour from the Kauai solar facility for the next 20 years.
Tesla has taken it its mission to become the world's first only vertically integrated energy company that offers 100 percent clean energy products. Tesla's CEO Elon Musk has promised the world that the company's efforts towards clean energy generation, consumption, and storage will have a growth rate as fast as their vehicle business.
The rest of Wall Street are still debating whether or not Tesla will make true of its promise to provide sustainable power energy or that its initiatives will be enough to pay off. Now that it looks like it, at least in one state, Wall Street investors remain unconvinced.
According to Adam Jonas, an analyst from Morgan Stanley, Wall Street investors are putting zero value to Tesla shares for this business venture. That's because solar energy business remains to have uncertain economic and regulatory forces.