New York state invested nearly $1 billion in what was supposed to be the largest solar panel factory in the Western Hemisphere, according to a report. The “Tesla Gigafactory 2” in Buffalo, NY, which spans 1.2 million square feet, was meant to be a linchpin of the “clean energy revolution” and create jobs. However, it has turned into a costly disaster for taxpayers. The state spent $959 million to build and equip the factory, but the promised suppliers never arrived and the majority of workers are not involved in solar panel production. The factory is underperforming and the solar energy unit is only averaging 21 installations per week. Furthermore, most of the expensive equipment bought by the state has been sold at a discount or discarded. The terms of the state’s subsidy have been amended multiple times, and the overall cost to taxpayers is seen as a significant economic development failure. Despite this, Tesla has reported strong delivery and production numbers, and its stock prices have soared. Elon Musk’s net worth has also increased significantly, making him the world’s richest person.
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