![]() ![]() "I think Elon Musk knows exactly what he wants to accomplish ," said Keith. "The markets love an underdog with vision, and I can't think of an executive today with more vision than Elon Musk," said Money Morning Chief Investment Strategist Keith Fitz-Gerald, who has long been following the mega-CEO, to his Total Wealth subscribers last year. Musk's impressive ambition is something we've long applauded. The share price has already risen 66% in 2017. An announcement of a deal would likely send TSLA shares higher. More information is set to be announced this week. A successful solar power grid in Puerto Rico would likely be a flagship project - paving the way for similar opportunities around the world. After all, Tesla's value is in its potential for industry-disrupting innovation and growth, which is exactly what this project promises. This is good news for Tesla and its investors. It's a serious problem, and this project will hopefully set a good example for everyone else to follow," said a local resident of the island to SolarCity. Beach erosions and other noticeable changes are a part of life here. Living on an island, you experience global warming firsthand. This project will help lessen the carbon footprint of the world. The microgrid took just one year to install and finish. The battery system also allows the island to use stored solar energy at night, meaning renewable energy is available for use around the clock. Now, Ta'u hosts an entirely renewable solar power- and battery storage-fueled microgrid that can supply nearly 100% of the island's power needs. The island of Ta'u in American Samoa was using more than 109,500 gallons of fuel annually. This isn't the first time Musk's solar technology has revolutionized an island. "Even though we're still in the emergency phase, the opportunity to rebuild better than before is one that I cherish and take very seriously," Rosselló said. This new solar panel grid would generate its own power, be less vulnerable to storms, and cut down energy bills, according to energy analysts. They also spoke further about using Tesla solar technology to rebuild the grid, including a pilot run in the island-municipality of Vieques, which still pulls its power from Puerto Rico, according to USA Today. During last week's call, Rosselló said Musk offered consoling words about the devastation on the island and to help with immediate relief efforts. So Musk and Rosselló's meeting could be a saving grace for the island. Details Here.įor now, getting the grid back up and running is a waiting game. Special Report: Cannabis Is the Gold Rush of the 21st Century - 30 Stocks to Invest in Now. Even worse, Puerto Rico's water system is linked to the electrical system, so residents can't get water until most of the power grid returns online. Unfortunately, the storm exacerbated the grid's problems, and now 88% of the island is without power. Rosselló? And if so, what can the island expect from a solar power grid? Let's take a look.Įven before Hurricane Maria, Puerto Rico's electrical grid was antiquated and heavily in debt. ![]() Will Musk follow through after his conversation with Gov. "I told him because of the devastation, if there is a silver lining, we can start re-conceptualizing how we want to produce energy here in Puerto Rico and distribute it and do it in a more reliable fashion," Rosselló said. The response led to a 25-minute phone call where the two discussed relief efforts as well as Tesla playing a leading role, Rosselló said in an interview with USA Today. The tweet prompted an eager response from Puerto Rico Gov. When asked if this were possible, Musk responded, "the Tesla team has done this for many smaller islands around the world, but there is no scalability limit, so it can be done for Puerto Rico too." In theory, Tesla Inc.'s (Nasdaq: TSLA) independent solar and battery systems would be used to rebuild the island's power grid. Now, in the aftermath of Hurricane Maria, Musk has set his sights on a new challenge: Puerto Rico's crumbling power grid. Save my name, email, and website in this browser for the next time I comment.Įlon Musk is infamous for proposing huge projects on Twitter, like an underground high-speed tunnel system and the human colonization of Mars. Sign me up for the Money Morning newsletter ![]() Your email address will not be published. Or to contact Money Morning Customer Service, click here. Comment on This Story Click here to cancel reply. ![]()
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