New York's decision to spend $750 million in taxpayer funds for a highly automated factory creating just 500 manufacturing jobs equates to a gigantic $1.5 million subsidy per manufacturing job
New York's Bet on Silevo's Solar Technology Fails to Deliver
New York's deal with Silevo Inc. is a sham and illustrates the problems that arise when politicians use taxpayer money to attract and reward favored industries. Silevo, which was acquired by Solar City, is a photovoltaic cell and module technology company that developed the proprietary Triex solar modules. New York's deal with Silevo was to establish a manufacturing facility to produce 1 gigawatt worth (10,000 solar panels a day) of its Triex module technology with the potential of adding an additional 5 gigawatts of capacity in a later phase.
The agreement granted Silevo the use of a 1,000,000-square-foot factory in Buffalo, occupying 88 acres, with a lease that runs for 10 years and a 10-year renewal right. The rent is $1 or $2 per year. New York promised to spend $750 million on the factory and purchasing manufacturing equipment.1
