Report: Elon Musk’s companies received billions in government subsidies


BUFFALO (WIVB) — In 2015, The Los Angeles Times published a study saying SolarCity Corp., Tesla Motors Inc. and SpaceX received government subsidies totaling $4.9 billion.

The same article said $750 million is going toward the SolarCity solar panel factory in Buffalo.

“It will not pay property taxes for a decade, which would otherwise total an estimated $260 million…SolarCity reported receiving $497.5 million in direct grants from the Treasury Department,” the article said.

The federal government offers rebates when people purchase electric vehicles, and some states provide their own rebates as well. It is not clear if there will be opportunities for government rebates related to the new SolarCity facility.

Tesla CEO Elon Musk recently stated that he intends to keep his promise about opening the Buffalo solar panel factory, despite some setbacks.

A merger between Tesla and SolarCity was approved by shareholders this past November.

Production of solar roof panels in Buffalo is expected to start by the end of the year.

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