Your comment would have made perfect sense if not for the $1/yr lease of Buffalo fab for 20 years. NY state has already invested over $750 million in the plant. My guess is that Panasonic/Tesla would put up capital equipment worth no more than $750 million in the first stage. NY state would increase its investment as the number of jobs in the plant increase. So, my rough estimate on Capex of NY state vs. Tesla/Panasonic is roughly 50:50. Majority of the cost of PV production is plant/equipment depreciation, about 67% of total cost. Half of that depreciation is a freebie thanks to NY state. So, the PV produced at Buffalo is about 33% cheaper, which is price competitive with even the Chinese import.