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☆ A 64-year-old 'peak boomer' worries his savings and Social Security won't be enough to retire: 'My biggest fear is finding myself at 75 standing at the door at Walmart.'
▼ + stars: | 2024-05-03 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kirsch is hoping to start collecting Social Security checks in a couple of years, just before his 67th birthday. Related storiesFor many, Social Security won't be enough to fill the gaps. As of March 2024, the Social Security Administration said that its average monthly check sent to recipients is $1,774.83. And, if lawmakers don't intervene, the US Social Security fund is set to dry out by the late 2030s. "Start saving and do it as aggressively as you can," he said.

Persons: —, David Kirsch, Kirsch, Hill , New Hampshire —, he's, Kirsch isn't, didn't Organizations: Service, He's, Business, Walmart, Survey, Income, Social, Social Security Administration, US Social Security Locations: Caribbean, South America, Hill , New Hampshire

That's how she discovered a one-bedroom and a one-and-a-half-bathroom above the Brickell City Centre, a shopping mall in Miami. Koggan's Miami unit is a one-bedroom, 1,200-square-foot apartment with one and a half bathrooms. Her first year in the unit, Koggan's rent was $3,350 but increased to $4,200 for her second year. Koggan's apartment also has a walk-in closet. Brickell City Centre in Miami is home to a five-floor shopping mall, office space and two luxury residential buildings, including Koggan's.

Persons: Rachel Koggan, Booth, Koggan, I'd, Andres Rivera, she's, I've Organizations: Media Relations, CNBC, Brickell City, Brickell City Centre, Centre Locations: New York City, Miami , Florida, Miami, Florida, Brickell

☆ Skittles is giving away a 1-year stay in an NYC micro-apartment that usually rents for $3,500/month: Take a look inside
▼ + stars: | 2024-05-03 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Skittles has launched a contest with the grand prize of a rent-free yearlong stay in a Manhattan micro-apartment. It features bright, colorful furniture, rainbow-colored cabinets and wall art made using real Skittles lentils. The marketing stunt is a promotion for Skittles Littles, a new, smaller form factor for the candy similar to that of M&M's Minis. Skittles lists the approximate retail value of the prize at $85,000, with the winner also receiving a $20,000 check to offset their tax liability. To enter the sweepstakes, participants must give their full name, date of birth, email and phone number.

Persons: Skittles, Dani Klaric, Skittles Littles, Malin, Goetz Organizations: M's Locations: New York City, Manhattan, Manhattan's Kips

☆ I made $20,000 in 5 months by renting out extra apartments in my Sacramento backyard
▼ + stars: | 2024-05-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

My wife and I live in a century-old home in Sacramento, but also own 13 investment properties spread throughout Texas and California. In 2004, we bought a $300,000 investment property, a duplex in Midtown Sacramento, which we rent out. AdvertisementLast year, I built two cottages on the duplex's lot and began renting them out as ADUs. After several months of collaboration with the company's design team, we submitted an application to the city of Sacramento. AdvertisementWith Sacramento allowing up to 1,200 square feet per ADU, I chose to build two 600-square-foot cottages on the lot.

Persons: —, George Warren, I've, Warren's ADU, Kevin Craig, ADUs, they're, it's, Warren Organizations: Service, Business, Tiny Homes, YouTube, Sacramento State University Locations: Sacramento, Texas, California, Midtown Sacramento, Warren, it's, ADUs, Warren's, Atlanta

☆ Don't feel too sorry for Gen Z — they're outpacing boomers on income and millennials on home ownership
▼ + stars: | 2024-05-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But things might not be as bad for Gen Z as they seem. Members of Gen Z are projected to spend more on housing costs like rent, mortgages, insurance, and utilities after inflation between the ages of 22 and 30 than millennials did, a recent RentCafe analysis found. Related storiesYet Gen Z's typically higher earnings mean they'll only spend an estimated 30% of their income on housing compared to 36% for millennials. AdvertisementSuccess may be short-livedIt's worth digging into why Gen Z is doing well financially.

Persons: —, Gen Z, Z, boomers, Gen, millennials, They've, lockdowns, Zeds Organizations: Service, Business, Reserve, millennials

☆ One personal decision can create a mess of financial challenges for transgender Americans—'it takes a lot of courage'
▼ + stars: | 2024-05-02 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +5 min

Changing their name may be an important step a transgender or nonbinary person takes to embrace their identity. But doing so is seldom easy and can create even more problems — particularly for your finances — after the fact, according to a recent white paper published by J.P. Morgan Wealth Management. Credit reports using deadnames — former names that individuals no longer use — are common and can result in credit discrimination against trans people, J.P. Morgan says. Getting approved to rent an apartment is just one of the issues that can arise out of inaccuracies on your credit report. Potential employers, utilities and phone companies and more may pull your credit report as part of a background check to hire you or establish services at your home.

Persons: J.P, Leo Aquino, Shelby Anderson, Morgan, deadnames, —, Aquino, hadn't, Anderson Organizations: Morgan Wealth Management, CNBC, Social Security Locations: U.S

☆ Making the power grid 'smart' could save us all money and prevent blackouts. Chattanooga made the $280 million investment.
▼ + stars: | 2024-05-02 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +13 min

Chattanooga's utility built a $280 million smart grid, creating $2.7 billion in economic value. The local utility, called EPB of Chattanooga, spent $280 million to refurbish its power system with smart technologies to make a "smart grid." The traditional power grid carries electricity from a power plant to homes and commercial buildings. Smart grids can bring huge economic benefitsEven Congress knows the nation needs a smart grid. Though a smart grid requires a big up-front investment, it can save a lot of money down the line.

Persons: —, That's, Tiago Majuelos, Monika Skolimowska, Kevin Schneider, Schneider, Joshua Rhodes, David Wade, EPB, Wade, Taylor, David Swanson, We're Organizations: Infrastructure, Service, Chattanooga Smart, US Department of Energy, Wall Street, Getty, Pacific Northwest National Laboratory, American Society of Civil Engineers, University of Texas, Department of Energy, C Electric Company, BI, Reuters, Nationwide Locations: Chattanooga , Tennessee, Chattanooga, Tennessee, EPB, California, Austin, Hamilton County, Palm Springs , California, Columbia, Southern California

☆ The specter of stagflation is back in the news. BofA says investors should buy these 2 areas of the market to capitalize.
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Headlines talking about "stagflation" have rocketed to the most in two years, Bank of America said. Utilities and energy typically benefit the most in stagflationary conditions, the bank said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHeadline references to "stagflation" catapulted to a two-year high last week, Bank of America reported, which could start weighing on Wall Street sentiment. We think that view is misguided, as it is based on an apples-to-oranges comparison," the bank wrote last week.

Persons: —, it's, stagflationary Organizations: Bank of America, Service, Tech

☆ Private payrolls increased by 192,000 in April, more than expected for resilient labor market
▼ + stars: | 2024-05-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Private payrolls increased at a faster than expected pace in April, indicating there are still plenty of tailwinds for the U.S. labor market, according to ADP. Companies with 500 or more workers showed the biggest gain in hiring with 98,000. In recent months, ADP has consistently undershot the Labor Department's count, though the numbers were fairly close in March. The department's Bureau of Labor Statistics reported that private payrolls increased by 232,000 for the month versus ADP's 208,000. Friday's report is expected to show growth of 204,000 in total nonfarm payrolls for April, down from March's 303,000, according to the consensus Dow Jones estimate.

Persons: payrolls, Dow Jones, Nela Richardson Organizations: ADP, Labor, department's Bureau of Labor Statistics Locations: March's

☆ 28-year-old with net worth over $500,000: 5 money mistakes to avoid in that 'weird time after college'
▼ + stars: | 2024-05-01 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

Not using a high-yield savings accountHigh-yield savings accounts are a no-brainer for Allocca, who says that there's "no advantage to a traditional savings account." High-yield savings accounts are typically offered by online banks or credit unions, and usually come with higher interest rates than traditional savings accounts offered by big banks. Currently, you can find high-yield savings rates over 5%, compared with the 0.58% average for savings accounts as a whole. One trade-off is that smaller banks or credit unions might take longer to process a withdrawal from a high-yield savings account. "I like to call high-yield savings accounts 'inconvenient savings,' because they are still accessible, but totally separate and disconnected from your checking account," she says.

Persons: Michela Allocca, —, Allocca Organizations: CNBC

☆ PG&E Seeks Approval to Sell Stake in Its Power Operations
▼ + stars: | 2024-04-30 | by ( Ivan Penn | More About Ivan Penn | ) www.nytimes.com time to read: +1 min

Pacific Gas & Electric announced plans on Tuesday to sell a minority stake in its power-generation business, part of its strategy to reduce electricity rates, continue wildfire prevention and further develop clean energy. The exclusive deal with the global investment firm KKR is part of PG&E’s plan to transfer its nonnuclear power generation to a newly formed subsidiary, Pacific Generation. The proposals for the subsidiary and the KKR stake require approval by the California Public Utilities Commission and the Federal Energy Regulatory Commission. KKR, which manages $59 billion in assets, operates a global infrastructure business with expertise in the utility and renewable energy industry. PG&E said in a statement that the investment firm’s access to capital gave it the ability to take a long-term approach in its strategies.

Persons: ” Carolyn Burke Organizations: Gas & Electric, KKR, Pacific, California Public Utilities Commission, Federal Energy Regulatory Commission

☆ Stocks could have further to fall in May after this month’s market woes
▼ + stars: | 2024-04-30 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The S & P 500 is down by more than 3% this month, though it has still registered a more than 6% advance for the year. But many investors worry stocks have further to go before finding a durable bottom. They say stocks look overvalued even after the recent pullback, and they cite troubling headwinds for equities. 'Sell in May and go away' May has a reputation as a historically weak month for stocks. Carson Group's Ryan Detrick noted that stocks have actually been higher in May during the last nine out of 10 years.

Persons: Mark Luschini, Janney Montgomery Scott, Jeff Hirsch, he's, It's, Hirsch, Carson Group's Ryan Detrick, we've Organizations: Investors, Dow Jones Industrial, Dow, Treasury Bond ETF

☆ Election Updates: Koch group attacks Biden on the economy, hoping to engage Latino voters
▼ + stars: | 2024-04-29 | by ( Jazmine Ulloa | ) www.nytimes.com time to read: +5 min

Despite a run of positive economic data, including strong job growth and record unemployment, the economy has been a stubborn weakness for President Biden and Democrats, particularly among Black and Latino voters. The group rolled out a similar effort with an anti-“Bidenomics” message last year, but organizers said this campaign would be much larger in scope. Although Latino voters still overall lean Democratic, former President Donald J. Trump improved his performance with the slice of voters in 2020, and in some areas like South Florida and South Texas made sizable gains. Mr. Biden, on the other hand, has stepped his up — and has been looking to sharpen his own economic message after an earlier push to reclaim the term “Bidenomics” largely fell flat. The liberal organizations have earmarked $33 million to mobilize Hispanic voters for Mr. Biden and other key Democratic races in several battleground states.

Persons: Koch, Biden’s, “ Bidenomics, Biden, “, ” Jose Mallea, Donald J, Trump, ”, Somos, Somos Votantes, Josh Harder, Mike Levin, Gabriel Vasquez, Yadira Caraveo, NoBidenomics.com — Organizations: Libre, New York Times, Republicans, Pew Research Center, Associated Press, Somos PAC, Mr, Republican Locations: Spanish, ”, Michigan, Nevada, Pennsylvania, Arizona, South Florida, South Texas, Libre, Montana , Nevada , Ohio, Wisconsin, In California, New Mexico, Colorado, America

☆ How CEOs are preparing for possible employee protests
▼ + stars: | 2024-04-29 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

You can always choose to move on, but remember you don’t have a right to work at most companies. We can’t keep re-litigating when we also have a business to runYou speak with CEOs every day. Most of the CEOs I’ve talked to said they haven’t seen their employees protest, but they’re bracing for it. But I will say that I don’t think it will become that widespread because of how swiftly and unapologetically Google addressed it. I don’t think it will become a thing.

Persons: Sundar Pichai, Bell, Johnny C, Taylor Jr, that’s, we’re, We’re, we’ve, I’m, You’d, They’re, I’ve, Royce, Peter Valdes, “ We’re, ”, Martin Fritsches, “ That’s, Brian Fung, Sean Lyngaas, Satya Nadella, Sam Altman, Northrop Grumman, Alejandro Mayorkas Organizations: CNN Business, Bell, New York CNN, Google, Tech, Society for Human Resource Management, Companies, Royce, BMW, OpenAI, Microsoft, Department of Homeland Security, Delta Air Lines, DHS, “, Amazon Web Services, IBM, Cisco, ’, Civil Locations: New York, Israel, Chichester , England

☆ The Fed is focusing on 'flawed' data and keeping rates high will result in a big policy mistake, economist says
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Read previewThe Federal Reserve's fixation on a streak of "flawed" data to justify keeping interest rates higher for longer is bound to spark a policy mistake, according to top economist David Rosenberg. "The Fed seems to be focusing not just on flawed data, but on headlines only. Finally, he noted that the Fed's long-term view of the economy as still hot based on non-farm payroll data was dashed by the Quarterly Census of Employment and Wages and Business Employment Dynamics. Rosenberg pointed out that the payroll report may be exaggerating actual employment by 70,000 per month. Meanwhile, BED data indicated a 192,000 drop in private employment in Q3 of last year, whereas private job payroll data reported a significant 521,000 increase in that time.

Persons: —, David Rosenberg, Rosenberg, it's Organizations: Service, Business, Fed, Quarterly, Employment Dynamics

☆ ‘Should have been done yesterday’: Rural, older Americans could get hurt as affordable internet program runs out of cash
▼ + stars: | 2024-04-29 | by ( Brian Fung | Jason Carroll | ) edition.cnn.com time to read: +14 min

But in just a few weeks, her internet bills, and those of other Americans like her, could skyrocket by hundreds of dollars a year. The program is heavily used by Americans over age 50, military veterans and low-income working families nationwide, according to FCC data. Amira Karaoud/Reuters/FileRural and older usersThe ACP has quickly gained adoption since Congress created the program in the 2021 bipartisan infrastructure law. Large swaths of the ACP’s user base trend older; Americans over 65 account for almost 20% of the program. The FCC’s Lifeline program, which dates to the Reagan administration, similarly gives low-income households a monthly discount on phone or internet service.

Persons: Cindy Westman, —, I’ll, ”, Westman, ’, Westman —, Gigi Sohn, “, Biden, Allison Bailey /, Cynthia George, George, ” George, Marc Veasey, They’re, Geoffrey Starks, “ It’s, ” Starks, Amira Karaoud, Walter Durham, I’m, ” Durham, Michelle McDonough, McDonough, she’ll, doesn’t, “ I’m, ” McDonough, Kamesha Scott, Louis, Megan Janicki, ” Janicki, Reagan, Mike Johnson, Blair Levin, Johnson didn’t, Levin, Jonathan Blaine, ” Blaine, they’re Organizations: CNN, Program, Social, Federal Communications Commission, FCC, Capitol, Getty, MSN, White, ” Texas Democratic, “, Comcast, ACP, Navy, American Library Association, Lifeline, Republicans, Republican, New, Research, ” Bills Locations: Eureka , Illinois, America, Dallas, Las Vegas, Kentucky, San Diego, United States, Maine, St, Vermont

☆ Opinion: Small-town water systems are global cyber targets. Is your city next?
▼ + stars: | 2024-04-28 | by ( Opinion Robert M. Lee | ) edition.cnn.com time to read: +8 min

The town of Abernathy also reported a water system hack, and the towns of Lockney and Hale Center said hackers tried to breach their water infrastructure but did not succeed. Unlike how David was ready to take on Goliath, our most vulnerable critical infrastructure systems – including water infrastructure – are ill-prepared. The water attacks we’ve seen so far have not had serious consequences for the people they serve. According to the EPA, 90% of the nation’s community water systems are small, public systems bringing water to 10,000 or fewer customers. If we really want to help water utilities defend against cyber threats, we have to close the resource gap.

Persons: Robert M, Lee Dragos, David, we’ve, –, Iran –, Homeland Security’s Organizations: CNN, Cyber Army, Hale Center, Islamic Revolutionary Guard Corps, FBI, Rehabilitation, Government, Department, Homeland, Infrastructure Security Agency, National Security Agency, Environmental Protection Agency, Department of Homeland, Local Locations: Russia, Texas, Muleshoe, Abernathy, Lockney, Aliquippa , Pennsylvania, United States, China, North Korea, Iran, Department of Homeland Security’s State

☆ Social Security isn’t keeping up with inflation. That could weaken Biden’s support among some seniors
▼ + stars: | 2024-04-28 | by ( Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —Not long ago, senior citizens got the two biggest annual increases in their monthly Social Security checks that most had ever seen. While inflation has afflicted Americans of every age, senior citizens are often in a more difficult predicament because many live off fixed incomes. Many depend heavily on Social Security – some 42% of elderly women and 37% of elderly men rely on the monthly payments for at least half their income, according to the Social Security Administration. They aren’t wrong: Inflation has eaten away at 36% of Social Security benefits’ buying power since 2000, according to an analysis last year from The Senior Citizens League. The president needs these senior voters since polls also show his support among younger Americans has eroded since 2020.

Persons: Joe Biden, Donald Trump, Biden, Shannon Benton, “, ”, Mary Johnson, Johnson, –, Trump, they’ve, Marty Cohen Organizations: CNN, Social Security, Senior Citizens League, Social Security Administration, Biden, James Madison University Locations: Pennsylvania, Arizona , Michigan, Wisconsin

☆ I'm a 24-year-old who lives in Medora, North Dakota, which has a population of less than 150 people. We don't have a grocery store in town but we do have the Northern Lights.
▼ + stars: | 2024-04-27 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +6 min

Madi Lee is a 24-year-old who moved to the tiny town of Medora, North Dakota, after college. The year-round population of Medora is less than 150 but the town explodes with tourists in summer. Medora, North Dakota, has always been one of my favorite places. It's a unique place, located in the North Dakota Badlands at the entrance of Theodore Roosevelt National Park. Madi Lee loves working the Medora Musical in the summer and enjoys the remote nature of North Dakota in the winter.

Persons: Madi Lee, Lee, —, Theodore Roosevelt, Teddy Roosevelt, It's, Dickinson, it's, We've Organizations: Service, Dakota Badlands, University of Minnesota, Theodore Roosevelt Foundation Locations: Medora , North Dakota, Medora, , North Dakota, University of Minnesota Duluth, North Dakota, Madi, Northern Minnesota

☆ Dividend stocks are poised to outperform, says Bank of America. Here are names on its list
▼ + stars: | 2024-04-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The U.S. economy is flashing a sign that's favorable for dividend stocks, according to Bank of America. In this environment, investors want to own dividend stocks with above-market yields, she said. For those characteristics, she looks to quintile two of the Russell 1000 by trailing dividend yield. Her screen guards against owning distressed companies that might move into the first quintile, the highest dividend yield group, if prices fall ahead of potential dividend cuts. APA has a 3.1% dividend yield, while HF Sinclair yields 3.5%.

Persons: Savita Subramanian, Subramanian, Russell, Jeffrey Martin, CNBC's Jim Cramer, John Christmann Organizations: Bank of America, Bank of, AES, APA, Sinclair, Callon Petroleum, CNBC, Citigroup, Citi Locations: U.S

☆ CEOs of OpenAI, Google and Microsoft to join other tech leaders on federal AI safety panel
▼ + stars: | 2024-04-26 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —The US government has asked leading artificial intelligence companies for advice on how to use the technology they are creating to defend airlines, utilities and other critical infrastructure, particularly from AI-powered attacks. The Department of Homeland Security said Friday that the panel it’s creating will include CEOs from some of the world’s largest companies and industries. The list includes Google chief executive Sundar Pichai, Microsoft chief executive Satya Nadella and OpenAI chief executive Sam Altman, but also the head of defense contractors such as Northrop Grumman and air carrier Delta Air Lines. It also includes federal, state and local government officials, as well as leading academics in AI such as Fei-Fei Li, co-director of Stanford University’s Human-centered Artificial Intelligence Institute. The US government already uses machine learning or artificial intelligence for more than 200 distinct purposes, such as monitoring volcano activity, tracking wildfires and identifying wildlife from satellite imagery.

Persons: Sundar Pichai, Satya Nadella, Sam Altman, Northrop Grumman, ”, Alejandro Mayorkas, Fei Li, Joe Biden Organizations: Washington CNN, Department of Homeland Security, Google, Microsoft, Delta Air Lines, DHS, “, Amazon Web Services, IBM, Cisco, ’, Civil, Stanford, Intelligence, Safety, Security

☆ 4 people who relocated and regretted it share the biggest mistake they made and what they learned
▼ + stars: | 2024-04-26 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +6 min

Another said they regretted underestimating the importance of living near their friends and family. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Business Insider spoke with four people who shared their biggest regret and what they learned from it. After two years in Colorado, Michiels and his family moved again — this time to Spain in 2023. The couple loved living in Denver and decided to buy their first house there after a year, but they were priced out of the city.

Persons: —, Amanda Loudin, Loudin, she'd, Wendy Wang, Wang, Eric Michiels, Michiels, he'd, Jackie Branholm, Branholm Organizations: Service, Denver Locations: Maryland, Boulder , Colorado, Boulder, Pennsylvania, Silicon Valley , California, California, Silicon Valley, Atlanta, Denver, Colorado, Spain, New York City, New York

☆ You need at least $1 million to retire comfortably in these 10 U.S. states—half are in the Northeast
▼ + stars: | 2024-04-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On average, Americans believe they should save up around $1.46 million before retiring, per Northwestern Mutual's 2024 Planning and Progress study. But in certain states, like Hawaii, you'd actually need more than that. The minimum amount of savings you'd need to retire in the Aloha state is $2,051,077, according to a GOBankingRates study. It also looked at each state's cost of living through the Missouri Economic Research and Information Center state-by-state cost of living index, based on the Council for Community and Economic Research survey data. Here are the 10 states where you'd need the most to retire comfortably, according to GOBankingRates data shared with CNBC Make It.

Persons: GOBankingRates Organizations: Security, Bureau of Labor Statistics, Survey, Missouri Economic Research, Information Center, Council for Community, Economic Research, CNBC Locations: Northwestern, Hawaii, you'd, Aloha, Missouri

☆ Five Things to Know About Biden’s New Power Plant Rules
▼ + stars: | 2024-04-25 | by ( Coral Davenport | Lisa Friedman | ) www.nytimes.com time to read: +2 min

The most consequential of the new rules is aimed at nearly eliminating carbon dioxide emissions from the coal plants. Once implemented, the rules are widely expected to result in the shuttering of nearly all the nation’s remaining coal plants by 2040. Here’s what to know about President Biden’s new moves to clean up coal power. There is no widely used technology available to substantially reduce carbon dioxide emissions from power plant smokestacks. The cheapest way to comply may be to just shut down the nation’s roughly 200 remaining coal plants.

Persons: Biden, Biden’s Organizations: Environmental Protection Agency Locations: America, United States

☆ CNBC's Inside India newsletter: A $270 billion gamble on green?
▼ + stars: | 2024-04-25 | by ( Ganesh Rao | ) www.cnbc.com time to read: +8 min

Solar panels stand at the Welspun Energy solar power plant in Neemuch, Madhya Pradesh, India. One sector in particular — electrical power transmission — will see $270 billion in financial benefits, according to Goldman Sachs. While utilities like the Power Grid Corporation of India may be perceived as unsexy, compared to growth stocks like Tesla, India plans to promote renewable energy without the taxpayer spending a single rupee. The country has added about 70 gigawatts of solar power capacity over the past decade without piling on further costs by simply maximizing the grid's usage. Currently, state governments in India levy surcharges and taxes on every unit of carbon-intensive energy transmitted through the grid.

Persons: Vivek Prakash, Elon Musk, Narendra Modi, Goldman Sachs, It's, Vinay Dwivedi, India Anna Dravida, Vinay, Modi, Mohamed Muizzu's, Jamie Dimon, Modi's Organizations: Bloomberg, Getty, U.S, Power Grid Corporation of India, Goldman, Companies, Reliance Industries, Adani Enterprises, Tamil Nadu —, Dravida Munnetra Kazhagam, India Anna Dravida Munnetra Kazhagam, CNBC, Modi's Bharatiya Janata Party, Vodafone Idea, Vodafone, West, Economic, of New, JPMorgan, CNBC Pro, we'll Locations: Neemuch, Madhya Pradesh, India, Tamil Nadu, Dravida, New Delhi, Maldives, China, Beijing, West Indies, Pakistan, U.S, of New York

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