LONGMONT, Colo. (AP) - A utility is hoping a large Tesla battery being installed in northern Colorado will save it up to $1 million annually by storing energy that would otherwise go waste.

The Daily Times-Call reports United Power is expecting to bring the lithium-ion battery being installed east of Longmont onto the grid early next month.

The utility’s New Energy Director Jerry Marizza says the battery supplied by the California-based automotive and energy company will have a storage capacity of four megawatts over four hours, enough to power 600 to 700 homes.

Marizza says the battery is expected to save the utility about $80,000 a month by capturing energy generated on the grid overnight and saving it for peak demand hours.

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Information from: Daily Times-Call, http://timescall.com/

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