Tesla Inc’s solar installations in the third quarter (Q3) of 2020 more than doubled from the previous three months, while energy storage deployments were up by 81 per cent. The company installed 57 MW of solar capacity, up from 43 MW a year earlier and 27 MW in the second quarter. The company said Solar Roof deployments almost trebled quarter-on-quarter, but did not share the exact capacity.
The EV maker has created a strategy of low-cost solar priced at $1.49 per watt in the US after the US tax credit is applied. Tesla also recently demonstrated a 1.5-day Solar Roof install. Installation time is one of the key areas of Tesla’s focus to accelerate the growth of this program.
Meanwhile, the storage deployments reached 759 MWh in Q3, up from 477 MWh a year ago and from 419 MWh in April-June 2020. The demand for Tesla’s smaller Powerwall, made for homes, not only remained strong but is also growing. Tesla pointed out that many of its customers include a Powerwall with their solar installations. Tesla is also seeing “accelerating interest” in the Powerwall due to concerns around grid stability in California, where most of its buyers live.
In Q3, the energy business’ contribution to Tesla’s revenues was 6.6 per cent. “We continue to believe that the energy business will ultimately be as large as our vehicle business,” the company said.