Tesla announced that it has completed over 500,000 solar panel and solar roof installations to date. That’s 4 GW of solar capacity deployed. Tesla’s solar division was created through the acquisition of SolarCity in 2016. The business has been going in a serious downward trajectory since the acquisition, but it has seen an uptick as of late. Despite some supply issues in the solar industry earlier this year, Tesla has achieved a few record quarters in the US residential solar market.
Lately, Tesla has also been increasingly relying on third-party installers to deploy its home energy products. Instead of managing the installation, Tesla is gradually becoming more of a supplier, with its goal of owning the home energy ecosystem through products like the Powerwall. This will allow Tesla to focus on manufacturing and scale, with the goal of supporting its new “Tesla Electric” electricity retailing product. With its Powerwall and inverter, Tesla controls the brain of solar installations and energy storage systems, enabling the company to offer grid services, like its virtual power plant and, eventually, “Tesla Electric,” on a larger scale.
