As per the latest news report on Tesla, Solar panel installation is behind its goal of installation of over 1,000 panels per week. Tesla customers have also launched a complaint on delays, while one woman allegedly claims her faulty panels had caught on fire! Let’s take a closer look at exactly what’s happening with Tesla Solar Panels.
About 3,000 solar roof systems have been installed in the US by Tesla Energy since 2016. Although this estimate is well below the target of installing 1,000 panels per week, which Musk disclosed back in 2020. This statement was released during Tesla’s first-quarter earnings call. Said report was conducted by researchers at Wood Mackenzie, an energy research and consultancy firm. These reports portray how the solar panel has been shaping up following Tesla’s rocky 2016 acquisition of solar panel brands.
2016 was the year when Tesla bought SolarCity, a former solar panel company created by one of its cousins of Elon Musk. Initially, there were complaints from shareholders alleging that the takeover could have been a bailout for SolarCity, which was also under a debt of $3 Billion. Musk reassured the masses and sat on the board at Tesla & SolarCity when it was purchased.
Soon after the $2.6 Billion acquisition, Musk was bamboozled with a shareholder lawsuit, complaints of a delay from a couple of homeowners & a colorado woman’s solar panel allegedly catching on fire. The lawsuit shareholders ruled in favour of Musk with the ruling, “Elon Musk has not breached his fiduciary duty to Tesla shareholders by purchasing SolarCity.”
Recently, Wood Mackenzie issued a report where it was mentioned that Tesla’s weekly average hit about 21 systems which in turn would put Solar roof’s shares shooting up the market by 0.03%. Tesla in turn hasn’t responded to any of the comments ahead of publication. If we talk about Tesla’s goal of installation of 1,000 solar panels per week, they have reached the highest number of installations in a week, for the 1st time, in the first quarter of 2022. That notched up to about 32 systems installed per week.
Previously, Musk has opened up about the issues faced by Tesla Solar. Back in April 2021 at the earnings call, Musk said, “Tesla has made ‘significant mistakes’ calculating instillation costs, including troubles. Assessing the difficulty of certain roofs and the complexity of roofs varies dramatically.”
The report led by Max Issokson stated that Tesla’s failure to gain more roofing market will now lead to competitors taking the ‘lead’ with building integrated solar roofing products. He has also gone ahead and highlighted their biggest competitor GAF Energy’s Timberline Solar roofing system as their products are both easier & faster to install. It doesn’t help as they are more poised to achieve more widespread adoption in the solar roof market. He ends his report with, “The future potential of Tesla’s solar roof will rely on the company’s ability to simplify and streamline installations, eventually tapping into a broader customer base.”
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