Tesla Motors, Inc. (NASDAQ:TSLA) – Tesla Takes Solar Tile Roofs Nationwide: What Investors Should Know
Electric Vehicle Company Tesla Inc (NASDAQ: TSLA) has received accolades for its non-vehicle business segments: solar, energy storage and others. The company’s solar business could be boosted with expansion highlighted recently Electrek article.
What happened: Tesla has expanded its solar roof installation to cover all customers across the country.
Previously, only residents of approved markets were eligible to apply for a solar panda roof from the company. Many of the approved markets were located near Tesla Energy warehouses due to the need for installation personnel.
Any potential customer can submit an order request for the Tesla solar tile roof. Tesla inspects the homes before moving to an installation and is known for being selective about which roofs it selects, according to the report.
Electrek reports that Tesla has certified third-party roofing companies to help install the solar roof tiles.
Related link: Tesla Q2 revenue summary: 98% revenue growth to $11.96 billion, semi-shifts to 2022
Why it’s important: Tesla continues to highlight the growth of its solar business during its earnings calls. The solar panel business made up the bulk of the segment, but strong demand for solar rooftops could lead to higher overall growth for the business segment.
“Solar roof deployment grew significantly, both YoY and sequentially in the second quarter,” the company said said.
Solar deployed in the second quarter was 85 MW, up 215% year-over-year and down from 92 MW in the first quarter. The numbers could show that the demand for roofs exceeds the company’s solar panel segment.
Tesla discontinued its electric vehicle customer referral earlier this year, but retained a solar customer referral.
The company said solar roof tiles could surpass all solar panel installations by the end of next year.
By opening installations across the country and using outside roofing companies, the solar industry could grow a lot bigger for Tesla later this year.
TSLA Price Action: TSLA shares traded 2.36% higher at $801.24 Thursday afternoon.
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