More than just a car company, the automobile company Tesla (NASDAQ: TSLA) is looking towards greener pastures, as well as a greener and more sustainable world. With the recent announcement of Tesla's solar roof installments, people will soon be able rely on the sun for energy, further saving money on costs for home electricity. Tesla's product, whilst unprecedented, has the ability to change the solar power market for good.
Tesla Inc. first began as Tesla Motors in 2003, a company focused on providing automobiles. Started in Delaware, U.S, Tesla was led by Martin Eberhard and later spearheaded by the current CEO Elon Musk. Currently headquartered in California, Tesla Inc. remains primarily dedicated to automobiles but has expanded its interest into energy storage and solar panels. Their business extension in providing energy related services is chiefly operated through their subsidiary SolarCity, a company purchased by Tesla towards the end of 2016. With the announcement of solar panels on sale, Tesla is already utilizing the valuable workmanship within SolarCity, causing Tesla to recently offer $1000 deposits for their solar panels. Playing in perfectly with Musk's desire to create a more energy sustainable environment, Tesla's launch into the solar panel market will do just that.
On the surface, Tesla's solar panels have been reported to be expensive. Despite this, Tesla solar panels have been proven to have a potential of saving thousands of dollars in electricity for hotter parts of the world, such as California, USA. Tesla themselves recently claimed that customers will save up to $64,000 over a 30-year period, a viable option for those that have been worn out by electronic costs for the home. In addition, because the roof will last twice as long as a traditional roof, Tesla is virtually offering a lifelong warranty of seamless energy provision at lower prices. Solar analyst at Bloomberg New Energy Finance Hugh Bromley reinforced the saving capabilities of the Tesla solar panel, stating that "The pricing is better than I expected, better than everyone expected." And because Tesla would be about 30% more expensive than traditional roofs, Bromley asserts that a "a 30 percent premium could well be acceptable."
The aesthetic of the solar power is perhaps what sets Tesla apart from the rest of the solar panel market. Tesla recently announced two of its four solar panel models, with most immediate one being composed of glass and textured tile. In rooftop shingle form, the solar panels contain solar batteries beneath the glass surface, allowing light to pass through and be transformed into electricity.
Tesla seems to be offering a new beginning for the future of the world. By providing stylish yet overwhelmingly affordable panels, Tesla differentiates itself from traditional roof styles, as well as solar panel markets. Musk reinforces the futuristic approach of the solar panels, imploring "What's the future we want?" Musk later answered the question for the masses, asserting "We want to look around and see roofs that are beautiful and that draw energy from the sun." With the announcement of Tesla solar panels, this is truly made possible.