Tesla beat expectations with its earnings yesterday, and while its record car sales were definitely the driver, Tesla Energy returning to growth didnt hurt, either.
The companys solar division is growing again, thanks to cheap solar subscriptions and its new Solarglass roof, and its energy storage business is doing better than ever.
Since the acquisition of SolarCity in 2016, Tesla has cut down on its solar business in a massive way, resulting in a significant slowdown of installations over the years.
But over the last year, Tesla has been trying to revamp its solar business and go back to growth.
Recently, Tesla launched a new solar rental service in which homeowners can get a solar panel system for just $50 per month.
They have alsolaunched a new commercial solar online ordering platform.
The company has been making its pricing simpler and more transparent, and they have been more actively pushing their energy products.
On top of its solar panel retrofit, Tesla has been working on accelerating installations of its Solarglass roof with the third generation.
Tesla is still not back to the level of solar deployment that its solar division was achieving under SolarCity, but at least its back to growth for two quarters in a row.
Yesterday, the company announced that it deployed 54MW of solar power during the fourth quarter of 2019:
It represents the second quarter of growth and a 26% quarter-to-quarter growth since relaunching the Tesla Energy solar business in 2019.
Tesla wrote about its solar business in its shareholders letter:
In Q4, we deployed 54MW of solar, 26% more than in the prior quarter. Where offered, subscription solar has grown significantly in Q4. With a monthly subscription that can generate income from the first month of usage, there is no reason not to have solar panels installed.
As for the energy storage business, Tesla achieved a new all-time record quarter with 530MWh of capacity deployed, including the first Megapacks, Teslas new utility-size energy storage product.
Tesla also wrote about its energy storage business:
Energy storage deployment reached an all-time high of 530MWh in Q4, which included the first deployments of Megapack, our new commercial scale 3MWh integrated storage system that is preassembled at Gigafactory Nevada as a single unit. Since the introduction of this product, the level of interest and orders from various global project developers and utilities has surpassed our expectations.
Thats 136% year-over-year growth, with Tesla installing more energy storage in 2019 than it did in all previous years combined.
CEO Elon Musk said that Tesla Energy is becoming a distributed global utility, and it could even outgrow Teslas automotive sector.
For now, it still represents only a small portion of Teslas business. In Q4 2019, Tesla generated $7.384 billion in revenue. $6.4 billion came from automotive, and $436 million came from energy.
I am growing more and more optimistic about Tesla Energy.
Tesla is now in a strong financial position to support paying upfront for solar subscription deployment, and it should be able to get the revenue from those installations for more than 20 years.
I could see Tesla having 1 million solar subscription customers by the end of the decade.
I still dont think it would be the biggest part of Teslas business by then, but it would be a significant part of its operations.
What do you think? Let us know in the comment section below.
FTC: We use income earning auto affiliate links. More.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.
See the rest here:
Tesla Energy is back to growth, thanks to cheap solar subscriptions and Solarglass - Electrek
- TSLA Stock | TESLA Stock Price Today | Markets Insider - September 6th, 2018 [September 6th, 2018]
- Nikola Tesla | Biography, Facts, & Inventions | Britannica.com - October 8th, 2018 [October 8th, 2018]
- TSLA Stock Price - Tesla Inc. Stock Quote (U.S.: Nasdaq ... - October 8th, 2018 [October 8th, 2018]
- Tesla Model Prices, Photos, News, Reviews and Videos - Autoblog - April 20th, 2019 [April 20th, 2019]
- Ford, GM rev up electric pickup trucks to head off Tesla - Reuters - September 19th, 2019 [September 19th, 2019]
- Toyota using Tesla-style Panasonic batteries for China hybrids: sources - Reuters - September 19th, 2019 [September 19th, 2019]
- Teslas a Game Changer When It Comes to Windshield Wipers - Car and Driver - September 19th, 2019 [September 19th, 2019]
- General Motors vs. Tesla: Software Engineer Pay - Dice Insights - September 19th, 2019 [September 19th, 2019]
- Sweeney Gives Support to 'Tesla Lawsuit' - InsiderNJ - September 19th, 2019 [September 19th, 2019]
- Tesla Model 3 dominates global EV sales, chases down fossil fuel competitors - The Driven - September 19th, 2019 [September 19th, 2019]
- Driving A Tesla Model X Through Flood Waters May Look Cool But Isnt A Good Idea - Carscoops - September 19th, 2019 [September 19th, 2019]
- See This Tesla Model S Making Smoke? A Bug Is The Cause - InsideEVs - September 19th, 2019 [September 19th, 2019]
- Tesla Sentry Mode catches couple mistaking Model 3 for their Hyundai Elantra - Driving - September 19th, 2019 [September 19th, 2019]
- Tesla's Million Mile Battery - Seeking Alpha - September 19th, 2019 [September 19th, 2019]
- Podcast: Teslas upcoming new battery, Tesla Plaid Powertrain, EVs from Frankfurt, and more - Electrek - September 19th, 2019 [September 19th, 2019]
- Cuomo on whether Tesla will meet job targets: 'We will find out next year' - Buffalo News - September 19th, 2019 [September 19th, 2019]
- What the GM Strike Means For the Fremont Tesla Factory - California Globe - September 19th, 2019 [September 19th, 2019]
- Watch Tesla V10 with new Netflix, YouTube, Caraoke apps in action surprisingly refined - Electrek - September 19th, 2019 [September 19th, 2019]
- Sleeping With Tesla Autopilot May Explain Some Of Tesla's Safety Numbers - Forbes - September 19th, 2019 [September 19th, 2019]
- Tesla Autopilot V10 In-Depth Road Test With Useful Bookmarks - InsideEVs - September 19th, 2019 [September 19th, 2019]
- Why Tesla Seems to Be Struggling with Q3 Deliveries - Market Realist - September 19th, 2019 [September 19th, 2019]
- Tesla Alumni Launch Smart Electric Panel to Make It Easier to Go Solar - Tom's Guide - September 19th, 2019 [September 19th, 2019]
- A Tesla-Swapped E30 BMW Means 'You'll Never Miss a Yellow Light Again.' - The Drive - September 19th, 2019 [September 19th, 2019]
- Tesla Dealer Loophole Ideas - CleanTechnica - September 19th, 2019 [September 19th, 2019]
- Tesla vs. Porsche: Does The Model S Finally Have A Competitor In The Luxurious New Taycan? - Forbes - September 19th, 2019 [September 19th, 2019]
- How Musk is Trying to Address Tesla's Service Issues - Market Realist - September 19th, 2019 [September 19th, 2019]
- 3 Ways Tesla Is Transforming What It Means To Be A Car - CleanTechnica - September 19th, 2019 [September 19th, 2019]
- Ride Along In The World's Quickest Tesla - InsideEVs - October 1st, 2019 [October 1st, 2019]
- U.S. Labor Judge Rules That Tesla Interfered With Union Organizing - Jalopnik - October 1st, 2019 [October 1st, 2019]
- Tesla rolled out its Smart Summon feature, and it's not going well - Driving - October 1st, 2019 [October 1st, 2019]
- Tesla has reinvented the windshield wiper in new patent - Fox News - October 1st, 2019 [October 1st, 2019]
- Teslas first big V3 Supercharger expansion is already happening in Canada - The Verge - October 1st, 2019 [October 1st, 2019]
- People Are Posting Videos of Close Calls with Tesla's New Smart Summon Feature - Car and Driver - October 1st, 2019 [October 1st, 2019]
- People Are Trying to Get Themselves Run Over by Their Own Teslas - ScienceAlert - October 1st, 2019 [October 1st, 2019]
- Tesla Built-In Camera Captures the Moment 'Very Angry' Woman Keys Car in School Parking Lot - Newsweek - October 1st, 2019 [October 1st, 2019]
- In 10 years, Tesla went from a one-car company to a Porsche rival - Business Insider - October 1st, 2019 [October 1st, 2019]
- Tesla is working on its own more efficient seat with temperature-control system - Electrek - October 1st, 2019 [October 1st, 2019]
- Tesla Smart Summon isn't for use in public places, America - CNET - October 1st, 2019 [October 1st, 2019]
- More On Tesla's Plan To Make Its Own Batteries - InsideEVs - October 16th, 2019 [October 16th, 2019]
- Older Teslas are reportedly running into an issue where the screen stops working and the car wont charge - Business Insider - October 16th, 2019 [October 16th, 2019]
- Green Cab Ditches Hybrids In Favor Of Teslas For Its Taxi Fleet - CleanTechnica - October 16th, 2019 [October 16th, 2019]
- This Tesla Faced Keying And Break-In Attempt On The Same Day - InsideEVs - October 16th, 2019 [October 16th, 2019]
- What it's like to rent Tesla Model 3 on Turo car-sharing app - Business Insider - October 16th, 2019 [October 16th, 2019]
- Tesla offers peek inside the Crash Lab that helped it win a safety award - Digital Trends - October 16th, 2019 [October 16th, 2019]
- Tesla (TSLA) Expected to Beat Earnings Estimates: Can the Stock Move Higher? - Yahoo Finance - October 16th, 2019 [October 16th, 2019]
- Is Tesla Still a Rule Breaker to Believe In? - The Motley Fool - October 16th, 2019 [October 16th, 2019]
- California's Power Outage Demonstrates the Biggest Flaw With Tesla's Plan to Sell Everyone an Electric Car - Inc. - October 16th, 2019 [October 16th, 2019]
- Tesla Update May Have Lowered The Model 3's Range As Well - InsideEVs - October 16th, 2019 [October 16th, 2019]
- Here's how Tesla's cars stack up against the best of the competition from the world's top automakers - Business Insider - October 16th, 2019 [October 16th, 2019]
- Tesla: Why Demand Could Be a Concern - Market Realist - October 16th, 2019 [October 16th, 2019]
- Why Tesla Stock Looks Better Than You Think - Barron's - October 16th, 2019 [October 16th, 2019]
- Tesla navigating land mines that zapped rivals - Fox Business - October 16th, 2019 [October 16th, 2019]
- Elon Musk says monster Tesla seen on racetrack will go into production by summer 2020 - Mashable - October 16th, 2019 [October 16th, 2019]
- Tesla Roadster Gets The A-Team Treatment In Retro Face Car Renders - InsideEVs - November 1st, 2019 [November 1st, 2019]
- Tesla: Are the Bears Reaching to Make a Negative Case? - Market Realist - November 1st, 2019 [November 1st, 2019]
- Will FCA-PSA Buy Tesla Batteries And Drivetrain? - InsideEVs - November 1st, 2019 [November 1st, 2019]
- What Does The Tesla Model 3 Have In Common With A Cheap Toyota Etios? - InsideEVs - November 1st, 2019 [November 1st, 2019]
- Teslas Q3 profit is being scrutinized by analysts and some dont like what they see - MarketWatch - November 1st, 2019 [November 1st, 2019]
- Did Tesla release an unfinished Smart Summon just to pull an accounting trick? - Digital Trends - November 1st, 2019 [November 1st, 2019]
- What Drove Teslas Surprise Third Quarter Profit? - Forbes - November 1st, 2019 [November 1st, 2019]
- Tesla will roll out a software update that will make the Model S even faster - BGR - November 1st, 2019 [November 1st, 2019]
- Tesla Demonstrates The Power Of The Internet Of Things - Forbes - November 1st, 2019 [November 1st, 2019]
- Tesla Is The Underdog In The Electric Car Revolution - Forbes - November 1st, 2019 [November 1st, 2019]
- Tesla Model S Plaid Spied Testing Aggressive Body At The Nurburgring - Motor1.com - November 1st, 2019 [November 1st, 2019]
- Hill and Holmes' impeachment testimony, Netanyahu's indictment and Tesla's 'Cybertruck' reveal: The Morning Rundown - NBCNews.com - November 25th, 2019 [November 25th, 2019]
- If Tesla and Ford Motor are about to wage war for the electric-car crown, you wouldnt know it from this exchange - MarketWatch - November 25th, 2019 [November 25th, 2019]
- The Brutalist Tesla Cybertruck is designed to instill fear and draw the battle lines on internal combustion - Electrek - November 25th, 2019 [November 25th, 2019]
- As electric cars and Tesla make headlines, this CEO is betting on charging stations - Fox Business - November 25th, 2019 [November 25th, 2019]
- Teslas strategy is incredibly risky but it still makes lots of sense - MarketWatch - November 25th, 2019 [November 25th, 2019]
- Watch Tesla test Model 3 by making it drive into water - Electrek - November 25th, 2019 [November 25th, 2019]
- Teslas Cybertruck Will Face These Five Electric Pickups in 2021 - Forbes - November 25th, 2019 [November 25th, 2019]
- Elon Musk explains why Teslas Cybertruck windows smashed during presentation - The Verge - November 25th, 2019 [November 25th, 2019]
- A Physics Analysis of Tesla's Shattered Cybertruck Windows - WIRED - November 25th, 2019 [November 25th, 2019]
- Here's The Main Problem With Tesla's Supercharger Network - Jalopnik - December 7th, 2019 [December 7th, 2019]
- More Teslas on the Road Meant Hours-Long Supercharger Lines Over Thanksgiving - The Drive - December 7th, 2019 [December 7th, 2019]
- Woman Arrested as Suspected Tesla Driver Who Killed Father of 4 in Pico-Union Hit-and-Run - KTLA Los Angeles - December 7th, 2019 [December 7th, 2019]
- Woman Surrenders in Rented Tesla Hit-and-Run Crash That Killed Father of Four - NBC Southern California - December 7th, 2019 [December 7th, 2019]
- Why the Cybertruck is a breakthrough for Tesla and designer Franz von Holzhausen - Business Insider - December 7th, 2019 [December 7th, 2019]
- Tesla Cybertruck is almost $20,000 cheaper than Ford F-150 over 5 years - Electrek - December 7th, 2019 [December 7th, 2019]
- Here's how the million-mile battery could lead to Teslas lasting a lifetime - Business Insider - December 7th, 2019 [December 7th, 2019]