Tesla may be coming to your neighborhood very soon. But it may be on top of your neighbors' home, not parked in their driveway.
TSLA, + 9.49%
Chief Executive Officer Elon Musk revealed on Friday the new roofs for solar panels of the electric car company and said it expects to install more than 1,000 a week in the short term.
Typical Pricing: About $ 35,000, the company said.
This is another bold promise from a controversial tech entrepreneur whose company stunned Wall Street skeptics last week by breaking third-quarter profits.
"I think in the next few months we should be well over 1
About 5 million new roofs are installed annually in America, Tesla said. Musk believes that in the future, effectively all roofs will generate solar energy. "The address market is 100 million roofs," he says.
Tesla's new solar roofs should not be confused with the company's standard solar panel panel, which can be added to an existing roof and compete with many similar products. Tesla solar roofs are a whole new roof for your home, an integrated structure for generating energy.
They are more expensive than panels, although Tesla claims to be cheaper than the combined cost of panels and new roof. The current version is the third iteration.
The cost of installing solar energy is reduced. According to some industry estimates, they cost approximately $ 2.99 per watt. The average size of a solar panel system in the US is 6 pounds, which equates to about $ 12,558 in roof after tax credits, up 2% year over year, according to Energy Sage, a solar panel company.
The average cost of a watt for solar panels varies from $ 2.58 to $ 3.38, and costs for solar panels for an average US installation typically range from $ 10,836 to $ 14,196 after solar tax credits, he says.
Tesla, meanwhile, is working on aesthetics. Colors coming soon will include earth tones, clay tiles and French slate, as well as the current black.
Solar panel savings – not to mention roofs – are getting better and better for homeowners. Panels are getting cheaper and better. In the meantime, chances are the price of electricity from your local electricity company has either remained stable or gone up.
"This is a hassle," Musk said. "It's really: Do you want something that prints money? And if we don't print money, we will repair it or we will return it. "
Musk said the economy is better if you buy than finance. "Most people actually buy it, as opposed to renting it, which is actually technically better," he told investors last week. "As long as you make money right now if you rent it, it's actually a better investment if you buy it."
Financial advisers say that consumers need to do their homework before diving into solar panels from any source. According to them, the many factors to consider include not only all upfront costs, but also service and guarantee agreements, financing costs, tax breaks, and potential revenue from the energy company if you produce more electricity than you use.
Homeowners need to release numbers when purchasing panels or renting. And, of course, some homes are better for it than others. Those with large roofs facing south are best.
Some councilors admit that the first time they really released solar panel numbers was when they did it in their own home. But it gives them more confidence to talk numbers with customers.
Catherine Fibiger, an advisor to Stratos Wealth Partners in Westport, Kahn, recently installed the panel – not Tesla – in her own home, taking advantage of today's low interest rates to fund the panels for 12 years in less than 1 % annual interest rate. "It's been a positive cash flow since day one," she says. "So we weren't out of pocket."
But if you're going to buy panels, don't just look at the price, she warned. "It's an expensive system and it's an expensive maintenance system and it's on your roof," she said. Check the company's guarantees, service agreements and stability, she said. "The key issue was the type of guarantee that was being offered. If we have any problem with the roof and the panels have to come out, they will do it for free. ”
Solar panels, and now entire solar panels, are long-term products that are typically expected to last for 20 or 30 years. So you want to have confidence that the company that supplies them will continue, the advisers say. Your guarantee may not be of much use if the company that made it has ceased operations, they note.
For this reason, Tesla's pick-up truck may have come at a good time for its solar business last week. A few months ago, markets were worried about Tesla's financial condition. Since then, not only the shares have gathered. The company's bonds or IOUs jumped sharply last week. The 2025 bonds are now trading at 95 cents a dollar, down from just 82 cents a few months ago.
In the eyes of Wall Street, the risks that a company might run out of money and default have not completely disappeared – but they have certainly faded sharply.