Tesla’s Solar Roof To Cost Less Than A Normal Roof

This saving doesn’t even take into account the saved energy costs – “electricity”, he said, “is just a bonus”.

In the start of November, Mr. Musk put the ball in the investor’s court, forecasting that SolarCity could add $1 billion of extra revenue to Tesla next year, notwithstanding it having been loss-making until now. The advocacy group Citizens for the Republic has called for Congress to end federal subsidies for “all Elon Musk companies”, including solar investment tax credits. In theory, Tesla’s batteries plus SolarCity’s solar panels could be a good match, despite the incestuous nature of the deal.

A few weeks ago, Elon Musk unveiled a new product: solar shingles, created to replace a traditional roof and generate electricity at the same time.

“We would like to thank our shareholders for continuing to support our vision for the future”, says Tesla.

“Moving forward I think SolarCity becomes a part of Tesla Energy, but I don’t think that happens overnight”, said Kallo. “I think it’s really going to be some awesome stuff that comes out”.

“Tesla’s shareholders have overwhelmingly approved our acquisition of SolarCity”, the electric automaker said in a statement. Tesla shareholders backed the acquisition, with an overwhelming 85 percent giving their approval, Tesla announced on the company’s blog.

Elon Musk is the majority shareholder in both companies, and critics have said that a conflict of interest would emerge for the businessman. “We look forward to showing the world what Tesla and SolarCity can achieve together”. “That they are separate at all, despite similar origins and pursuit of the same overarching goal of sustainable energy, is largely an accident of history”.

Tesla rose 2.6 per cent to $188.66 at the close on Thursday, while SolarCity gained 2.9 per cent to $20.40. After expanding installations more than 70 percent between 2014 and 2015, SolarCity ratcheted down its forecast three times this year and now expects just a modest increase compared with 2015. He believes that “huge gains” can be made by “cleaning up” the supply chain.