Tesla’s roof tiles will be cheaper than normal roof tiles: Elon Musk

Now that both companies’ shareholders have approved the deal, Tesla expects the acquisition to close “in the coming days”. Under the proposed transaction, SolarCity shareholders will get 0.110 of a Tesla share for each share in the solar company.

Musk also argued that the changing political landscape should not hurt his company, saying that Tesla is not reliant on clean energy subsidies.

The deal received approval from Institutional Shareholder Services, a firm advising institutional investors, reports the Los Angeles Times, and Tesla shareholders voted “overwhelmingly” in favor of acquiring SolarCity.

The combined company plans to target both residential and utility-scale applications. If (somehow) you think the P100D’s Ludicrous mode isn’t quite ludicrous enough, this is the update you’ve been waiting for.

However there was the question of price because given the cost of owning a Tesla vehicle, we’re sure some were a bit anxious that these solar roof tiles would be just as expensive. “It’s completely painless, seamless, easy and that’s what the customer wants”. In September Tesla inked a deal with Southern California Edison for an 80 MWh battery storage project.

A solar roof that can look that good, provide all the benefits of renewable “green” energy and cost less than a traditional roof seems like the holy grail for homeowners – and perhaps a bit hard to believe. For investors who won’t be at Tesla’s shareholder meeting, the company will also webcast the meeting live at tesla.com/shareholdermeeting.

But Musk made an even bigger claim, saying that Tesla’s new rooftop solar “tiles” will cost less to manufacture and install than a traditional roof-without even taking into account savings on the electricity bill. “It’s really going to be some amazingstuff that comes out”.

However, in a detailed statement issued at the beginning of this month, Elon Musk explained how SolarCity would add more than $500.0 million in cash to Tesla’s balance sheet over the next three years.

He has a “hold” rating on Tesla’s stock.

SolarCity shares rose 2.9 percent to $20.40, down from $26.40 in June.