HaHaSmart Solar NewsNovember 19, 2019147
Tesla, previously known as SolarCity, has faced its fair share of bumps in the road when it comes to the solar panel industry. The solar company experienced a much larger than expected loss of 408 million dollars in the second quarter of 2019.
The second-quarter reports showed that solar energy deployments have dropped by 65%, which is the lowest level for any quarter since 2013.
SolarCity was once a leader in residential rooftop solar panel installation back in 2013 and 2014. In 2015 they had market shares around 33%, but since Tesla took over in 2016, the market shares have fallen and during the first quarter of 2019 the market shares were a little more than 6%.
Walmart claims that a few of their store's solar panel installations have gone up in flames, causing millions of dollars in damages.
The leading retailer said that fires have broken out at seven store rooftops between 2012 and 2018, and inspections found that several of Tesla’s solar-powered systems were broken and that wires were hanging out, which is said to have caused the fire.
Though Tesla is facing losses and a lawsuit they are attempting to make up for it by planning to relaunch its solar power business.
This relaunch will offer cookie-cutter solar-powered systems that are available for rent.
The new solar power program is offering small 3.8 kW solar-powered systems, medium 7.6 kW solar-powered systems and large 11.4 kW solar-powered systems.
The solar-powered systems are said to save homeowners $500 a year in utility bills and they can cancel the contract at any time.
Do you think Tesla’s attempt to relaunch its solar power business will make up for the losses? Comment below and let us know.
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