Tesla’s solar development growth almost triples with 68% year-over-year growth as improvements are being made in the installation process. Also as the costs are now much lowered than earlier, it became accessible to many.
Tesla’s unique set of energy products enables homeowners, businesses, and utilities to produce and manage renewable energy generation, storage, and consumption.
To create an entire sustainable energy ecosystem, Tesla also manufactures a unique set of energy products that enable homeowners, businesses, and utilities to produce and manage renewable energy generation, storage, and consumption. Homeowners can install solar panels or solar roofs to power their homes using 100% renewable energy and then store that energy in Powerwall, which makes electricity available during peak energy-use periods and at night, while also providing power during grid outages.
According to Q4 2021 solar reports posted by Tesla, the company had solar power deployment of 345 MW, up 68% year-over-year. Also, the company adds that the costs are being reduced constantly, especially for the installation. Which increases the company’s profitability. Stated,
“Solar deployments were 345 MW in 2021, increasing by 68% YoY, with cash/loan purchases accounting for nearly all solar deployments. Solar Roof deployments nearly tripled YoY in 2021 and continued to grow sequentially in Q4. We are making further cost improvements, particularly on installation, to increase energy profitability.”
Both Tesla’s solar power and energy storage booked sales grew for the whole of the year versus 2020 — solar grew 68% and energy storage grew 32%. However, when comparing quarter sales, the numbers were a bit disappointing, with 4th quarter rates for the two products ranging between a decrease of 34% and growth of 2.4%.
For the quarter, Tesla installed 85MW of solar power. For the year, it totaled 345MW; a significant increase from 2020, more than double the trough of 2019. The volume is still far from the peak value of 870MW deployed in 2015, with almost 250MW in Q4’15.
Energy storage deployment was just shy of 4GWh, showing a year-over-year increase of 32% over 2020’s 3.0GWh. Tesla’s growth was far behind the broader stationary energy storage market’s expansion projected to be triple digits. Roughly speaking, the car company manufactured around 80GWh of energy storage cells, and only 5% of them went to energy storage. Musk said in the earnings call, “We did short-change the energy business last year, in that vehicles took priority over storage, we do see a terawatt hour per year energy business,”
Looking at 2022, Musk said the batteries will probably not be the limiting factor when building vehicles. Instead, the challenge will be in manufacturing chips. Silicon carbide inverters were noted as the critical, specific component of EVs, which are currently challenging to acquire.