HahaSmart’s Solar News Episode 13:
Tesla’s Solar Panel Profits Go Up in Flames!
Welcome back to hahasmart solar news. Tesla, previously known as SolarCity, has faced its fair share of bumps in the road when it comes to the solar panel industry. The 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 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%.
More problems are rising for Tesla as Walmart announced that they are suing the company for gross negligence, august 21st, 2019.
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.
Walmart also found that Tesla ignored an alert regarding their solar panels before the fire started in one of their California stores.
Though Tesla is facing losses and a lawsuit they are attempting to makeup 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 program is offering small 3.8 kw systems, medium 7.6 kw systems and large 11.4 kw systems.
The 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? Head over to hahasmart.com and let us know.
Be sure to like the video and subscribe to the channel.
You can find more great info about solar technology at the Hahasmart.com News page: hahasmart.com/news
For more information on setting up your own home solar system, try using the HahaSmart solar panel Price Checker
or the Design DIY tools on the site, you will get rates that are 25% below the average market value of home solar,
in addition to state tax incentives. Size your system, find the local solar panel installers,
and buy everything you need from home solar panels to accessories, all on the same site.