Saturday, 22 February 2020

Tesla to Reduce Solar Panel Prices by Up to 38 percent

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  • Solar panels are seen during the inauguration of world's first-ever 'island' of solar panels in a tailings pond of the Los Bronces copper mine of Anglo American, on the outskirts of Santiago, Chile March 14, 2019. Miner Anglo American on Thursday, March 14, 2019, completed the installation of a floating island of solar panels in a tailings pond associated with its flagship Los Bronces copper mine outside the Chilean capital of Santiago, a bid to boost efficiency at the deposit. REUTERS/Rodrigo Garrido

    Solar panels are seen during the inauguration of world's first-ever 'island' of solar panels in a tailings pond of the Los Bronces copper mine of Anglo American, on the outskirts of Santiago, Chile March 14, 2019. Miner Anglo American on Thursday, March 14, 2019, completed the installation of a floating island of solar panels in a tailings pond associated with its flagship Los Bronces copper mine outside the Chilean capital of Santiago, a bid to boost efficiency at the deposit. REUTERS/Rodrigo Garrido

    TEMPO.CO, Jakarta - Tesla Inc plans to announce on Tuesday that it has started selling solar panels and related equipment for up to 38 percent below the national average price, the New York Times reported on Tuesday, April 30.

    The company aims to cut the prices by standardizing systems and requiring customers to order the items online, the report said.

    After reporting a 36 percent slide in solar installations in the first quarter, it said last week that it introduced a new solar price and selling strategy without giving any specifics.

    In 2016, the electric car maker bought SolarCity for $2.6 billion, through which the company planned to offer solar panels and home battery storage systems to consumers.

    The company sought to sell solar panels in its retail stores and online in a bid to align it with the company's aspirational luxury car brand.

    The move was a sharp reversal from SolarCity's populist vision of making rooftop solar accessible to all, and sales under Tesla have lagged. Late last year, Tesla cut prices on its residential solar systems.

    At the same time, solar roof tiles that the company unveiled in late 2016 have yet to be produced in meaningful quantities.

    Tesla CEO Elon Musk has said the solar roof, which generates solar energy without the need for traditional rooftop panels, is a cornerstone of his strategy to sell a fossil-fuel-free lifestyle under the Tesla brand.

    The company did not immediately respond to a Reuters request for comment.

    REUTERS

    Read: VW to Take on Tesla X in China from 2021 with Electric SUV