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By megawatts, solar installations are outpacing other energy sources in the US this year – but you wouldn’t know it looking at Tesla’s latest reports.
Tesla’s solar business, once one of the top three residential installers in the country, is in decline. In the third quarter, the automaker’s solar deployment declined 48% from the same period last year. The company’s solar deployment is also declining sequentially, from 67 MW in Q1 2023 to 66 MW in Q2 and 49 MW in Q3 2023. So much for the “solar roofs” taking the world by storm.
Still, Tesla generated 40% more revenue overall from its “energy production and storage” arm in Q3. how come? By comparison, the company’s energy storage business is booming. The business includes both Tesla’s Powerwall home battery and utility-scale Megapack.
In Q3, Tesla reported a 90% increase in energy storage deployment, to nearly 4 GWh (from 2.1 GWh in Q3 2023). The company called it its “highest quarterly deployment ever.” It credited “the ongoing ramp of our megafactory in Lathrop, CA” for the boost.
