Roof-top PV installation is soon to be an outdated product? Elon Musk, Chairman of SolarCity, seems to agree with it. Few days ago, Musk disclosed that SolarCity is designing a roof made of solar panels and they will have it launched in the next few months.
“SolarCity plans to introduce two new products by the end of this year,” said Lyndon Rive, CEO of SolarCity, at its second quarter earnings conference call. “One of the new products will be a "solar roof" that's entirely composed of solar panels. This “solar roof” will look way better and lasts far longer than a normal roof with PV installation on it,” added Musk.
According to the second quarter financial results announced by SolarCity, its net loss reached US$ 55.5 million, a significant increase compared to US$ 22.4 million from the same period last year. Yet, its revenue reached US$ 185.8 million, higher than previous expectation of US$ 146 million. SolarCity indicated that roof-top PV installation has slowed down in the second quarter. Therefore, the development of “solar roof” may be to targeting new audiences and rescuing SolarCity’s weak financial performance.
“There are about 5 million residents planning to build new roof every year in the US alone. And these people are exactly our target audiences” said Rive. “Many people refused to install solar panels on old rooftop since they are going to get new rooftop soon. But if they really have to replace the old rooftop, our new solar roof may be the best choice for them,” added Musk.
(Photo Credit: SolarCity Blog)