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Tesla To Revive Its Solar Business Growth By Slashing Solar Panel Prices

The aim of electric carmaker, Tesla, is to cut harmful chemicals emissions through the burning of fossil fuels and petrochemicals. Now, the company is expecting to encourage a cleaner environment by making some variations in its renewable energy business. Tesla plans to cut the selling prices of its solar panels, almost 38% lower than the national average, in order to begin expansion of its solar business. Sanjay Shah, head of Tesla’s solar department, is planning to sell panels in a price range of $1.75–1.99 per watt. However, the national average price per watt is $2.85.

Shah emphasizes on two major approaches through which the company will accomplish these expected price drop. The first is by persuading more of its installations. Secondly, they will be asked to use the panels for the home installation processes too.

From the last six years, the quarterly revenue of Tesla’s solar panel installation business has been dropping down consecutively. According to the Buffalo News, the company deployed 47 Megawatts of the panel during this quarter, compared to 73 Megawatts in the previous year’s same quarter. The New York Times reported that Tesla is currently at the third position in solar installation business across the U.S., following Sunrun and Vivint Solar.

Aside from its solar business, Tesla CEO Elon Musk has been focusing towards its primary business of electric car development. He expects to transform the company’s electric vehicles into driverless vehicles by the integration of fully automated technology. The company is aiming to develop a huge network of robotic taxis that will strongly compete with the existing ride-hailing services providers, such as Lyft and Uber.

The hallucinated proposal was outlined during an event held on April 29 at the company’s Silicon Valley HQs, which requires zealous investors and consumers to have faith over the efficiency of a fully automated technology.

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