After ramping up considerably in 2017 and 2018, Tesla’s solar panel division has continued to decline for four straight quarters, and now the company doesn’t seem to be publishing revenue numbers anymore.
The last we heard from Tesla on its solar ambitions was during Q1 2024, when the company said the number of solar panel installations was declining. And we’ve seen no good news since, so it’s likely the company hasn’t turned things around.
In 2017, shortly after acquiring the solar division from SolarCity, Tesla was installing about 200 megawatts of solar panels per quarter. By 2018, it was averaging around 85 megawatts, and the last reported installation numbers in Q4 2023 were around 40 megawatts.
A report from the blog Cleantechnica says that Tesla still lists “Solar energy systems, net” in the assets section of its financial reports, and it’s been declining since the end of 2023, backing up the assumptions made from the unpublished data.
This trend began before Elon Musk became friends with the Trump administration, so this sales drop shouldn’t be attributed to his politics. Also, looking briefly at global solar-powered adoption rates, it seems like they’re growing significantly while leaving Tesla’s solar department behind.
If I had to guess, Tesla’s move away from its futuristic solar shingles and more towards solar panels opened it up to more competition from standard solar panel installers. You can still order a Solar Roof, but it’s more expensive than traditional solar, so I’m sure that hasn’t helped it very much in the growth department. On top of that, having zero marketing means most people don’t even know Tesla does solar.
Source: Cleantechnica
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