Loan Officer | NMLS #238561
Branch NMLS #920781
Posted On May 24, 2017
Advancements in engineering and energy-saving incentives has prompted companies like Tesla and Solar City to improve the upon the concept of solar roof panels. Earlier this month, Elon Musk announced the launch of Tesla’s solar roof tile system for consumer purchase.
Solar cells have been used to produce electricity since as early as the 19th century. As of 2016, solar power accounted for 39% of new US energy capacity, with 1.3 million homes using solar power generated by solar panels. From 2010 to 2015, the use of residential solar power surged with a 46% growth.
In a statement on its website, Tesla explained: “Solar Roof complements your home’s architecture while turning sunlight into electricity. With an integrated Powerwall battery, energy collected during the day is stored and made available any time, effectively turning your home into a personal utility.”
With the ingenuity and resources of a brand like Tesla, solar rooftops could see even more growth in the coming years. As far as affordability is concerned, homes equipped with solar power can significantly reduce utility costs over time. However, manufacturing and installation costs are still high, averaging about $58,200. Tesla aims to “significantly lower costs” after further development.