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Despite the fact that Tesla's automotive business is currently the main one, the company continues to develop and grow its business in the field of solar energy and energy storage. In 2020, this side of the company's business has grown significantly as Tesla ramp-ups production of energy storage systems, and accelerates the installation of Solar Roof.
In the Q4 2020 Earnings Report, the company reported that the number of energy storage deployments increased significantly between 2019 and 2020. The total number of Tesla batteries deployed for the first time exceeded 3GWh in one year, an 83% increase over 2019. The main driver of growth was Megapack, which is extremely popular in the world.
The demand for Tesla Powerwall continues to grow as well. This is the kind of product that, when combined with solar panels or Solar Roof, can give energy independence to individual households. The company has made progress in the production of Powerwall, however Tesla expects even further increases in supply in the next few months.
As in the previous quarter, the company's energy storage business remains limited in supply, while the backlog of orders remains strong. Tesla is committed to increasing production capacity on both the manufacturing equipment side and the supply chain side to continue growing at the same pace in 2021.
Solar Retrofit and Solar Roof
In 2020, solar deployments increased to 205MW, an 18% increase over the previous year. Tesla says this growth is the result of significant improvements to the company's solar retrofit strategy, including simplified products, lower costs, and industry-leading prices.
Tesla has also made significant strides in scaling up its Solar Roof deployments. Throughout the year, the company has been constantly hiring employees, which has allowed it to expand the team and improve the efficiency of the installation.
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