Image courtesy of Tesla, Inc.
Tesla's solar and energy business tripled in Q2 2021 compared to the same period last year. Production efficiency and installation speed continues to rise, although was limited due to supply chain disruptions. The company's solar and energy products are gaining tremendous interest, which is a testament to the enormous potential of these divisions.
Tesla reported that in Q2 the number of energy storage deployments had more than tripled compared to the same period last year. The company acknowledged that this was largely due to the recognition of several Megapack projects that were deployed during this period. It should be kept in mind that the deployment of energy storage units can vary significantly from quarter to quarter, depending on the timing of specific project stages.
In Q2, Powerwall, as usual, remained extremely popular as the number of implementations almost doubled compared to the same period last year. This forced the company to stop selling Powerwall as a standalone product, and now it can only be purchased in a set with solar panels or Tesla Solar Roof. Battery energy production continues to be constrained by supply chain problems and the backlog remains long.
Solar deployments reached an impressive 85 MW in Q2, more than tripling YoY. The company's solar products are definitely generating high interest, not only in the US, but around the world. Also, Tesla stated that cash/loan solar deployments more than quadrupled YoY. Solar Roof deployments grew substantially both YoY as well as sequentially in Q2, and the company continues to strive to accelerate installation times.
Tesla's Q2 report clearly highlights both strong demand for solar and energy products and the company's increased efficiency in its manufacturing and installation. It also elucidates the huge potential of Tesla’s energy business—which aims to provide customers with energy independence via the creation of one’s own microgrid.
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