Watch out utility companies, SolarCity has a new trick up their sleeve. Solar power has been becoming increasingly popular throughout the country and for good reasons. People get tax breaks, lower their utility bills, and in some areas get an even bigger break from utility companies by selling some of the power back to the grid during peak hours. SolarCity is leading the pack in the solar panel market by installing over a third of the panels on all residential homes in the country. In the third quarter of 2014 they came in at 39%; second place Vivint came in at 16%.
SolarCity is about to bring a new card to the table though. Instead of the power that you generate during peak times, while most people are away at work and cannot use it, SolarCity is going to work with Tesla to make roof panels that are fitted with Tesla batteries. This will empower homeowners to use their solar generated electricity on their own terms. This backup power storage will now allow renewable energy companies directly compete with traditional utility companies.
SolarCity has managed to surpass all other solar panel companies in the market by providing customers with a leasing option for the solar panels which eliminates, or at least reduces by a huge margin, the upfront cost of installing the panels on their homes. This, coupled with Tesla’s new Gigafactory being built outside of Reno, will continue to allow more affordable alternative energy solutions to homeowners across America. The gigafactory should be operational in 2017 which should reduce the price of Tesla’s cars as well as make this new partnership more feasible by having a larger stockpile of batteries at their disposal.
Elon Musk has never shied away from any sort of competition in the past whether it is in the solar panel market, auto market, or the space market. Continually pushing the envelop in all of those areas is something that he excels at. From providing services at a better price point, breaking down barriers for car sales, or filing a lawsuit against the government for the ability to compete in a marketplace, Elon isn’t just going to roll over and take no for an answer.
What are your thoughts on residential solar power replacing the more common utility system? Is it still too expensive up front for the benefit or would being able to use your generated power how and when you want be enough of a game changer for you to jump on board the renewable energy bandwagon? Let us know in the comments below, on Google+, Twitter, or Facebook.Source: EcoWatch