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Tesla Inc. started taking orders on its solar roof on Wednesday, saying the product’s price is comparable with the price of a regular roof once energy savings are factored in.
Earlier Wednesday, Chief Executive Elon Musk had spilled the beans on the solar roof orders to his 8.6 million followers on Twitter.
In other posts, he said the smooth and textured glass tiles will be first, with tiles that mimic slate and clay (called “Tuscan”) coming in about six months, he said.
While the tiles can be ordered from any country, “deployment” will be this year for the U.S. Overseas deployment, including the U.K., will be next year, Musk said.
A blog post on Tesla’s website confirmed the U.S. and overseas timelines for installation and the roof styles. A $1,000 refundable deposit is required to place an order, and Tesla said it will offer financing options for U.S. solar roof installation by the end of the year.
Tesla TSLA, -0.42% estimated that a typical homeowner would expect to pay $21.85 a square foot for the solar roof, “and benefit from a beautiful new roof that also increases the value of their home,” it said.
Tesla cited a Consumer Reports roof estimate for the 3,000 square feet of roof needed for the average U.S. home size.
“Solar Roof is more affordable than conventional roofs because in most cases, it ultimately pays for itself by reducing or eliminating a home’s electricity bill, “Tesla said in a blog post. The company also put up online a solar roof calculator, where potential customers add their home addresses and home size to arrive at their energy savings.
The move comes as part of a long-term goal of Tesla’s to offer solar panels to its customers. Tesla in November completed its $2.6 billion acquisition of solar-power provider SolarCity Corp., which was founded by Musk’s cousins, Lyndon and Peter Rive.
The list of planned Tesla products has grown this year: Last month, Musk said the company was working to unveil the concept of a freight truck in September. On previous exchanges on Twitter, Musk also spoke about a planned new passenger car, a compact SUV dubbed the Model Y, and a redesigned Roadster.
Tesla has said it is on track to begin production of the Model 3, its $35,000 sedan aimed at the masses, in July. The car is a key element of Tesla’s expansion plans, which include ramping up production to a rate of half a million cars by the end of 2018.
Shares of Tesla were up 0.8% on Wednesday, and have climbed more than 50% in 2017. That compares with gains around 7% for the S&P 500 index SPX, -0.26% so far this year.
The post Tesla Claims Its Solar Roof ‘Pays for Itself’ appeared first on Real Estate News & Advice | realtor.com®.
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