Tesla CEO Elon Musk is working on a roof made of solar panels

Posted on Posted in 2016 Business Opportunities For You, What's Trending Now

 

Elon Musk, CEO of Tesla, has revealed that SolarCity is working towards developing a novel approach to solar energy – a roof made entirely out of solar cells.

Chairman of the energy-focused company, Musk announced his firm would be developing the new roofs during SolarCity’s latest earning call. Instead of installing a new roof and solar panels – or modules – separately, the whole roof would have solar power capabilities.

There are no clues so far as to how the roof will function but buyers will get to customise the design in order to fit with their specific housing design. It could potentially open a whole new market for the company, making solar power a key component for new and existing houses. The new venture will work alongside SolarCity’s current installations of solar panels on existing roofs.

 

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The International Renewable Energy Agency produced a report earlier this year that predicted up to 13 per cent of the electricity generated around the world could be done by 2030 through solar power. Countries such as Brazil, Chile and South Africa are some of the most attractive markets at the moment for solar power.

Tesla, the electric car company, is currently in the middle of a deal to buy SolarCity for $2.6 billion (£1.97bn) to create the “world’s only vertically integrated sustainable energy company”.

One of the reasons for the deal is to help SolarCity become profitable. In February, it was reported that the company’s fourth-quarter revenue had increased but an increase in operating expenses led to “worse-than-expected” losses.

 

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