Before the Q4 results call on January 27, 2021, Tesla announced that their Energy division had set another record high in profitability and delivery.
With an increase of 18% in year-over-year solar deployments, Tesla Energy saw the Solar Roof and Solar Retrofit drive their successes. At a third of the next competitor’s price, Tesla Energy solar options continue to be the most cost-effective solar solution on the US market.
However, the real winner in the energy sector for Tesla in 2020 was their battery storage solutions. Accounting for an 83% increase year-over-year, the Megapack and Powerwall drove unprecedented growth in battery storage deployments.
Tesla surpassed three-gigawatt hours deployed in 2020. With increased capacity on the production side, this growth should continue into 2021.
The automaker’s next fiscal year looks to be primed for even more growth in the energy sector. Tesla’s Solar Roof team is increasing their deployments and has expanded its installation team’s size to meet demands.
On the storage side, battery production is scaling rapidly with in-house produced batteries to feed the residential market. Tesla Energy’s success showcases that Tesla is more than just a car company; it is a powerhouse.