Tesla Energy Generation And Storage Business: Q4 2021 Results

The latest report reveals an unexpected decline in Q4.

Tesla Megapack energy storage system

Mark Kane

By: Mark Kane

Jan 27, 2022 at 10:41am ET

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The Tesla Energy business expanded in 2021, although the fourth quarter brought a year-over-year decline.

In Q4, Tesla Energy revenues amounted to $688 million (3.9% of the total revenues), while the cost of revenues stands at $739 million.

Because of the high demand for energy storage products, we assume that the slowdown in Q4 is associated with production constraints.

Tesla energy storage deployed – Q4 2021

Total battery energy storage (Powerwall, Powerpack and Megapacks) deliveries:

Q4: 978 MWh (down 38% year-over-year)
2021: 3,992 MWh (up 32% year-over-year)

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The annual progress is quite consistent. To handle the further growth, the company announced a few months ago a large 40 GWh Megapack factory, which will be located in California.

"Energy storage deployments increased by 32% YoY in 2021, mainly driven by strong Megapack deployments. As demand remains substantially above capacity, growth has been limited by supply. We are in the process of building a dedicated
Megapack factory to address the growing demand."

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Tesla offers three types of ESS products:

Powerwall for home installations (13.5 kWh usable / 7 kW peak / 5 kW continuous per unit)
Powerpack for commercial installations (Up to 232 kWh / Up to 130 kW per unit)
Megapack (3 MWh units the largest project by utilities)

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Tesla solar deployed – Q4 2021

Total solar installations (conventional panels and Solar Roof) deliveries were stable in the past quarter.

Q4: 85 MW (down 1% year-over-year)
2021: 345 MW (up 68% year-over-year)

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In 2021, solar installations increased to 345 MW, but are not even close to the levels achieved in the past by SolarCity (the other Elon Musk company that was acquired by Tesla a few years ago).

"Solar deployments were 345 MW in 2021, increasing by 68% YoY, with cash/loan purchases accounting for nearly all solar deployments."

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Tesla's solar solutions:

Tesla Solar Panels

Tesla Solar Roof

Solarglass Roof

Tesla said that the Solar Roof installations nearly tripled year-over-year in 2021, but we don't know the overall volume.

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"Solar Roof deployments nearly tripled YoY in 2021 and continued to grow sequentially in Q4. We are making further cost improvements, particularly on installation, to increase energy profitability."

Solar Roof is produced at the Gigafactory 2 in New York.