Q4 2018: Tesla Deployed 225 MWh Of Energy Storage, 73 MW Of Solar
In 2018 Tesla deployed 1.04 GWh of energy storage systems
Tesla announced results for the energy generation and energy storage business, which in Q4 amounted $371.5 million (up almost 25% year-over-year). It’s just a few percent of total revenues of over $7.2 billion and it will unlikely change in the near-future.
The total deployment of the energy storage system is the past quarter stands at 225 MWh (up 57%), while the solar installations decreased 13% to 73 MW.
Tesla energy storage deployed – Q4’2018
Total energy storage deliveries in 2018 stands at 1.04 GWh (up nearly three-times from 358 MWh) and Tesla expects sales will double in 2019 to over 2 GWh.
“While 2018 was predominantly the year of Model 3, our Energy business also reached a significant milestone. In 2018, we deployed 1.04 GWh of energy storage, nearly tripling our energy storage deployments compared to 358 MWh deployed in 2017. In Q4, energy storage deployments reached 225 MWh, a decrease of 6% sequentially, and up 57% compared to Q4 2017. A new manufacturing line made by Tesla Grohmann is further increasing production of Powerwall and Powerpack modules at Gigafactory 1. With a better supply of cells and new manufacturing equipment, we are aiming to more than double energy storage deployments to over 2 GWh in 2019. Through various operational efficiencies, our average sale-to-installation time also decreased by about 50% in 2018.”
Tesla solar deployed – Q4’2018
On the solar front, sales decreased by nearly 38% year-over-year to 326 MW (compared to 522 MW in 2017). Tesla said that it still is in a transformation period (switching sales structure and retreats from leasing model), while the new product – Solar Roof is moving forward slowly.
“We deployed 73 MW of retrofit solar systems in Q4, a 21% decrease sequentially. We are still in the process of transitioning our sales channel from former partners to our Tesla stores and training our sales team to sell solar systems in addition to vehicles. Cash and loan sales made up 75% of residential deployments in Q4, up from 51% in Q4 2017. Likewise, while total deployments decreased by 38% to 326 MW in 2018, cash and loan residential deployments increased from 39% in 2017 to 71% in 2018. This was an important contributor to improving the cash generation and profitability of the solar business.”
“We plan to ramp up the production of Solar Roof with significantly improved manufacturing capabilities during 2019, based on the design iterations and testing underway. In the meantime, we are continuing to install Solar Roofs at a slow pace to gather further learnings from our design changes, as well as about the viability of our installation processes by implementing them in areas around the U.S. that are experiencing inclement weather.”