May 16, 2017 (LBO) – Tesla announced pricing information for its Solar Roof product last week, with the solar roofing tiles expected to hit the market in 2018.
“Tesla’s mission is to accelerate the world’s transition to a sustainable energy future by creating products that are so compelling, there is no alternative,” Tesla said in a statement.
“With an integrated Powerwall, energy collected during the day is stored and made available any time, effectively turning a home into a personal utility.”
The typical homeowner can expect to pay 21.85 dollars per square foot for Solar Roof, and consumers in the US can now place their orders, the company said.
Tesla’s Solar Roof uses both solar and nonsolar tiles, which allows consumers to choose how many solar tiles they need based on their home’s electricity consumption.
A Tesla Solar Roof for a home needing 3,000 square feet of roofing would cost more than $65,000 if 35% of the tiles were solar. According to Consumer Reports, a slate-tile roof for a home the same size would cost about $45,000, and an asphalt roof would be about $20,000.
“When you have this done, you will have the best-looking house in the neighborhood. I think the aesthetics are really that good,” CEO Elon Musk said.
“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.”
Although Tesla company stock has rallied 52 percent, year-to-date, the stock appears to be overvalued — Morgan Stanley’s Adam Jonas cut his rating on the electric car marker to equal weight from overweight this week, citing increasing competition from larger technology companies.
Goldman Sachs analyst David Tamberrino reiterated his sell rating and $190 price target for Tesla due to “potential Model S cannibalization” from the company’s upcoming Model 3 car.
The Tesla press release can be viewed here