Tesla appears to be ramping its push further into the energy sector, with the electric car maker launching a revamped referral program for Tesla Energy. The program practically doubles the rewards customers receive for referring new solar panel installations, and it even includes a free Powerwall.
As per Tesla’s page for its referral program, customers who use the referral link of an existing customer would receive a $100 award after the activation of their residential solar or Solar Roof system. Existing customers, on the other hand, would receive a $400 award for every solar referral. Once a customer’s solar referrals hit 10 and above, a Powerwall would be awarded for free.
“Anyone using your referral link can earn a $100 award after system activation for solar panels or Solar Roof to reduce reliance on the grid and produce clean solar energy. You will earn a $400 award for each solar referral. Additionally, you will earn one Powerwall for 10 or more solar referrals, limited to one award,” Tesla wrote.
Awards for Tesla’s revamped solar referral program will be sent to eligible customers after the installation and activation of their solar panels and Solar Roof systems. It should be noted that orders of solar panels and Solar Roof would have to be placed on or after July 15, 2020.
It is quite encouraging to see Tesla focusing more of its efforts in Tesla Energy, which has largely taken a backseat to the company’s electric vehicle business. By offering an attractive incentive for solar customers, Tesla Energy could significantly increase its reach, especially in the residential market. This is especially pertinent considering that Tesla has lost ground to competitors in the US residential market since the peak of SolarCity years before.
Tesla Energy has a lot of potential to disrupt the utility sector. According to legendary billionaire investor Ron Baron, Tesla Energy has the potential to be worth $500 billion on its own. A lot of this is due to the opportunities for expansion in the solar market and the battery storage industry. What’s interesting is that Tesla’s energy business is largely ignored by analysts who follow the company. This means that Wall Street may very well be surprised once more once Tesla Energy starts seriously ramping and firing on all cylinders.