Tesla tallies record year for energy business in 2020

(Credit: teslamotors/Instagram)

Tesla’s record 2020 was topped off by a company-best Q4, widening the streak of consecutive profitable quarters to six. While the Model S Refresh design took center stage in the company’s Q4 Earnings Shareholder Deck, the Energy side of Tesla also recorded some record numbers, contributing to what could be the company’s strongest quarter in its short but storied history.

Tesla detailed its growth in the energy sector with several updates released within the Shareholder Deck. Energy storage deployments, Powerwall demand, as well as Solar Panel and Solar Roof deployments all surged to company highs, evidently contributing tremendous growth in 2020 compared to the year prior. Tesla released more options for solar sizing, increasing customization for homes of every size.

Energy storage deployments grew from 1.65 GWh in 2019 to over 3 GWh in 2020, accounting for an 83% increase in a Year-over-Year.

The company wrote:

“For the first time, our total battery deployments surpassed 3 GWh in a single year, which is an 83% increase compared to the prior year. This growth was driven mainly by the popularity of the Megapack, our utility scale storage product. Powerwall demand continues to increase as the residential business continues to grow. While we have made progress on production, we should see even further increases in supply in the next few months. 

Our energy storage business continues to be supply-constrained as backlog remains strong. We are looking to increase capacity both on the manufacturing equipment side as well as supply chain side, to allow us to continue to grow at a similar pace again in 2021.”

Credit: Tesla

Additionally, the company’s Solar Retrofit and Solar Roof products were big winners for Tesla in 2020. Tesla has the most-affordable solar options in the country, with pricing that is three-times less-expensive than the U.S. industry average.

The company added:

“In 2020, solar deployments increased to 205 MW, 18% more than the prior year. This growth is the result of meaningful improvements to our solar retrofit strategy, including product simplification, cost reduction and industry-leading pricing. We have also made great progress growing our Solar Roof deployments, as we have expanded the team while simultaneously improving our installation efficiency.”

Demand is not an issue for Tesla on either side of their business. While the company continues to achieve astronomical growth on the automotive side, the Energy business is not experiencing any downtime. The increasing growth rate shows sustainable energy solutions are being sought out across the world. Instead of fossil fuel-driven options, the transition to sustainable energy is undoubtedly alive and well, and Tesla is establishing itself as more than just a name tied together with fancy, fast, and energy-efficient cars.

The company will hold its Q4 and 2020 Full Year Earnings Call at 6:30 PM EST or 3:30 PM PST.

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Tesla tallies record year for energy business in 2020
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