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Bloomberg
Tesla Inc. is installing far less solar power than its SolarCity unit did as an independent company. Tesla installed 109 megawatts of energy-generation systems in the third quarter, according to a statement Wednesday from the Palo Alto, California-based company. That’s down from the 187 megawatts of panels that SolarCity deployed in the same period last year, its final quarter before it was acquired.
“The lower deployments are in large part a result of deliberately de-emphasizing commercial and industrial solar-energy projects with low profit and limited cash generation,†Tesla said in the statement.
Year-over-year installation rates have been down since the $2 billion deal closed in November 2016.
Tesla added 150 megawatts in
the first quarter, compared with the 214 megawatts SolarCity installed a year earlier.
And the second-quarter total
of 176 megawatts fell short of
SolarCity’s 201 megawatts in 2016.