Tesla CEO Elon Musk said the solar roof that will be sold under a combined Tesla-SolarCity will likely cost less than a normal roof to install.
Tesla and SolarCity shareholders voted in favor of the merger, a deal worth $2 billion, Thursday. In late October, Musk unveiled a new solar roof product to show his vision for a combined company with SolarCity, but did not provide specifics on how much it would cost.
On Thursday after the shareholder vote, Musk said its solar roof will likely cost less than a normal roof:
“It’s looking quite promising that a solar roof will actually cost less than a normal roof before you even take the value of electricity into account. So the basic proposition would be, ‘Would you like a roof that looks better than a normal roof, lasts twice as long, costs less and by the way generates electricity?’ It’s like, why would you get anything else?”
Musk added the price he is speaking to factors in the cost of labor.
During a Nov. 1 conference call, SolarCity CEO Lyndon Rive said that the companies are aiming for 40 cents a Watt, which would put it in line with the competition.
Tesla will produce the solar cells for the roof with Panasonic at a manufacturing facility in Buffalo, New York.