Elon Musk Says Tesla's Solar Roof Will Cost Less Than Regular Roofs

Musk wants solar roofs to be "as appealing as electric cars", Fortune reports.

Traditional roofing tiles are fragile and requires careful handling to get from point A to point B. The solar tiles, however, are tempered glass and are far sturdier than earth-based tiles.

"We're trying to make an integrated product, where you can go to Tesla store and just say yes", Musk said when the result was announced. But, according to a tweet from Tesla CEO Elon Musk on Wednesday, a faster zero-to-60 time is indeed on the way.

Earlier this month, he said SolarCity - the largest home solar panel installer in the USA - could add $1 billion in revenue to the combined company next year and could add $500 million in cash to Tesla's coffers over three years. Tesla's new solar roof product, he proclaimed, will actually cost less to manufacture and install than a traditional roof - even before savings from the power bill.

"I think your faith will be rewarded", he told shareholders. Basically the idea is that instead of installing ugly solar panels on top of the roofs of our houses, we can use these tiles which will do the same job, but blend right in.

The deal is expected to be worth more than $2 billion, with the precise terms depending on the value of Tesla's stock when the merger transaction takes effect. Shares were up 1.3 per cent in after-hours trade after gaining 2.6 per cent in the regular session to close at $188.66.

That's down from $219.61 on June 21, the day before the merger was proposed.

Musk owns just over one-fifth of both Tesla and SolarCity.

It appears that Tesla and SolarCity will soon be operating as one company.

Neither company has been sustainably profitable, although Tesla posted a profit last quarter. Tesla has predicted SolarCity will add $500 million in cash to the combined company's balance sheet in the coming years, which would be a sharp reversal from recent trends should it happen.

For investors who won't be at Tesla's shareholder meeting, the company will also webcast the meeting live at tesla.com/shareholdermeeting.

Tesla has had a tricky 2016, with its share price tumbling 20% since the start of the year.

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