Since then, it’s been 5 years. TeslaSolarCity acquired by Suncorp for $2.6 Billion.

To persuade shareholders to accept the deal Elon Musk hosted a splashy eventIn Hollywood, he displayed a shiny roof tile that he described as a small-sized solar panel.

Musk’s cousins Lyndon Rive (Peter Rive) founded SolarCity back in 2006. Musk was the chairman of SolarCity’s Board. Musk’s company SpaceX had purchased solar bonds worth tens to millions from SolarCity.

The goal of solar roofs is to look and perform better than normal roofs, produce electricity more efficiently, last longer, are better insulated, and have an actual installed cost that’s less than normal roofs plus electricity. “Why would anyone buy any other product?” Musk spoke at the October 2016 event.

According to Musk, roof tiles would be the next major innovation in residential solar. Once Tesla and SolarCity combine, this product will fuel the company’s growth and provide clean energy for homeowners.

However, Tesla-SolarCity’s new installations plummeted after the agreement was signed.

Tesla saw 43% less solar deployments in the fourth quarter 2017, compared to SolarCity’s purchase. Wood Mackenzie reports that the company has lost its market leading position, and currently occupies 2% in residential solar markets. Tesla generated 92 megawatts and 85 megawatts respectively in the first quarter and second quarters 2021. It’s half the amount of solar that SolarCity had installed in each quarter before their acquisition.

Tesla made some moves to hire solar workers to help build electric cars, batteries and other company products. Other employees were fired and others moved to repair and remediate.

One of the many solar roofs that the company has installed caught fireThis is a. An employee brought up fire safety issues internally, and filed whistleblower complaints. federal governmentTesla was sued by offices alleging that they unlawfully terminated his employment as a retaliation.

Shareholders also suedMusk, his family and their other businesses were able to get a bailout through the purchase of Tesla.

Elon will deliver the verdict in the derivative shareholder case lawsuit to the judge, but not until the beginning of next year. Musk testifiedThe SolarCity agreement was crucial to Tesla’s vision. He said that SolarCity wasn’t in dire need of his support. financial straitsBefore Tesla bought the company.

There is a growing need for commercial and residential solar energy in the United States today.

Tesla is not yet mass producing and installing many Solar Roof tiles. Most growth within its Energy division is due to its energy storage system — backup batteries for homeowners and big batteries for large-scale utility projects. The majority of the residential solar revenue it generates comes from traditional panel installations.

CNBC interviewed experts in the industry and Tesla solar customers recently to see how they are delivering on their solar promises. They had mixed experiences, with some customers from Washington, New York, California complaining about poor customer service or unexpected difficulties with installing their solar panels. Others praised Tesla for creating cars and systems that can run on sunlight.

You can see their entire stories by watching the video.