Tesla’s solar roof panels to cost lower than earlier estimates

The first two styles of Tesla’s solar roof will cost customers nearly $21.85 per square foot, cheaper than many industry analysts had anticipated.

The price announced by Tesla is lower than the price of $24.50 per square foot that Consumer Reports had predicted. That prediction was based on Tesla’s ability to achieve a competitive price to conservative roofing materials like asphalt, once savings from power bills would be factored in over expected lifetime of the roof.

However, several people had expressed skepticism that the company’s product would be affordable.

The first two styles of Tesla’s glass tiles are: black glass smooth and textured versions. These are among the four planned styles that the company had unveiled earlier this year.

Tesla is going to sell solar roof during a “trying” time as a recent report from GTM Research indicated that the second half of last year witnessed first significant drop in U.S. solar companies’ operations.

Following the release of the pricing, Tesla’s shares closed up more than 1 per cent on Wednesday.