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Tesla cuts solar power prices to spur use of sustainable energy, says CNBC

Lowering prices for its solar products should make the company highly competitive

solar panels
Tesla is an electric car maker cutting prices for its solar products

Tesla Inc (NASDAQ:TSLA) is reducing the prices of its solar power systems so it can be affordable and encourage the use of sustainable energy, a report by CNBC said.

The change in prices would allow the average customer of Tesla to get savings of between $3,000 and $4,000, the report quoted a Tesla spokesperson as saying.

READ: Tesla announces new lower-cost Model 3; 4Q vehicle deliveries seen very strong, says Morgan Stanley

"This change, along with our push to continue shortening the time between sale to installation, will accelerate the adoption of solar and the world's transition to sustainable energy," the official said.

A report by Reuters on Thursday quoted Tesla's senior vice president of energy operations, Sanjay Shah, as saying that the price cuts should make the company "highly competitive."

Shah added that the business wanted to become the lowest-cost solar provider in the US. Tesla deployed 93 megawatts of solar energy generation systems in the third quarter of 2018.

Tesla is the world's premier electric vehicle maker.

Contact Rene Pastor by [email protected]

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NASDAQ:TSLA
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