Solar energy is one of the most progressive forms of energy currently, and with the reservoirs of fossil fuels dying out and the environmental problems that arrive with the use of fossil fuels, the world is desperately looking for a more affordable, sustainable and renewable source of energy that doesn’t leave a mark on the environment. Thus the impact of solar power goes without saying. Mainly, solar panels are used to harness the sun’s infinite reservoir of energy and convert it to electricity for household or commercial usage. Currently there are a lot of companies providing solar power systems and one of them is SolarCity.
SolarCity was opened in 2006 by brothers Peter and Lyndon Rive with Elon Musk at the helm as the chairman of the organization, by 2009 it had installed solar panels to generate 440 megawatts of power.
In 2013, SolarCity was considered the leading provider of household solar power system in the USA and in overall the second largest provider of solar power in the USA. In 2013, it took over Paramount equity in for 120 million USD and in 2014 it had power stations able to produce 6200 megawatts of electricity across the states, SolarCity had installed 870 MW or solar power in 2015 alone.
SolarCity had to go through a number of transitions since then, In late 2015, SolarCity had to withdraw from solar sales and installation in Nevada, following the decision by the state’s Public Utilities Commission (PUC) to raise the monthly service charge for rooftop solar customers and also reduced the return on solar energy sold back into the grid under the state’s net metering rule, and by 2016, SpaceX, another of Elon Musk’s companies bought 90 million USD worth of share from SolarCity, in August 1st 2016, Tesla Elon Musk’s organization on electricity powered cars and battery company took over SolarCity for a total of 2.6 billion USD which expanded the organizations horizons to far beyond. Regarding the purpose behind this acquisition Elon said “Creating a seamlessly integrated Tesla battery & solar power product that looks beautiful”
Tesla’s acquisition of SolarCity there has been a number of issues that the company has to deal with, SolarCity had to undergo a number of losses and is struggling to compensate them, about 20% of their employees had to be eliminated from the company, and the salary of the two founders went from 275000 USD to 1USD to meet up the needs.
In 2014, SolarCity announced it’s plans to build the Gigafactory 2, in collaboration with SUNY polytechnic Institute after acquiring Silevo, a maker of high efficiency solar modules, situated in Buffalo, New York the 1.2 million square foot complex was considered the largest of it’s kind in the western hemisphere. The company planned to start the operation of the company by 2016 and looked forward to produce one gigawatt of energy annually by 2019.
But since the emancipation of the company it was considered as a selling point for their new product the solar roof and a revolution for the solar industry, but for the past several years the incident hasn’t been very bright for SolarCity, with a number of project delays, automation challenges later, it’s upto Elon Musk, how he can lead the clean energy revolution for a better world