Yesterday, Tesla (TSLA) released its financial results for the second quarter of 2022, exceeding Wall Street expectations. One of Tesla’s most notable earnings are the results of the company’s energy division.
Ahead of earnings, Electrek already reported that Tesla’s US residential solar division had its best quarter since 2017 after the acquisition of SolarCity. The company has deployed more than 70 megawatts of residential solar in the United States, and when adding other sectors, Tesla Energy used a total of 106 megawatts of solar in the second quarter of 2022:
Tesla wrote about solar deployment performance during the quarter in its shareholder letter:
Solar deployments increased 25% year-over-year in the second quarter to 106MW, the strongest quarterly result in more than four years. Although we continue to experience import delays beyond our control on some solar components, we have expanded our supplier base to enable growth in this business. Our solar installation team continues to improve installation efficiency, enabling larger volumes and stronger economies.
Interestingly enough, the company did not mention the solar roof product at all. We previously reported that solar roof deployment was very low during the quarter and that Tesla recently stopped scheduling new installations in most US markets.
Tesla also had a significant energy storage deployment during the quarter with 1,133 GWh posted.
The energy storage deployment consists of Powerwalls, Powerpacks and most of their newer product, Megapack, which is popular for large-scale utility projects.
While energy storage deployment was up quarter to quarter, it was down year on year due to supply issues.
Tesla wrote about it in its shareholder letter:
Energy storage deployments decreased 11% year-over-year in the second quarter to 1.1 GWh, primarily due to semiconductor challenges, which have a greater impact on our energy business than our automotive business. The demand for our storage products continues to outpace our supply capacity. We are in the process of ramping up production at our dedicated Megapack plant to meet the growing demand.
The company refers to its massive California plant, but Tesla still produces Megapacks at the Nevada Gigafactory.
Earlier this month, we reported an impressive number of Megapacks were spotted outside the Gigafactory Nevada – apparently ready to ship.
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