- Tesla’s Q4/2022 solar deployments grew 18% annually to 100 MW, according to the company’s 2022 financial results
- This business segment contributed to the company installing 348 MW PV in 2022, its highest since 2017 when the annual additions totaled 523 MW
- Management said the company continues to improve installation efficiency, enabling higher volumes and stronger economics
Tesla calls Q4/2022 as one of the company’s strongest quarters in recent years when it deployed 100 MW capacity, 18% higher annually, to exit 2022 with a total of 348 MW PV installed which now becomes the year with ‘highest’ deployment since 2017 when it reported 523 MW.
The annual total of 348 MW, just 1% above 345 MW it reported for 2021, came about ‘despite supply chain challenges’ (see Tesla Deployed 345 MW Solar In 2021).
“Our solar installation team continues to improve installation efficiency, enabling higher volumes and stronger economics,” stated the management without sharing more about this business segment that plays minuscule yet significant role in the automotive giant’s empire.
On the energy storage front, Tesla deployed 2,462 MWh in Q4/2022 with an annual growth of 152%, taking the cumulative for the year to 6,541 MWh with 64% YoY increase.
Tesla’s total revenues at the end of 2022 rose 51% to $81.46 billion with a net profit of 128% on GAAP basis.
The US solar market was subdued in 2022 as it battled trade barriers and continued supply chain challenges, according to the Solar Energy Industries Association (SEIA) and Wood Mackenzie that forecast up to 18.6 GW DC to be installed in 2022, down from 23.6 GW DC in 2021.
However, things are expected to turn in solar’s favor as impacts of the Inflation Reduction Act (IRA) kick in from 2024 along with supply chain constraints ease (see US Solar Power Installations Decline 17% YoY In Q3/2022).