Five years ago, SolarCity ruled the rooftops.
No other company in the fast-growing solar industry installed nearly as many panels on American homes. The pace of installation was accelerating quarter after quarter, leaving such rivals as Sunrun and Vivint far behind.
Then electric auto manufacturer Tesla bought the company. Now, what once was SolarCity appears to be fading away.
Installations have plunged 62 percent. Reuters, citing internal Tesla documents, recently reported the company is closing a dozen installation facilities across the country, part of a broader restructuring within Tesla that cut 9 percent of the company’s workforce. In announcing the cuts to Tesla staff, CEO Elon Musk also said the company will stop selling solar arrays through Home Depot, moving some of the salespeople involved to Tesla stores while letting others go.
View Article