Skip to main content

SolarCity reports surpassing 300,000 installed solar customers during last quarter before Tesla merger


Today, SolarCity reported its financial results for its third quarter 2016 and last quarter before its merger with Tesla if approved during a special meeting of shareholders scheduled for next week. The company confirmed having installed 187 MW of solar capacity during the quarter – bringing the total since inception to 2.45 GW spread out across over 300,000 solar customers.

Tesla CEO Elon Musk brought up SolarCity’s important customer base as one of the main reasons for merging the company. Musk and SolarCity CEO Lyndon Rive see an opportunity to go back to those customers to sell them Tesla’s new Powerwall 2 (pictured above) in order to take full advantage of their solar installations.

During the third quarter, the company increased revenue by 76% Year-over-Year to $201 Million and incurred losses per share of $2.27.

Here’s SolarCity’s last quarter in terms of deployed and installed solar capacity:

  • MW Installed: 187 MW
  • MW Deployed: 189 MW (including 12 MW of Solar Loans and 10 MW of System Sales)
  • Value of MW Deployed under Energy Contracts: $3.38 per Watt
  • Cost per Watt: $2.89 per Watt

If the acquisition goes through, Tesla will be acquiring this from SolarCity as of the end of last quarter:

  • Total assets: $8.7 billion at the end of Q3 2016
  • Total liabilities: $6.7 billion at the end of Q3 2016
  • Cash and Investments: $259 million as of September 30, 2016
  • Undeployed Tax Equity Capacity: $490 million at the end of Q3 2016
  • Available Aggregation Facility Capacity: $475 million at the end of Q3 2016

And finally, here’s what could be SolarCity’s last shareholders letter as “SolarCity”:

[scribd id=330572123 key=key-CYzUONbf31ziM0EI2lkY mode=scroll]

FTC: We use income earning auto affiliate links. More.

You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.



Avatar for Fred Lambert Fred Lambert

Fred is the Editor in Chief and Main Writer at Electrek.

You can send tips on Twitter (DMs open) or via email:

Through, you can check out Fred’s portfolio and get monthly green stock investment ideas.