Tesla is set to launch a third version of its solar roof tile this week. During the company’s third-quarter earnings call on Wednesday, CEO Elon Musk said that an official announcement about the product -- including how it’s different from the last two versions -- is coming at an event Thursday afternoon.
"Tomorrow afternoon we will be releasing version three of the Tesla solar roof," Musk said. "I think this is a great product. Versions one and two we were still figuring things out — version three is finally ready for the big time."
Earlier this year, Musk promised that the third iteration of the product would last 30 years.
“We are about to complete version 3 of the solar roof,” he said. “This is actually quite a hard technology problem to have an integrated solar cell with a roof tile, have it look good, and last for 30 years.”
Problems with previous solar panels
The launch of the new solar tiles comes in the wake of legal issues stemming from the company’s solar panels. In August, Walmart filed a lawsuit against Tesla claiming that its solar panels caught fire on the roofs of seven Walmart stores between 2012 and 2018.
Musk said that the issue was caused by failures in a “small number” of parts that help regulate the amount of energy flowing into a solar panel. In a joint statement, Walmart and Tesla said they “look forward to addressing all issues and re-energizing Tesla solar installations at Walmart stores, once all parties are certain that all concerns have been addressed.”
Musk said on the call that Solar Roof V3 will boast improved performance, which will help consumers save money and offset the cost of the purchase for the new roof.
"There's no money down and you instantly save on your utility bill and there's no long-term contract," Musk said. "It's really a no-brainer. Do you want something that prints money? And if it doesn't print money, we'll fix it or take it back."