Tesla has finalized its acquisition of SolarCity, the company confirmed on Monday.
“We’re pleased to announce that Tesla’s acquisition of SolarCity closed this morning,” Tesla said in an emailed statement to the IBTimes.
More than 85 percent of Tesla shares voted in favor of the $2 billion deal last week, the company said in post
After the vote, Musk said the solar roof he unveiled a few weeks ago would cost less to manufacture and install than a conventional roof, Bloomberg reported. The solar roof turns light into electricity for the owner’s home and electric car.
“It’s looking quite promising that a solar roof will actually cost less than a normal roof before you even take the value of electricity into account,” said Musk. “So the basic proposition would be, ‘Would you like a roof that looks better than a normal roof, lasts twice as long, costs less and by the way generates electricity?’ It’s like, why would you get anything else?
“Electricity,” Musk added, “is just a bonus.”
The roof is made up of durable textured glass tiles, and the shingles come in different colors and look like the fanciest shingles on the market. The glass tiles will be made in Buffalo, New York and will start production at the end of next year, according to Business Insider.
“You’ll want to call your neighbors over and say ‘check out the sweet roof.’ It’s not a phrase you hear often,” Musk said in October.
Tesla says its goal in the SolarCity acquisition is to help the environment.
“This year, CO2 concentration levels permanently exceeded the alarming 400 parts per million threshold. Many climate scientists believe this level will have a catastrophic impact on the environment,” said Tesla on its site, adding that 2016 had the warmest September in 136 years.
“Tesla’s mission has always been to help solve this problem by accelerating the world’s transition to sustainable energy,” added the company.