Amid all of the hoopla surrounding Elon Musk and self-driving cars, it's easy to forget that Tesla (TSLA) - Get Report is also a solar energy company, and it's looking to regain its top-dog solar status by slashing prices, according to a report from The New York Times.
Tesla plans to announce Tuesday that it has started selling solar panels and related equipment for up to 38% less than the national average price by standardizing systems and requiring customers to purchase the products online, according to the Times.
The move should quell concerns that its solar business isn't as important as its electric vehicle business.
The company was the leading U.S. solar company as recently as last year, but it fell to third place behind Sunrun (RUN) - Get Report and Vivint Solar (VSLR) - Get Report in installations, according to research and consulting firm Wood Mackenzie.
Tesla shares are down 0.45% to $240.39.