Tesla's SolarCity acquisition closes after investor approval

Tesla and SolarCity are now one and the same. Both companies announced this morning that its acquisition of SolarCity has been finalized, completing a process that began back in August. Tesla revealed late last week that its investors had approved the acquisition, removing the final roadblock in merging the two companies.

In fact, it would appear that many Tesla investors were gung-ho about the idea of an acquisition, with 85% of disinterested shareholders stating their approval. Perhaps Tesla and SolarCity's new solar roof had something to do with that? After the presentation Tesla gave, it wouldn't exactly be shocking to hear that its investors were impressed.

It's likely you've seen video of Elon Musk's solar roof presentation floating around social media. The roof was revealed at the end of last month, and stands in stark contrast to traditional solar panels. Instead of outfitting a roof with bulky solar panels, solar cells are built into individual shingles, with the result looking more like a conventional roof that has the added benefit of generating electricity.

The roof is meant to work in tandem with Tesla's Powerwall 2, a battery that will allow you to store power for use when the sun isn't shining. Combining SolarCity's vision for solar panels and Tesla's energy storage solutions was one major goal of this acquisition from the outset. Finalizing the acquisition simply means that the two companies can move forward as one, cutting costs along the way.

This solar roof could make a pretty big splash when it eventually arrives. Just recently, Elon Musk shared early estimates that put the cost of Tesla's solar roof below that of a traditional roof even before electricity savings are taken into account. That's a pretty impressive estimate, so let's hope it holds true as Tesla moves closer to a wide scale roll out.