Installation of a new solar roof by GAF Energy.
It was courtesy of Standard Industries.
Standard Industries and GAF Energy have been working on a new solar roof that integrates solar technology into traditional roofing for the past two years. The new solar roof is designed for the average person and will be on display at the Consumer Electronics Show in Las Vegas.
Everyone who has put solar up has tried to do it by going around the roof. You have problems with the water. David Millstone is co-CEO of Standard Industries, the nation's 65th largest privately owned business. We had to invent everything as we went along.
GAF Energy worked with the Department of Energy to verify the world's first nailable solar shingle, which will be assembled at the company's facility in San Jose.
David Winter and David Millstone said that they had to invent almost everything.
Michael Prince was forforbes.
The new roof is a direct competitor to the expensive one ofTesla. It has been slow and rocky. According to a letter from the agency, the Securities and Exchange Commission opened an investigation into whether it failed to properly notify shareholders of fire risks associated with solar panel system defects.
The top-secret design of the new roof at the San Jose R&D center is being worked on by Millstone and his co-CEO David Winter. More than 3000 solar roofs have been sold with the Decotech iteration. They told us last winter that they hope to eventually install millions of new roofs thanks to a price point designed for the average person and an army of certified installers. The integration of solar and roofing is the key to making solar the product that goes on at least one in three homes in America. It must protect you from the elements and generate power.
We will roll out plants as fast as we can.
At the end of December, GAF Energy had installed four of its new roofs, two each in Pennsylvania and Louisiana, in partnership with Resnick Roofing and PosiGen, as well as a demonstration house in New Jersey. Martin DeBono says he expects to install 30 by the beginning of January. He says that is a drop in the bucket. The product will allow us to take the concept of a solar roof mainstream.
GAF is the largest player in the roofing space in the US with 25% market share. Only a few thousand homeowners choose solar each year. Over the next several years, DeBono hopes solar will make up 10% of the new roofs that the group installs. Assuming a rough price of at least $10,000 per roof, that would account for more than $1 billion in solar roofing revenue. California, the country's largest solar market, is expected to follow in the spring as the solar roofs undergo additional certifications.
The new solar roof was developed by GAF Energy for two years.
It was courtesy of Standard Industries.
Millstone says the goal is to have every single person who is considering a new roof consider putting on a solar roof. He and Winter think they can easily sell out their California factory. The factory will be able to produce 50 megawatts of solar roof energy once it is fully scaled up, or enough for 10,000 homes, but installations will be less than half that in the first year.
Millstone and Winter are planning to build new factories. Winter says that they plan to roll out plants as fast as they can. He did not say how many plants would be needed, but he said that future plants would likely be larger than the current one. The company says that it has installed more solar roofs than the company. Its business model doesn't call for a solar-roof wait list.
Winter and Millstone are trying to change the way people think about having a roof over their head. The family-owned conglomerate has $9 billion in revenue after the acquisition of W.R. Grace. It had $6.4 billion in revenue and $1.4 billion in Ebitda in 2020.
Sam Heyman, a one-time member of the Forbes 400 and the father-in-law of Millstone and Winter, won a proxy battle in 1983 for roofing-and-chemicals company GAF. Forbes estimates that the Millstone-Winter-Heyman families are worth over $10 billion.
Standard Industries co-CEOs David Millstone and David Winter are featured in our feature, "Meet The Billionaire Family Building America's Roofs."
