Tesla has released the third version of the solar panel roof tiles. The solar roof panel tiles are available to order and installations will be done in a few weeks. They cost $42,500 for covering a 2000 square feet space. However, if a user gets them installed before the end of the year, he/she can get $8,550 in federal tax incentives.

The company's CEO Elon Musk has stated that installing solar roof tiles is cheaper than replacing the roof and adding solar panels – you get a new look roof along with solar energy set up. So if you are in the mood for renovating your roof, the solar roof tiles may be a good option to consider.

However, if you already have a traditional solar power system installed, even Musk states that if your system has a decade or more left in it, you should continue with it.

In comparison to traditional solar panels, it is less useful over a small area, but if the area covered is bigger, it becomes more effective to use.

So what does the new version entail?

Tesla claims that the new tiles are easy to install and it may not require a third-party contractor for doing so. The tiles can be installed in eight hours or less, the company claims. Tesla is offering an unprecedented warranty of 25 years on the product. The tiles are made of tempered glass and Musk claims that they are much stronger than regular roof tiles.

Tesla has never had issues with orders but has consistently performed poorly on production capacities. The company states that the new design will make ramping up production easier. The company is also expected to release new versions of the solar roof tiles steadily at the rate of one version six to nine months from now on.

A sign is posted at a Tesla showroom on November 5, 2013 in Palo Alto, California. (Photo: Justin Sullivan/Getty Images)