Tesla Motors' shareholders have approved the acquisition of SolarCity, a solar panel company. The deal is priced at $2.6 billion.

Tesla CEO Elon Musk plans to integrate both the companies to offer one-stop solutions to customers looking for renewable energy options. The merger was approved by nearly 85 percent of the shareholders, excluding Musk and affiliated shareholders.

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Musk will head the combined entity. Tesla makes electric cars as well as wall-mounted battery packs which may be used for powering homes. SolarCity is mainly involved in developing solar shingles, solar panels, and related items. The merger is likely to be completed in the coming days.

Musk claims that the combined entity will lead to long-term benefits including enhanced revenue and comprehensive services for consumers. Earlier this month, Tesla revealed that the merger would boost its cash holding by nearly half a billion over the course of the next three years. 

Soon after obtaining the approval for the Tesla and SolarCity merger, Musk told the crowd that he had just met with the new solar engineering team. He announced that the company's new solar roof product would have lower manufacturing and installation cost than traditional roofs, before taking electricity bill saving into account.

"So the basic proposition will 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? Why would you get anything else?" Musk said.

Tesla is currently working on boosting its car production capacity. Musk aims to produce 500,000 units a year by 2018. This is nearly five times its current production level. SolarCity also plans to open a new solar cells plant in Buffalo by 2017. The company is collaborating with Panasonic for this plant.