Tesla has launched a rental service for its solar panel business that will enable consumers to install a solar system for as little as $50 per month.
There is no long-term contract or upfront installation cost.
Offering a flat rate will take away the financial risk of installing an expensive solar system and hopefully return Tesla’s residential solar business to the the type of growth experienced by SolarCity.
Tesla will offer three rental systems:
- 3.8 kW for $65 per month
- 7.6 kW for $130 per month
- 11.4 kW for $195 per month
Tesla estimates that the 3.8 kW system will save homeowners $250–650 per year after paying the monthly rental fee. The 7.6 kW system is estimated to save $500 to $1,300 and the 11.4 kW system is estimated to save $750 to $1,950 per month.
Before acquired by Tesla, SolarCity also marketed solar system leases. Given that Tesla’s solar deployment hit an all time low last quarter, it makes sense that the company would try to get creative with its sales offering.