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Tesla no longer finances solar panels

Schroeder0202

2019 Stealth/White/Black/20 inch Tsportline
May 8, 2019
385
249
IL
My friend who I referred to tesla for a solar system and powerwall informed me they no longer offer any finance options. You either have to obtain your own financing or pay cash. My solar loan was done thru tesla and financed by tesla w mosaic solar.
Anyone else run into this recently?
 
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LN1_Casey

Draco dormiens nunquam titillandus
Supporting Member
Mar 6, 2019
2,055
10,345
Oahu, Hawaii
So how are you obtaining solar financing if Tesla no longer offers finance plans or arranges it for you?

Personally, I'm getting a unsecured loan through my credit union. I plan on getting an Equity loan when I go back to the states, but as I'm currently located overseas it's a bit of a Pain in the Acura to arrange that when I'm in a vastly different time zone than my home.
 

Schroeder0202

2019 Stealth/White/Black/20 inch Tsportline
May 8, 2019
385
249
IL
I think it might be on a state by state basis. Here in RI it looks like they are still offering finance terms through Mosiac
Just got a reply back from my solar advisor.

He stated Tesla has recently discontinued all solar loans unless you have a pending install.
They now only offer cash, and in some areas a subscription contract.
 
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miimura

Well-Known Member
Aug 21, 2013
6,867
6,762
Los Altos, CA
How does Tesla expect to sell panels if they don’t finance anymore? It’s like 90% of people who finance vs paying cash.
Most people getting solar own their home. For most of those people, it should be easy to draw on an existing Home Equity Line of Credit, or establish one. HELOC interest rates should be competitive with other solar financing available on the market.
 

Schroeder0202

2019 Stealth/White/Black/20 inch Tsportline
May 8, 2019
385
249
IL
That is a super long and drawn out process which also requires an appraisal.
This is almost like going to a car dealer to buy a 30 grand car and them telling you sorry we don't offer financing. How long do you think that dealer will be in business when the next dealer offers financing.
 

JayClark

Member
Aug 6, 2019
261
236
Arizona
I agree that dropping support of arranging for loans in the sign-up wizard is a let down, as I recently benefited by loans being included.

While I've wanted to install Solar a while and have lazily checked into getting solar several times, it always seemed like too much work to get all sorted out. I had done the numbers, and knew what I needed to make it work for my house, but at the point where it came to contacting somebody I always just seemed to get "busy", and never followed through. So, when Tesla sent an email saying they were installing solar and PWs in my area again, once again I kind of lazily "clicked" on the link in the email. And it all just flowed from there. After answering some questions in the online wizard and taking some pictures suddenly I was receiving loan docs via email to sign digitally, and boom, a few days later, without doing much else on my end I had an installation date. All done through the Tesla Energy web site, including financing. I guess this was just a few weeks before this change occurred.

It's been a busy time at work, and life in general for me, as is true for many people I'm sure. Because of this, I really don't know if I'd have solar installed today if the sign-up process for solar had at some point halted and thrown me out to figure out my own financing. I'm guessing I'd have just forgotten about it and let it slide just because it would have been an extra step with a 3rd party, that "maybe" I'll look into "tomorrow". For what ever odd reason I'm motivated and invigorated by what Tesla seems to be doing, and so engaging with "Tesla" somehow seems easier (at least when things flow smoothly like this did for me), where as contacting a 3rd party, on my own, about a "loan" seems like a chore, even now thinking about it, that I probably would have at best procrastinated, but most likely probably just dropped out.

But with the loan included at the time I signed up, for me, the sign-up and commitment process flowed like butter, and actually was kind of hard to slow down. Not that I wanted it to slow it down (I want the full tax credit and battery rebate!), but I just kept figuring there would be some kind of hiccup, but the process just kind of flowed with it's own inertia. However, now they've inserted a "pause" in the commitment process, even if in theory finding one's own loan is easy, I most likely would not have solar installed today.

For people like me, the change will probably create enough of a bump in the road to derail some portion of the population that could actually benefit from solar, but who aren't going to work too hard for it since it is still an otherwise fairly complex enough endeavor to understand and size in the first place in terms of overall cost benefit.
 
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TheTalkingMule

Distributed Energy Enthusiast
Oct 20, 2012
8,187
36,435
Philadelphia, PA
A) The solar financing world seems very separate from the contractor world these days, so in reality it's probably better to just let the market do it's thing and have the 3rd party products sort out the UX. As a 2019 customer of these loans(Mosaic), I can tell you they're pretty much crap anyway. All the fees of a HELOC or even mortgage refi are less than what I paid.

B) Tesla is moving away from complicated and expensive products/sales processes and toward set transparent pricing. It's $2.50/W in my area now, but will likely be $2/W before you know it. Paying $12k out-the door turns this into a mostly credit card or cash operation. And that's a good thing!

Changes in the world of Tesla solar installs are coming fast and furious. It's all pretty clunky right now, but they're clearly no longer f^#$ing around and intend to juice this market like crazy. Service will key. Hopefully the timing of this build up in service will align with rounding off the edges of their solar product offerings to something more and palatable.
 

KSilver2000

Active Member
Dec 23, 2017
1,368
2,438
CA
B) Tesla is moving away from complicated and expensive products/sales processes and toward set transparent pricing. It's $2.50/W in my area now, but will likely be $2/W before you know it. Paying $12k out-the door turns this into a mostly credit card or cash operation. And that's a good thing!

From looking at available information, it appears almost 40% of all residential solar PV installs have been purchased using solar loans in the past few years. I don’t see that changing much any time soon. People don’t just fork over $10K to $20K in cash. (Although my personal belief is to not have a loan on a depreciating asset. Don’t buy something that’s going to lose money if you don’t have the money to spend on it in the beginning. But that’s a whole ‘nother argument).
 
Does your contract have an option to buy at some point. If so, how much? Curious to know. Thanks.

My loan is already a purchase, it is not a lease nor a rental.

The loan is for 15 years at 5.99%. The first 15 monthly payments are at $149, then there is the option to pay the loan company what you would get back from the 30% ITC, which keeps the loan at $149 a month. Otherwise it would go up to $219 a month (roughly, not looking at the loan docs right now.

I can prepay the loan at any time, which is what I plan to do next spring, pay it off completely.
 

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