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Tesla launches solar panel rental programme

Tesla's Powerwall Home Battery. Source: SolarCity. License: All rights reserved.

August 19 (Renewables Now) - Elon Musk’s Tesla Inc (NASDAQ:TSLA) has launched a programme for renting solar panels in an effort to revive its staggering solar power business.

Tesla acquired solar installer SolarCity in late 2016 but has since been struggling to run the business. Last month, it announced it has deployed just 29 MW of photovoltaic (PV) systems in the second quarter of 2019, reaching a new low, but said it is working to improve “many aspects of this business to increase deployments.”

The relaunch of Tesla Solar was unveiled in a Twitter post on Sunday, in which Musk claims the Rent Solar programme could save customers about USD 500 (EUR 450.2) of utility bills per year.

According to Tesla’s website, residents in the state of Arizona, Connecticut, Massachusetts, New Jersey and New Mexico will be able to take advantage of the programme in return for USD 50 per month, without the need of making any upfront payments. In California, the monthly rental payment is USD 65. The fee covers the cost of PV panel installation, hardware and ongoing maintenance of the solar system with no long-term contract signing involved.

In cases of cancellation, a USD-1,500 charge is required to remove the panels and restore the roof to its previous condition. The Tesla Powerwall battery systems cannot be added to the rental agreement, while customers can buy the product separately, Tesla notes.

Musk also tweeted that the programme is expected to launch in Europe next year.

(USD 1.0 = EUR 0.900)

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Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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