Tesla has worked to bring down the price of its electric vehicles, but there’s only so much you can do to make large solar panels affordable. The company’s solar installation business has lagged in recent quarters, but a new rental program might pique consumer interest. Consumers in several states can rent Tesla solar panel setups for their homes for as little as $50 per month.
Tesla purchased solar panel installer SolarCity about three years ago when it was vying for the top spot in residential solar power. Tesla sold the systems, which can cost upwards of $30,000, in Home Depot stores for several years, but now it relies entirely on direct sales similar to its electric vehicles. Unfortunately, installations have been dropping. Tesla is now a distant third in US solar power behind SunRun and Vivint Solar which deployed 103 and 56 megawatts of solar power last quarter, respectively. Tesla only installed 29 megawatts.
Under Tesla’s new rental system, consumers can pay as little as $50 per month for the solar panels. That’s for a “small” 3.8kWh installation on the roof that could generate almost 20 kWh per day in some of the sunnier states. You can only get the rental option in California (minimum $65), Arizona, Connecticut, Massachusetts, New Jersey, and New Mexico. The largest installations cost as much as $195 per month (California pricing).
Tesla estimates consumers will save money even with the small