Home News Tesla pitches a solar rental program to boost its renewable energy business

Tesla pitches a solar rental program to boost its renewable energy business

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Tesla is pitching customers on a brand new rental offering for solar energy as a way to revive the flagging fortunes of its renewable energy business.

After among the largest builders of renewables from the country during SolarCity, Tesla has now seen its share of this industry decrease considerably since its purchase of SolarCity three years ago. At the second quarter Tesla deployed just 29 megawatts of solar installations, while the number one and two suppliers of consumer solar, SunRun and Vivint Solar installed 103 megawatts and 56 megawatts respectively.

That’s probably one reason why Elon Musk happened to Twitter first Sunday morning to pitch the solar leasing program.

Click to order save & solar ~$500/year in utility bills with no long-term contract (cancel anytime)

— Elon Musk (@elonmusk) August 18, 2019

According to Musk, the new app is “like using a money printer on your own roof ” for prospective customers who live in nations with high energy costs. “Still more advisable to purchase,” Musk exhorted, “however, the leasing choice makes the economics clear. ”

Contrary to SunRun and Vivint, that both used ventures with homebuilders and retailers such as Home Depot, BJ’s Wholesale, Costco and Sam’s Club to obtain customers, Tesla ended door-to-door marketing and abandoned its partnership with Home Depot. The business began relying almost entirely on direct revenue to power its solar business and also eschewed the no-money-down rent version, which SolarCity had used so efficiently.

Under the new system, Telsa provides customers the choice to rent solar systems for anywhere from $65 to get a small installation to $195 because of its largest installment. Clients just need to pay a fully refundable $100 charge.

Tesla said the contract can be canceled any time, but it could charge users $1,500 to take out the system after it’s been installed.

Tesla did not respond to a request for comment at the time of publication.


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