Tesla rolls out solar panel rental plan for consumers
PALO ALTO, California – Tesla is trying to spark its solar-panel business by letting consumers rent rooftop systems rather than buy them.
Tesla Inc. CEO Elon Musk announced the offering in a series of tweets Sunday.
The company will allow residents of six states to rent solar-power systems starting at $50 a month – or $65 a month in California – for a small set-up.
Musk says consumers can cancel anytime, although Tesla’s website says there’s a $1,500 charge to remove panels and restore the roof to its previous condition.
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Besides California, rentals will be offered in Arizona, Connecticut, Massachusetts, New Jersey and New Mexico.
Electric car maker Tesla bought residential solar installer SolarCity for $2.6 billion in 2016 but installations have plunged in recent quarters. Tesla stopped selling systems in Home Depot stores.