As blogged on Electrek.co, Tesla is launching today a solar rental service – a brand new way to get a solar panel system on your roof for as little as $50 per month without any long-term contract.
SolarCity pioneered new models to sell solar power systems with no upfront cost by leasing them to homeowners and selling them the electricity it generates, like a regular electric utility.
The model created impressive growth, but it required them to pay for the costly systems upfront on most installations, which weighed heavy on their financials.
When Tesla acquired SolarCity back in 2016, it gradually moved away from that model in order to make the company more sustainable, but it also destroyed its growth.
Now they are going to try to go back to growth with a very aggressive new solar rental service. This is not like SolarCity’s leasing options or Power Purchase Agreements (PPA).
Tesla’s ‘Rent Solar’ program is a month-to-month agreement to use Tesla’s solar power to reduce your electric bill.
For as little as $50 per month, Tesla will come to your home and install a solar system.
There’s no long-term contract. As long as you pay the monthly fee, the system will generate solar power and it will reduce your electricity bills.