Tesla is offering its customers solar power systems for rent in an effort to regain its failing solar energy business.
Once noted as the biggest renewable energy installers across the US via SolarCity, the renowned automobile company has witness its stock lower significantly since it acquired SolarCity back in the year 2016. During Q2 this year, Tesla deployed just 29MW of new renewable installations while its competitions Vivint Solar and SunRun deployed 56MW and 103MW respectively.
This is likely a reason why Tesla CEO Elon Musk announced about the new solar power rental offering early Sunday.
Under the new program, Tesla is pitching its customers with an option to rent out solar powered panels starting from $65 per month in California for a smaller set-up to $195 per month for a bigger setup. The customers are only required to pay a refundable charge of $100.
Apart from California, the rental program would also be offered in Arizona, Massachusetts, Connecticut, New Mexico and New Jersey.
The company said that the customers can cancel the agreement anytime, however, they would be charged with the sum of $1500 for the removal of the installed solar power system and get the roof restored back to its earlier condition.