Tesla pitches a photo voltaic rental program to spice up its renewable vitality enterprise

Tesla is pitching clients on a brand new rental providing for solar energy as a solution to revive the flagging fortunes of its renewable vitality enterprise.

As soon as among the many largest installers of renewables within the nation by SolarCity, Tesla has seen its share of the market decline considerably since its acquisition of SolarCity three years in the past. Within the second quarter Tesla deployed solely 29 megawatts of recent photo voltaic installations, whereas the primary and two suppliers of shopper photo voltaic, SunRun and Vivint Photo voltaic put in 103 megawatts and 56 megawatts respectively.

That’s doubtless one cause why Elon Musk took to Twitter early Sunday morning to pitch the brand new photo voltaic rental program.

In response to Musk, the brand new program is “like having a cash printer in your roof” for potential clients who reside in states with excessive vitality prices. “Nonetheless higher to purchase,” Musk exhorted, “however the rental choice makes the economics apparent.”

In contrast to SunRun and Vivint, which each used partnerships with homebuilders and retailers like Dwelling Depot, BJ’s Wholesale, Costco and Sam’s Membership to amass clients, Tesla ended door-to-door advertising and marketing and deserted its partnership with Dwelling Depot. The corporate started relying virtually totally on direct gross sales to energy its photo voltaic enterprise and eschewed the no-money-down lease mannequin, which SolarCity had used so successfully.

Below the brand new system, Telsa is providing clients the choice to hire photo voltaic methods for anyplace from $65 for a small set up to $195 for its largest set up. Clients solely must pay a totally refundable $100 cost.

Tesla stated the contract will be canceled any time, however it will cost customers $1,500 to take away the system as soon as it has been put in.

Tesla didn’t reply to a request for remark on the time of publication.

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