If you’re looking to cut your electric bill by installing solar panels but are looking for an affordable option, Tesla may have the answer– rent them.
Hoping to offer homeowners a better money-saving option by renting the streamlined panels, Tesla offers renters monthly payments, no installation costs, no long-term contracts and the ability to cancel monthly rental payments anytime. However, the company will charge a $1,500 fee to remove the system from your roof and return it to its original condition.
If customers were to sell their homes, Tesla offers a convenient contract transfer option that can be set up under the home’s new owner.
The solar panel rental program is currently available to rent in six states: Arizona, California, Connecticut, Massachusetts, New Jersey and New Mexico.
The Tesla panels come in three sizes starting at a small 3.8 kilowatt solar panel at $50 per month which generates an average of 10 to 14 kilowatt hours of energy per day; a medium 7.6 kWh for $100 per month, generates between 19 to 28kWh per day; or the large 11.4kWh option for $150 per month producing 29 to 41kWh per day. Keep in mind that the average U.S. household uses about 28 kilowatt hours of electricity per day
While Tesla expects the solar panel renting to be a big hit, energy experts say the company wants to give customers the chance to rent panels as way to boost its struggling solar business. Earlier this year the company reportedly cut its solar panel prices and also allowed customers to purchase residential systems in increments.
Image via Tesla