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Tesla restarts its solar-panel business, offers rental plans

This Oct. 3, 2018, file photo shows the logo of Tesla Model 3 at the Auto show in Paris. Photo: AP/ Christophe Ena
This Oct. 3, 2018, file photo shows the logo of Tesla Model 3 at the Auto show in Paris.

Updated: August 18, 2019 09:01 PM

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.

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RELATED: Tesla's car deliveries rebound, but challenges still abound

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.

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.

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Credits

Associated Press

(Copyright 2019 by The Associated Press. All Rights Reserved.)

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