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Tesla’s plan for simple solar rentals could increase competition

Jack Stewart Aug 20, 2019
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Tesla plans to rent solar panel systems to customers starting at $50 per month. Tesla

Tesla’s plan for simple solar rentals could increase competition

Jack Stewart Aug 20, 2019
Tesla plans to rent solar panel systems to customers starting at $50 per month. Tesla
HTML EMBED:
COPY

Tesla bought solar installer Solar City in 2016 as part of Elon Musk’s plan to offer a full stack for sustainable energy, from generation to acceleration. Tesla customers are supposed to be able to order panels, a home storage battery and an electric car all in the same store.

In reality, over the past year, Tesla’s seen a big drop in the number of solar power installations it’s performing. Now the company is trying to re-kick-start its solar panel business by offering systems for a monthly rental payment instead of a large up-front cost.

Other companies already offer leases and “power purchase agreements,” which are designed to reduce up-front costs, but which often come with long contracts.

Experts say Tesla’s move into solar rentals could spur new competition, but is it sustainable for Tesla?

Click the audio player above to hear the full story.

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