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?
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