Tesla offers solar rental program to drive its renewable energy trade
Category: #energy-and-environment  By Saipriya Iyer  Date: 2019-08-19
  • share
  • Twitter
  • Facebook
  • LinkedIn
Tesla offers solar rental program to drive its renewable energy trade

However, Vivint Solar and SunRun, the top providers of consumer solar, have installed 56 megawatts and 103 megawatts respectively.

Tesla has reportedly announced that it is offering customers a new rental solar power to reinforce the declining fortunes of its renewable energy trade.

Apparently, Tesla was one of the largest renewables installers in the country via its subsidiary SolarCityThe company has experienced decline in its market share since it has acquired SolarCity three years back. In the second quarter, it has deployed only 29 megawatts of new solar installations. However, Vivint Solar and SunRun, the top providers of consumer solar, have installed 56 megawatts and 103 megawatts respectively.

According to the reliable sources, Elon Musk has been reported to say that the new solar rental program can make so such economic sense that it will be like having a money printer on the roof for customers who live in states with high energy costs. He said that though the option to choose rental rather than buying makes the economics obvious.

Reportedly, unlike Vivint and SunRun, which both leveraged collaborations with retailers and homebuilders such as BJ’s Wholesale, Home Depot, Sam’s Club, and Costco to get customers, Tesla has halted door-to-door marketing and discarded its collaboration with Home Depot. The company has started almost entirely depending upon direct sales to influence its solar trade. It has also avoided the no-money-down lease model, which SolarCity had used efficiently.

Supposedly, under the new system, Telsa will offer customers the option to rent solar systems for anywhere from $65 for a small installation to $195 for largest installation. Customers will only need to pay a fully refundable $100 charge.

As per trusted sources, the contract can be terminated any time, but it will cost $1,500 to the users for removing the system once it has been installed.

Tesla did not answer to the request for comment at the time of publication.

Tesla, Inc., headquartered in Palo Alto, California, is an American energy and automotive company. The company focuses on manufacturing electric car, and solar panel manufacturing through its SolarCity subsidiary.

 

Source credit: https://techcrunch.com/2019/08/18/tesla-pitches-a-solar-rental-program-to-boost-its-renewable-energy-business/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

Read More >>

More News By Saipriya Iyer

Djamo app raises $14 million, aims to expand in Francophone Africa
Djamo app raises $14 million, aims to expand in Francophone Africa
By Saipriya Iyer

Djamo, the popular consumer finance app has reportedly secured $14 million from the renowned accelerator, along with three lead investors like Oikocredit, Enza Capital, and Partech Africa, and other participating investors, such as P1 Ventures, Janng...

COP27: Historic climate cost deal made but no progress on fossil fuels
COP27: Historic climate cost deal made but no progress on fossil fuels
By Saipriya Iyer

A historic agreement has reportedly been made at the UN's COP27 summit that will see wealthy nations pay developing nations for the harm and economic losses brought on by climate change. Nations dealing with severe climate impacts have been wa...

Canada: Kelowna's minimum wage for local workers has increased by 24%
Canada: Kelowna's minimum wage for local workers has increased by 24%
By Saipriya Iyer

According to a recently published report by the Canadian Centre for Policy, the hourly pay required for local employees to make ends meet has reportedly increased significantly in the Okanagan city of Kelowna. The living salary is the hourly salar...