Solar panels for rent: Tesla launches new offer

CEO Elon Musk says while it is still better to buy solar panels, the rental option ‘makes the economics obvious’

Net Hero Podcast

Tesla has launched a new programme that is offering solar panels for rent rather than customers having to buy the technology.

CEO Elon Musk announced the offering in a series of tweets, saying while it is still better to buy, the rental option “makes the economics obvious”.

The new rental systems come in three sizes at three flat rates – 3.8KW for $65 (£54) a month, 7.6kW for $130 (£107) a month and 11.4kW for $195 (£161) a month.

Tesla says there is no long term contract and customers can cancel their monthly payment anytime.

Mr Musk tweeted: “With the new lower Tesla pricing, it’s like having a money printer on your roof if you live [in] a state with high electricity costs. Still better to buy, but the rental option makes the economics obvious.”

Last month, Tesla unveiled a ‘Megapack’ energy storage system which it said could replace peaking power plants that generally provide electricity when demand is high.