Tesla restarts its solar-panel business, offers rental plans | AP business

Source Mark RALSTON  AFP, Shutterstock. Image Edited by CCN

Source Mark RALSTON AFP, Shutterstock. Image Edited by CCN

Renting starts at $50 per month in the states of Arizona, Connecticut, Massachusetts, New Jersey, and New Mexico - with an uptick to $65 in California. Musk said the offer was "like having a money printer on your roof".

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Price-wise, it still makes sense to buy a solar panel outright rather than renting every year - especially given the $1,500 (around £1,230 / AU$2,210) cost of removing those panels if you do choose to stop renting. In California, the monthly rental payment is Dollars 65.

Musk also tweeted that the programme is expected to launch in Europe next year.

Musk touted the solar panels as a "money printer" for Americans who live in parts of the USA where electricity is expensive.

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.

Once among the largest installers of renewables in the country through SolarCity, Tesla has seen its share of the market decline significantly since its acquisition of SolarCity three years ago. In the second quarter Tesla deployed only 29 megawatts of new solar installations, while the number one and two providers of consumer solar, SunRun and Vivint Solar installed 103 megawatts and 56 megawatts respectively.

SolarCity was also hit with a lawsuit from three former employees past year alleging coworkers at the company had faked sales accounts to inflate their bonuses along with the value of the company as a whole. A Tesla representative told Business Insider when the suit was filed that Tesla had investigated the allegations and found them to be untrue.

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