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Tesla to begin renting solar panel systems

2019-08-18

This file photo shows the Tesla's Powerwall 2 Home with solar panels system.

Tesla Solar is relaunching and giving consumers the option to rent a solar panel system rather than buying one outright, company CEO Elon Musk announced Sunday.

Residents of California, Arizona, Connecticut, Massachusetts, New Jersey and New Mexico will be be able to rent a solar-power rooftop system for as low as $50 a month. Musk said customers could cancel anytime, but there is a $1,500 fee to have the panels removed and the rooftop restored, according to the Tesla website.

The decision to offer rentable systems comes after Tesla stopped selling systems in Home Depot stores amid falling installation numbers.

Tesla bought residential solar installer SolarCity for $2.6 billion in 2016.