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 SolarCity. The 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/