In order to boost their solar panel installation business, Elon Musk is launching a new rental plan to incentivize cost-sensitive consumers. The updated plan will charge clients $50 per month with no upfront installation costs or long-term contracts. The plan will also include maintenance and support, as well as other hardware fixes to ensure effective results. Tesla has been feverously growing their solar panel operations since their acquisition of SolarCity in 2016. Their market share has taken a bit of a hit after three straight quarters of declining growth, but this plan aims to ignite a spree of new customers with its low initial costs.
Musk has stated the newly revamped program is “like having a money printer on your roof”. He is hoping the option for a cheap rental will spark a new appeal with customers who may have been on the fence. The plan does come with a few caveats like higher prices for bigger panels, price hikes in certain locations in California, and a $1,500 fee to remove the system. Tesla is continuing their research and development of more stylistic light-sensitive shingles.