Tesla’s plan for simple solar rentals could increase competition
Tesla’s plan for simple solar rentals could increase competition
Tesla bought solar installer Solar City in 2016 as part of Elon Musk’s plan to offer a full stack for sustainable energy, from generation to acceleration. Tesla customers are supposed to be able to order panels, a home storage battery and an electric car all in the same store.
In reality, over the past year, Tesla’s seen a big drop in the number of solar power installations it’s performing. Now the company is trying to re-kick-start its solar panel business by offering systems for a monthly rental payment instead of a large up-front cost.
Other companies already offer leases and “power purchase agreements,” which are designed to reduce up-front costs, but which often come with long contracts.
Experts say Tesla’s move into solar rentals could spur new competition, but is it sustainable for Tesla?
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