PALO ALTO (AP) — Tesla is trying to spark its solar-panel business by letting consumers rent rooftop systems rather than buy them.
Tesla Inc. CEO Elon Musk announced the offering in a series of tweets Sunday.READ MORE: Extreme Drought Conditions Expand Into Solano, Contra Costa And Alameda Counties
The company will allow residents of six states to rent solar-power systems starting at $50 a month — or $65 a month in California — for a small set-up.
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.
Besides California, rentals will be offered in Arizona, Connecticut, Massachusetts, New Jersey and New Mexico.READ MORE: Two Injured After Car Careens Into San Francisco Parklet Raising Safety Concerns
Electric car maker Tesla bought residential solar installer SolarCity for $2.6 billion in 2016 but installations have plunged in recent quarters. Tesla stopped selling systems in Home Depot stores.
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With the new lower Tesla pricing, it’s like having a money printer on your roof if you live a state with high electricity costs. Still better to buy, but the rental option makes the economics obvious.
— Elon Musk (@elonmusk) August 18, 2019
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