Tesla introduced that it’s reviving photo voltaic leasing after years of permitting its photo voltaic enterprise to slowly decline over the previous couple of years.
The corporate had even stopped reporting photo voltaic installations.
Via the acquisition of SolarCity, Tesla grew to become one of many largest residential photo voltaic installers in 2016.
Past being a photo voltaic installer, SolarCity was very a lot a monetary firm. It supplied photo voltaic financing and leasing providers.
In 2019, Tesla expanded photo voltaic leasing into what it described as a “photo voltaic subscription” or “photo voltaic rental” the place Tesla installs and owns the photo voltaic system on a buyer’s residence after which sells the ability it generates at a reduced charge on the electrical energy from the grid.
Nonetheless, Tesla’s photo voltaic deployment began to say no throughout these years, and the corporate killed its photo voltaic subscription service in 2021.
By 2023, we had reported on how Tesla was phasing out its photo voltaic set up enterprise, and in 2024, Tesla ceased reporting its quarterly photo voltaic vitality deployments.
At this time, Tesla introduced that it’s bringing again photo voltaic leasing, or extra particularly, photo voltaic + storage leasing, as the corporate sells photo voltaic panels with its own residence vitality storage product: Powerwall.
Listed below are the brand new Tesla photo voltaic and storage lease phrases:
| Function | Photo voltaic Panels Solely, Photo voltaic + Powerwall | Powerwall Solely |
|---|---|---|
| Lease Time period | 25 years | 12 years |
| Annual Escalator | 3% | 3% |
| Upfront Price 1 | $600 ($100 deposit + $500 progress cost) | $100 deposit |
| Funds Begin | Permission to function | Permission to function |
| Buyout Obtainable | After yr 5 (value outlined in contract) | After yr 5 (value outlined in contract) |
| Finish of Time period Choices | 1. Renew for 5 years at a brand new charge. 2. Purchase out the system at honest market worth. 3. Tesla removes your system (elimination price applies). |
1. Renew for 5 years at a brand new charge. 2. Purchase out the system at honest market worth. 3. Tesla removes your system (elimination price applies). |
| Availability Assure | 95% system availability all through the time period of your lease (calculated each two years) | 95% system availability all through the time period of your lease (calculated each two years) |
I went and requested a quote on Tesla’s web site for a house in California with a $300 month-to-month electrical invoice and the corporate beneficial this method for $198 a month:
Right here’s the breakdown of the price:
It does appear to be the home-owner may obtain financial savings inside the first few months as Tesla takes cares of just about your complete upfront price.
Nonetheless, financially talking, it’s usually higher in the long run to purchase the system, whether or not with money or via financing.
Electrek’s Take
It’s fascinating to see Tesla getting again into photo voltaic right now. As unhappy because it sounds, I feel the corporate is attempting to benefit from the upcoming phase-out of photo voltaic incentives.
Simply as the tip of the EV tax credit score resulted in a surge of demand for EVs, which helped Tesla enhance its gross sales this quarter, I feel the automaker anticipates an identical surge in photo voltaic demand over the subsequent yr and desires to capitalize on it after principally abandoning photo voltaic for greater than a yr.
That stated, it’s certainly not a nasty time to go photo voltaic, however there’s a rush and it’s important to do your analysis.
Whereas Tesla is re-entering the photo voltaic market, there are actually quite a few aggressive installers, and it’s an effective way to decrease your electrical energy payments. If you wish to be sure you’re discovering a trusted, dependable photo voltaic installer close to you that gives aggressive pricing, take a look at EnergySage. EnergySage is a free service that makes it straightforward so that you can go photo voltaic – whether or not you’re a house owner or renter. They’ve a whole bunch of pre-vetted photo voltaic installers competing for your enterprise, together with those that set up Tesla Photo voltaic and Powerwalls, making certain you get high-quality options and save 20 to 30% in comparison with going it alone. Plus, it’s free to make use of and also you received’t get gross sales calls till you choose an installer and also you share your cellphone quantity with them.
Your customized photo voltaic quotes are straightforward to match on-line and also you’ll get entry to unbiased Power Advisors that can assist you each step of the best way. Get began right here.
