The controversial entrepreneur took to Twitter over the weekend to announce that customers can now rent solar panels from Tesla Solar.
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
The offer is restricted to homeowners, and the rentals are offered at $50 a month except in California where consumers would pay $65.
The potential savings for each household could be hefty but vary considerably by state, according to the Tesla website. It states that Californians could save between $250 and $650 a year after the rental fees have been paid. On the other hand, if you live in New Jersey you'd likely be ahead by a more modest $20 to $180 each year.
One click to order solar & save ~$500/year in utility bills with no long-term contract (cancel anytime)— Elon Musk (@elonmusk) August 18, 2019
The deal allows consumers to cancel the solar rental when they wish. However, restoring the roof to its original condition will cost the homeowner $1,500 after the panels are removed.
Tesla purchased SolarCity in 2016, which was then the leading light in solar energy, but this year it has slipped to third place behind Sunrun (RUN - Get Report) and Vivint Solar (VSLR - Get Report) .