Tesla recently announced that it will be offering a solar rental program to residents in 6 states – Arizona, California, Connecticut, Massachusetts, New Jersey, and New Mexico. With costs as low as $50/month, no upfront installation fees or long-term contracts, the program seems like a terrific option for those looking to go solar without the commitment and initial expense.
Once you choose which size panel you’d like to install (small, medium, or large), you’ll pay a monthly rental fee that covers not only the price of the panels, but hardware, installation, support, and maintenance, too. However, these monthly rates are subject to change at any time, according to Tesla’s subscription agreement.
That’s not the only downside of these solar panel rentals. Because you don’t actually own the panels, you don’t have access to any available incentives or tax credits, and do not have the rights to any SRECs the system produces.
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Yes, buying gives you a better return on investment. But you’ll need $15k up front.
This is for people who don’t have $15k up front. Or prefer to spend it on something else.
Yes, there is a $1500 cancellation fee.
Yes, the rental fee can change at will.
On the other hand, you can save a significant of money every month on your electric bill
For example, if your electric bill is $250 per month, not renting the panels will cost you $200/mo.
The choice is yours.
“The rental fee you pay each month depends on where you live and what size system you choose. The monthly payment covers the price of the panels and other hardware, installation, support, and system maintenance. But be aware, according to Tesla’s subscription agreement, these monthly rates are subject to change at any time. ”
Right from the TESLA site: “3. Changes to Subscription Price. Your Monthly Subscription Payment is subject to change. If your Monthly Subscription Payment is changed, Tesla will provide you with an updated Price Sheet electronically and/or through your Tesla portal. If you do not reject the updated Price Sheet within thirty (30) days and cancel your subscription, your next invoice will reflect the updated pricing.”
Even Elon Musk says to buy is “better” : ” Even the CEO of Tesla, Elon Musk, acknowledges that it is better to buy a system than to rent.”
One does not “subscribe, lease or rent” their air conditioning unit(s), water heater, garage door opener, pool pump or well pump. Why subscribe, lease or rent a solar PV system? Folks keep talking about up front costs, while they put their money in the bank and get an insulting 0.5% to 1.0% APY, when taking that money out and putting solar PV on the roof of their homes gives a much better yield in energy savings every month.