LOS ANGELES (CBSLA) – If you want solar panels, but don’t want to fork out the thousands of dollars you’ll need to buy them, Elon Musk’s Tesla is offering homeowners a new option: rentals.
Over the weekend, the tech tycoon announced that Tesla will be offering rental rooftop solar systems to residents in six states, including California.
Under the plan, homeowners can pay as little as $65 a month for a solar panel system.
Residents with a home sized between 1,000 and 2,000 square feet can get a solar system for $65 a month, Tesla says. A home sized between 2,000 to 3,000 square feet could get a plan for $130 a month. A 3,000-plus square foot home would pay $195 a month. Maintenance and support is included in the monthly fee.
Under the cheapest plan, Tesla estimates homeowners would save anywhere from $250 to $650 annually on their electricity bills after their monthly payments.
The plans don’t come with a contract, allowing customers to go month-to-month and cancel any time. However, those who choose to cancel will be charged a $1,500 removal fee.
In May, the California Energy Commission approved a policy requiring solar panels on all new homes and low-rise apartment buildings starting in 2020.
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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