Real Estate News

New Program Makes It Possible to Rent Tesla Solar Panels

Written By: Jaymi Naciri
Tuesday, September 10, 2019

With no upfront costs, homeowners now have a newly affordable opportunity to add Tesla solar power to their home.nbsp;

How it works

Homeowners donrsquo;t pay for installation and can start the process with a small depositmdash;as low as 50, which covers the first month of service. The monthly cost is fixed, and includes the panels themselves, hardware, and ongoing support and maintenance.

The systems come in three sizes: ldquo;In every eligible state except for California, Tesla will charge 50 per month for a lsquo;smallrsquo; 3.8kW solar panel system that generates an average of 10 to 14kWh of energy per day, 100 per month for a lsquo;mediumrsquo; 7.6kW system that generates 19 to 28kWh, or 150 per month for a lsquo;largersquo; 11.4kW system that puts out 29 to 41kWh per day,rdquo; said The Verge.

ldquo;The average US household usednbsp;about 28kWh of electricity per daynbsp;in 2017, according to the Energy Information Administration. Monthly rates are higher in California; rentals will cost 65, 130, and 195 per month for small, medium, and large systems, respectively.rdquo;nbsp;

The homeowner needs also to be a customer of a participating utility in their state, which are listed on the Tesla site. If you sell your home, you can transfer the agreement to the new homeowner.nbsp;

Is there a downside?

There are a few potential negatives. First, you can choose to remove your solar panels, but it will cost you 1,500. According to the Tesla site, the company doesnt make any money on this fee. There is also a 1,500 fee for downgrading to a smaller system, so customers will want to make sure they choose the right size the first time.

Buying Tesla solar panels

If yoursquo;d rather purchase the solar panels, yoursquo;re looking at 7,012 for a small, 14,024 for a medium, and 21,036 for a large system, before incentives. Those incentives can shave thousands of dollars off the total price. ldquo;The federal tax credit for solar panels currently covers 30 percent of the total cost, though that incentive begins a multiyear phaseout starting on January 1st, 2020,rdquo; said The Verge.nbsp;

Renters wonrsquo;t be able to take advantage of those incentives; According to the contract with Tesla, ldquo;all tax credits, incentives, rebates, and certificatesrdquo; must be passed along to the company. ldquo;In Arizona, for example, this means Tesla stands to make between 4,021 and 10,063 per installation in combined federal and state tax incentives.rdquo;


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Updated: Tuesday, November 12, 2019

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