Source: Mark RALSTON / AFP (i), Shutterstock (ii). Image Edited by CCN.
By CCN Markets: Elon Musk relaunched Tesla’s residential solar-power service and claimed that it could save you about $500 a year. Indeed, Musk gushed that it’s “like having a money printer on your roof.”
Musk acquired SolarCity in 2016, but the business has struggled to gain traction. With the relaunch, Tesla Solar has aggressively slashed prices to undercut its competition. This is all part of Musk’s grand vision to make Tesla the Holy Grail of the solar industry.
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
Elon Musk claims you can save $500 a year
According to Tesla’s website, you can rent solar power panels or solar roofs for as little as $50 a month.
That cost includes panel installation, hardware, and ongoing maintenance. There’s no upfront cost for the installation, and you’re not locked into a long-term contract.
Musk claims you can save about $500 a year off your utility bills with Tesla Solar, and you can cancel the service anytime. However, if you want the panels removed, it’ll cost $1,500. Tesla underscored that it does not make a profit on solar panel/roof removals.
In June, Musk tweeted that he hopes to manufacture about 1,000 solar rooftops a week by the end of 2019.