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Tesla Aims to Recover Its Lost Market Share With Solar Rental Program

The search for sources and good uses for renewable energy is a subject that has fueled many debates in recent times. And this week, one of the most widely known automotive and energy companies in the world, Tesla, is offering its customers the opportunity to rent solar power.

Tesla wants to inject renewed life to flailing renewable energy business, in which it has lost a sizable chunk of its once considerable market share. The Elon Musk-owned firm was among the market leaders in the installation of renewables in the United States, but after it acquired SolarCity, the business began to decline. For instance, the Q2 saw SunRun and Vivint Solar, the number one and two companies in the field, deploy 103 megawatts and 56 megawatts, respectively. Tesla only deployed 29 megawatts.

Saving Roughly $500 Per Year in Utility Costs

The recent failures prompted Elon Musk to announce the innovative solar rental program idea on Sunday, via his official Twitter account @elonmusk. He informed that Tesla Solar had “relaunched” and asked his followers for their thoughts, adding the link with all the necessary information.

According to Musk, joining the program would allow people to order solar energy and save approximately $500 per year in utility bills, with no long-term obligations and the ability to cancel the agreement anytime.

Musk also explained that the new initiative is the equivalent of having a money printer on one’s roof, in an attempt to persuade potential clients that live in locations in which utilities and energy costs are elevated. And while he clarified the benefits of buying, he said that the economics of the Tesla renting project makes it an obvious choice.

Work Model

Whereas SunRun and Vivint are famous for their partnerships with Home Depot, Costco, Sam’s Club, BJ’s Wholesale and other home builders in the market. Tesla quit on its agreement with Home Depot started depending on direct sales to deploy its solar business.

Effectively avoiding the no-money-down lease approach implemented in the past by SolarCity.

Tesla’s newest projects offer its potential clients the opportunity to rent solar systems by paying approximately $65 for the smallest installation, and $195 for the biggest installation. The users would only need to provide a fully refundable $100 payment.

While the company can indeed grant the cancellation of the contract at any time, the customer would need to provide a $1,500 payment to remove and uninstall the solar system.

Tesla and its solar rental program represent a target for people to invest in mutual funds with the company in mind, as it is an aggressive response from a firm with a clear plan looking to recover some of its lost clients.

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Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.