In an effort to boost its underperforming consumer solar panel business, Telsa introduced a customer rental program for the company's solar panel systems in California, Mercury News reports. Tesla said the rental packages come without long-term contractors or service cancellation fees.
The move to juice its solar business comes after Tesla reported another disappointing quarter for solar installations. During the second quarter of this year, Tesla installed a record-low 29 megawatts of solar systems, down from 47 megawatts during the first quarter of the year, and 84 megawatts in the second quarter of 2018.
“This is Tesla trying to stoke demand for its solar products,” said Gene Munster, managing director at Loup Ventures. “It’s Elon [Musk] thinking outside the box. But its important to keep it in context.” Munster noted how in early 2018, Tesla ended a partnership in which it had tried to sell solar panels to consumers at Tesla kiosks inside of Home Depot stores after the effort failed to take off.
Solar-system rentals also are available to residents of Arizona, Connecticut, Massachusetts, New Jersey and New Mexico.
Read More
