Tesla revives its solar energy program after the collapse of its facilities

Darren Weaver

• Elon Musk announced Sunday a new program to rent Tesla solar panels.
• Guests will be able to rent signs starting at $ 50 per month in six US states. Musk has swelled the offer by saying "it's like having a money printer on your roof".
• Tesla's solar business is lagging behind its competitors.
• Visit the Business Insider home page for more stories.

Tesla revives solar business with panel rental program, CEO Elon Musk announced on Twitter Sunday.

The rental program will be available in six states: California, Arizona, Connecticut, Massachusetts, New Jersey and New Mexico, according to AP.

Rental rates will start at $ 50 per month and guests will pay $ 65 in California. Musk added that the solar project will come to Europe next year.

"With the new Tesla pricing, it's like if you have a money-jet printer on your roof if you live in a state with high electricity costs," Musk tweeted, claiming that customers could save about $ 500 a year on their utility bills. He added that although direct purchase of the panels is preferable, "the rental option makes the economy obvious".

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Although Musk indicates that the contract may be canceled at any time, this cancellation is accompanied by a cancellation fee of $ 1,500, the equivalent of 30 months of solar panel rental if you had the $ 50 contract. The Tesla website states that these fees are only used to cover moving expenses and that the company does not make a profit.

Tesla bought solar energy company SolarCity in 2016, but since then its market share has been significantly reduced, losing ground against competitors like SunRun. Tesla's solar installations have been in decline for the past three quarters and recently reached a record 29 megawatts in the second quarter of this year.

Last year, SolarCity was also the subject of a lawsuit filed by three former employees, alleging that company colleagues had simulated sales accounts to inflate their own premiums and the value of the company as a whole. The lawsuit also alleges discrimination, harassment and inadequate remuneration. A spokesman for Tesla told Business Insider when filing the complaint that Tesla had investigated the allegations and found them false. The lawsuit has since been transferred to private arbitration.