Tesla to launch solar roof business in Europe next year

Tesla to launch solar roof business in Europe next year

Tesla's solar business has been lagging behind competitors.

The electric carmaker is trying its hand - again - at offering solar power through a program renting out photovoltaic panel arrays in six states for anywhere between $65 and $195 per month.

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According to Tesla's website, one can rent solar power panels or solar roofs for as little as $50 a month and that cost included panel installation, hardware, and ongoing maintenance.

Besides California, rentals will be offered in Arizona, Connecticut, Massachusetts, New Jersey and New Mexico. In California, the monthly rental payment is Dollars 65.

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Mr Musk tweeted: "With the new lower Tesla pricing, it's like having a money printer on your roof if you live [in] a state with high electricity costs".

Electric vehicle maker Tesla bought residential solar installer SolarCity for $2.6 billion in 2016 but installations have plunged in recent quarters.

The contract can be canceled at any time, Tesla said, though there would be a $1,500 cost to remove the system.

Once among the largest installers of renewables in the country through SolarCity, Tesla has seen its share of the market decline significantly since its acquisition of SolarCity three years ago. The Tesla Powerwall battery systems cannot be added to the rental agreement, while customers can buy the product separately, Tesla notes. A Tesla representative told Business Insider when the suit was filed that Tesla had investigated the allegations and found them to be untrue.

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