Tesla has just launched its latest project, and this time, it’s not EV-related.

The company is launching a service which rents solar panels out with no long-term contract or upfront costs.  In the “Rent solar” program, users can pay as little as $50/month in exchange for a solar panel energy source.

The scheme is a month-to-month agreement; so as long as you pay the monthly cost, you’ll have renewable energy at your disposal.

Here are the base fees and projected returns in the markets, depending on location:

StateMonthly Rental, $ (small)Estimated Annual Generation, $Net, $
New Jersey50600-80020-180
New Mexico50700-900100-270

On offer are 3.8 kW, 7.6 kW and 11.4 kW solar panels.  The 3.8 kW panels produce an average of 9-12 kWh per day.

Before the incentive was introduced, the system was on sale for $9,500.  SolarCity also leased out solar panel systems to homeowners and sold the generated electricity- but the upfront cost was regarded as too expensive in general.

While this system doesn’t include an introductory cost, the removal cost of $1,500 almost obliges you to persist with the scheme once it’s installed- though you can keep the panels in without using or paying for them.

Like most things Tesla, it is difficult to see how the company plans to make money on this deal, but I’m sure Elon Musk has sufficient funding secured.

Source: electrek