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Tesla relaunches its solar-panel business with new rental options

Tesla CEO Elon Musk announced in a series of tweets the relaunch of its solar panel division, which now includes three new no-contract rental packages. Since acquiring SolarCity for $2.6 billion in 2016, Tesla has made several strategic changes which resulted in the company losing market share. It ended the deal with Home Depot, halted door-to-door sales, and focused on direct sales in its retail stores and online instead of leasing equipment.

Hoping to revitalize its struggling solar power business, Musk announced today that the company is returning to a rental model that includes no upfront costs. There are three new system sizes that customers can choose from. The small panel array is 3.8 kW and costs $7,049, the medium is 7.6 kW and costs $14,098, and the large option includes a 11.4 kW system and has a price tag of $21,147.

Customers have the option to rent their preferred system for a monthly payment that includes installation costs as well as support and maintenance. They also have the ability to cancel the contract at any time, though they have to pay $1,500 if they want to have the system removed from their rooftop. Tesla says it makes no profit from uninstalling the panels.

For now, the rental option is available to residents in six states: Arizona, California, Connecticut, Massachusetts, New Jersey and New Mexico. Additionally, Musk said that Tesla Solar will be available to customers in Europe some time next year.

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