Elon Musk has struggled to maintain the lead Solar City had established, but he is still committed
Tesla Relaunches Its Tesla Energy Division
Tesla CEO, Elon Musk, has announced on Twitter that Tesla was re-launching its energy division, Formerly Solar City. Tesla will install residential power service, something that made Solar City popular. Musk claimed that it can save you almost $500 a year from the utility bill. Musk likened it to “having a a money on your roof.”
Tesla acquired Solar City in 2016, but has failed to maintain the dominant position that solar city had established. At one point, Solar City was responsible for up to a third of all residential power installations. Tesla energy has fallen behind its rivals Vivint Solar and Sunrun.
However, Tesla has cut prices aggressively to compete again in the market.
One can rent a solar power panel at just $50 a month. The $50 comes with free panel installation, hardware and maintenance and there are no upfront costs or being locked down to a long government. It is also flexible as one can cancel anytime though it will cost up to $1500