Tesla recently announced that it has launched a 20-year Solar Roof loan option that allows customers to get lower monthly installments. The update enables Tesla to offer its flagship residential solar product at an even more affordable price than before.
Tesla’s Solar Roof order page requires potential customers to provide their home address, as well as their average monthly electric bill. Clients should also provide information about the area of their home in square feet and the number of its stories. Similar to previous pricing models for Tesla’s Solar Roof, the total cost of installation will depend on the size and location of the home.
For a 3,000-square-foot sample, two-story home in Milpitas, California, with an average electric bill of $200 per month, Tesla recommends an 8.18 kW Solar Roof with a single Powerwall battery, which costs $61,400 before the federal tax deduction. After the incentives are applied, Tesla estimates that the system will cost $45,100 if paid in cash.
A look at a loan option for such a system shows Tesla’s focus on making the solar roof more affordable. Under the company’s 20-year loan program with a 10% down payment, Tesla will charge customers just $335 per month. The same scheme under a 10-year loan costs $533 per month, or about 38% more. Given that the Solar Roof is a long-term investment, the monthly savings from Tesla’s new 20-year loan system may be compelling for new customers.
Tesla’s solar business isn’t in the spotlight as frequently as the company’s electric vehicle division, but it’s growing steadily. Tesla noted in its third quarter update letter that solar deployments reached 83 megawatts in the third quarter of 2021, an increase of 46% year over year. Solar roof deployments also doubled year on year. CEO Elon Musk, when fully ramped up, noted that he expects Tesla Energy to be as big, if not bigger, than the company’s electric car business.
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