Tesla is making it more affordable for the average homeowner to switch to a green energy solution.
In an update to the Tesla Energy website this morning, customers can again select from a 20-year loan option, this time on the purchase of a Solar Roof.
— Tesla Energy (@teslaenergy) January 19, 2022
On a sample $50,000 installation of a 6.14kW Solar Roof system paired with 1 Powerwall battery, the 10-year loan option resulted in an estimated monthly payment of $441 per month.
With the 20-year option the monthly payments drop by 63% to $277 per month.
These prices are with a $5,080 down payment and after the federal tax credit and California’s Solar Renewable Energy Credit.
Tesla used to offer the extended repayment option on solar panel purchases until June last year, when it was replaced with a 10-year option with a lower interest rate.
Breaking: @tesla launched better rates on solar. 10 years 0.99% with 10% down. It was 20 years 5.99% before. Complete game changer. @elonmusk is making solar more and more affordable. Take my money Tesla. pic.twitter.com/faQmqboczl
— Tesla Owners Silicon Valley (@teslaownersSV) June 15, 2021
Along with bringing the 20-year option back, the interest rates are also lower than they were previously. Based on the tweet above by Tesla Owners Silicon Valley Club in June 2021, the interest rate in California used to be 5.99%.
According to the online configurator, the interest in the state is now 3.99%.
Unfortunately there are still no options on Tesla’s website to allow Canadians to order the Solar Roof.
Elon Musk said in February 2021 he plans to expand the offerings to Canada later in the year, but that date has come and gone with no sign of it being added soon.