Tesla has launched a new financing option for its Solar Roof with lower monthly payments as the company tries to make the product more affordable.
Solar Roof has had its ups and downs as a product for Tesla.
The product has been widely recognized for its beautiful design. It undeniably has significant advantages over regular solar panels, with the ability to penetrate markets like new houses and homes that need a roof replacement relatively soon.
However, it has been hard to bring it to market.
Tesla has had issues testing for longevity, with prices fluctuating widely as the company realized the difficulties of creating a streamlined product that works with different roof types.
As we previously reported, Tesla significantly increased the price of the solar roof tiles last year, after introducing a new “roof complexity factor.”
But the company claimed that the demand for the solar roof was still strong after this price increase, and that installations are accelerating.
That’s despite the fact that Tesla ended its referral program for cars last year, but it decided to keep the program for its solar roof and even increased its referral award to $500.
Now Tesla is introducing a new way to increase demand through a new financing option:
The new financing option comes with 3.99% APR and with 10% down payment.
Here’s what it looks like for a typical 10 kW solar roof project:
For a project like this one, the monthly payments would amount to $574 per month with this new financing option.
Previously, Tesla solar roof buyers had to find their own financing options for the new solar product or buy it outright.
It often didn’t make sense for homeowners looking to invest long-term into their property while reducing their electricity costs.
As we previously reported, Tesla started taking solar roof orders from anywhere in the US last year.
However, the company is still selective on its projects based on roof complexity, location, and availability of installers. It has been known to cancel orders at times.
FTC: We use income earning auto affiliate links. More.