Tesla Solar Is Becoming More & More Affordable
John with Tesla Owners of Silicon Valley shared some interesting Tesla Solar news for those who plan to take a loan to install it. He discovered that Tesla has launched better rates on solar loans. Previously, the loan option was for a 20-year plan with 10% down and 5.99% APR.
Recently, Tesla made the loan option much more affordable with a new 10-year plan, 10% of the cost down, and only 0.99% APR. John tweeted that this was a complete game changer and that Elon Musk is making solar more and more affordable.
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 of Silicon Valley (@teslaownersSV) June 15, 2021
In a Twitter direct message, John told me, “I had the solar loan for 20 years at 5.99%. Then I saw on the website that it changed to 0.99% for 10 years. It literally will take me half the time to pay off the same rate.”
John also shared a screenshot, and looking at his details, the loan is cheaper on a monthly basis than my own electric bill. This is with 4.08 kW of solar panels and one Tesla Powerwall. After the federal tax credit and California’s Solar Renewable Energy Credit, his total cash price goes down from $20,292 to $14,835. His estimated loan payment is $160 a month before the incentives — and afterward, they drop down to $112 a month. This is for 120 months with a 0.99% APR.
Image courtesy of Tesla
Elon Musk Explained Tesla’s Low Solar Cost In 2020
In 2020, Zach Shahan wrote an article for CleanTechnica after having a short chat with Elon Musk about the low cost of solar Tesla is offering.
Zach asked Elon Musk how it was that Tesla got the cost of rooftop solar so low, lower than seemingly anyone else in the industry. Elon said:
“Solar panel cost is only ~50 cents/Watt. Mounting hardware, inverter and wiring is ~25 cents/Watt. Installation is ~50 cents/Watt, depending on system size.
“The other solar companies spend heavily on salespeople, advertising and complex financing instruments. We do not.”
This info came soon after Tesla announced rooftop solar would cost around $2 per watt across the country, $1.49/watt after the US federal tax credit. However, all of that just covers the cash cost. When financing, as many do, you also have to pay interest. This is where the news this week comes in. Offering 0.99% APR instead of 5.99% means further savings (dramatic savings) for people who go solar with Tesla.
U.S. Solar Installations Rose By 46% In Q1 2021
Solar installations in the U.S. rose by 46% to over 5 gigawatts in the first quarter of this year, CNBC just reported. The article cited a report by Wood Mackenzie and the Solar Energy Industries Association. Here in the U.S., we are on track to install 24.4 gigawatts this year, which will be an increase of almost 24% compared to last year.
Technology costs have also declined to the point that solar is now competitive with power generated from fossil fuels.
Almost three-quarters of the total solar segment in the first quarter came from projects for utilities and other big customers. Much more is planned, too. This part of the market has almost 77 gigawatts worth of projects in the pipeline.
The demand for clean energy, especially solar, is high, and with more competitive costs and interest rates, it will only get higher.
So far, almost 100% of new power capacity added to US grids is coming from wind power and solar power. That led to 25.5% of U.S. electricity coming from renewables in March.
The Biden administration wants much faster growth, though. “The sector’s growth has also benefited from a long-standing generous federal tax credit for solar energy systems that the administration of President Joe Biden wants Congress to extend by a decade as part of its push to address climate change by investing in clean energy,” CNBC writes.
A combination of extended solar tax credits, more state & federal support for solar, lower solar costs and interest rates, and rising consumer awareness should lead to many more record quarters for solar power installations and for solar-generated electricity. Whether from Tesla, Sunrun, SunPower, Vivint Solar, or others, many more solar panels are getting installed on rooftops every day of the year. Large solar projects are also being built in open fields. Stay tuned for more sunny solar news.
Climate XChange’s Annual EV Raffle is back for the 10th year running – and for the first time ever, Climate XChange has two raffle options on the table! The nonprofit has helped lucky winners custom-order their ideal EVs for the past decade. Now you have the chance to kick off your holiday season with a brand new EV for as little as $100.
About half of the raffle tickets have been sold so far for each of the raffles – you can see the live ticket count on Climate XChange’s homepage – so your odds of winning are better than ever.
But don’t wait – raffle ticket sales end on December 8!
Climate XChange is working hard to help states transition to a zero-emissions economy. Every ticket you buy supports this mission while giving you a chance to drive home your dream EV.
Here’s how Climate XChange’s 10th Annual Raffle works:
The Luxury Raffle
- Grand Prize: The winner can choose any EV on the market, fully customized up to $120,000. This year, you can split the prize between two EVs if the total is $120,000 or less.
- Taxes covered: This raffle comes with no strings – Climate XChange also pays all of the taxes.
- Runner-up prizes: Even if you don’t win the Grand Prize, you still have a chance at the 2nd prize of $12,500 and the 3rd prize of $7,500.
- Ticket price: $250.
- Grand Prize Drawing: December 12, 2025.
- Only 5,000 tickets will be sold for the Luxury Raffle.
The Mini Raffle (New for 2025)
- Grand Prize: Choose any EV on the market, fully customized, up to $45,000. This is the perfect raffle if you’re ready to make the switch to an EV but aren’t in the market for a luxury model.
- Taxes covered: Climate XChange pays all the taxes on the Mini Raffle, too.
- Ticket price: $100.
- Only 3,500 tickets will be sold for the Mini Raffle.
Why it’s worth entering
For a decade, Climate XChange has run a raffle that’s fair, transparent, and exciting. Every ticket stub is printed, and the entire drawing is live-streamed, including the loading of the raffle drum. Independent auditors also oversee the process.
Plus, your odds on the Luxury and Mini Raffles are far better than most car raffles, and they’re even better if you enter both.
Remember that only 5,000 tickets will be sold for the Luxury Raffle and only 3,500 for the Mini Raffle, and around half of the available tickets have been sold so far, so don’t miss your shot at your dream EV!
Climate XChange personally works with the winners to help them build and order their dream EVs. The winner of the Ninth Annual EV Raffle built a gorgeous storm blue Rivian R1T.
How to enter
Go to CarbonRaffle.org/Electrek before December 8 to buy your ticket. Start dreaming up your perfect EV – and know that no matter what, you’re helping accelerate the shift to clean energy.
Who is Climate XChange?
Climate XChange (CXC) is a nonpartisan nonprofit working to help states pass effective, equitable climate policies because they’re critical in accelerating the transition to a zero-emissions economy. CXC advances state climate policy through its State Climate Policy Network (SCPN) – a community of more than 15,000 advocates and policymakers – and its State Climate Policy Dashboard, a leading data platform for tracking climate action across the US.
FTC: We use income earning auto affiliate links. More.
The CSC Monterey – one of the most charming little electric scooters on the US market – has dropped to a shockingly low $1,699, down from its original $2,899 MSRP. That’s nearly half off for a full-size, street-legal electric scooter that channels major Honda Super Cub energy, but without the gas, noise, or maintenance of the original.
CSC Motorcycles, based in Azusa, California, has a long history of importing and supporting small-format electric and gas bikes, but the Monterey has always stood out as the brand’s “fun vibes first” model. With its step-through frame, big retro headlight, slim bodywork, and upright seating position, it looks like something from a 1960s postcard – just brought into the modern era with lithium batteries and a brushless hub motor.
I had my first experience on one of these scooters back in 2021, when I reviewed the then-new model here on Electrek. I instantly fell in love with it and even got one for my dad. It now lives at his place and I think he gets just as much joy from looking at it in his garage as riding it.
You can see my review video below.
The performance is solidly moped-class, which is exactly what it’s designed for. A 2,400W rear hub motor pushes the Monterey up to a claimed 30 mph or 48 km/h (I found it really topped out at closer to 32 mph or 51 km/h), making it perfect for city streets, beach towns, and lower-speed suburban routes.
A 60V, roughly 1.6 kWh removable battery offers around 30–40 miles (48-64 km) of real-world range, depending on how aggressively you twist the throttle. It’s commuter-ready, grocery-run-ready, and campus-ready right out of the crate.
It’s also remarkably approachable. At around 181 pounds (82 kg), the Monterey is light for a sit-down scooter, making it easy to maneuver and park. There’s a small storage cubby, LED lighting, and the usual simple twist-and-go operation. And it comes with full support from CSC, a company that keeps a massive warehouse stocked with components and spare parts.
My sister has a CSC SG250 (I’m still trying to convert her to electric) and has gotten great support from them in the past, including from their mechanics walking her through carburetor questions over the phone. So I know from personal experience that CSC is a great company that stands behind its bikes.
But the real story here is the price. Scooters in this class typically hover between $2,500 and $4,500, and electric retro-style models often jump well above that.
At $1,699, the Monterey is one of the least expensive street-legal electric scooters available from a reputable US distributor, especially one that actually stocks parts and provides phone support.
If you’ve been curious about swapping a few car errands for something electric – or you just want a fun, vintage-styled runabout for getting around town – this is one of the best deals of the year.
FTC: We use income earning auto affiliate links. More.
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss a big Tesla Robotaxi setback, the new Mercedes-Benz CLA EV, Bollinger is over, and more.
Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. Sales end on Dec. 8th for its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit CarbonRaffle.org/Electrek to learn more.
The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:
FTC: We use income earning auto affiliate links. More.
-
Sports2 years agoStory injured on diving stop, exits Red Sox game
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports3 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment3 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment1 year agoHere are the best electric bikes you can buy at every price level in October 2024