Financial

 

Will I still be subject to electric rate increases with a solar power system?

Even with solar, you’ll most likely have a residual utility bill and those rates may fluctuate. The size of your utility bill depends on the size of your system relative to your energy demand, whether you have a Powerwall to store energy, and when you use energy. In some jurisdictions, utilities may charge additional fixed fees. You can often minimize utility rate charges by using less energy during peak hours. Powerwall’s Time-Based Control mode can help automatically reduce your use of expensive utility electricity, without affecting your lifestyle.

How do I claim the federal tax credit for purchasing a solar panel system?

With any tax questions, we always recommend consulting a tax professional to determine what is best for your specific situation. Typically, all that is required to file for the solar federal tax credit is a copy of your Tesla contract and the current federal tax form (which a tax adviser can guide you toward). Note that only customers who purchase their solar panel system outright or through a loan are eligible for the federal tax credit. Customers under a Lease agreement or Power Purchase Agreement are not able to claim the credit.

What happens if I want to sell my home and I have an ongoing solar panel Lease?

If you move, we can help transfer your solar power system’s contract to the new homeowner. Transferring the contract requires the homebuyer to assume the Lease. You can also choose to prepay the remainder of the Lease prior to selling your home. In some jurisdictions, you may also be able to relocate the solar power system to your new home for a fee. Whichever option you choose to pursue, our team will help take care of things while you focus on transitioning into your new home. To get started, contact our team at customercare@tesla.com or by phone at (888) 765-2489.