Tesla has revamped its solar business with the launch of a new rental business model that CEO Elon Musk claimed amounts to a “money printer” for US homeowners in states with high power prices.

The electric vehicle and energy storage pioneer has struggled to make an impact in PV generation since its $2.1bn takeover of SolarCity in 2016, and has seen installations decline this year.

Tesla announced the launch of the rental packages via a series of Twitter posts from Musk, who claimed: “ With the new lower Tesla pricing, it’s like having a money printer on your roof if you live a state with high electricity costs.”

The new offering is based around three packages starting at $65 and offering consumers rooftop deployments for a flat monthly rate that includes installation costs, and with the ability to cancel at any time – albeit with a removal charge of $1,500.

Deployment could save consumers around $500 a year, claimed Musk.

Analysts said the new packages were a bold move, but it remains to be seen whether they can spark a revival at Tesla's solar division.

The purchase of SolarCity was seen as a crucial plank of a wider plan by Tesla to integrate EVs, batteries and renewable generation to create a powerful offering across the various elements of the energy transition.