Powerwall owners on the Tesla Electric plan in Texas are coming out of the recent heatwave with an extra $100 in their pockets on average.
Late last year, after gaining experience through its virtual power plants (VPPs), Tesla took things a step further with the launch of “Tesla Electric.”
Instead of reacting to specific “events” and providing services to your local electric utilities, as Tesla Powerwall owners have done in VPPs in California, Tesla Electric is actively and automatically buying and selling electricity for Tesla Powerwall owners – providing a buffer against peak prices.
The company is essentially becoming an energy retailer.
Tesla Electric is currently only available to Powerwall owners in Texas, but the company has plans to expand its products through this new division. We recently reported that Tesla planned to bring Tesla Electric to the UK.
The rates under Tesla Electric can be very advantageous, and during times of strong demand, Powerwall owners can make money by sending electricity back into the grid.
For example, Tesla reports that Tesla Electric customers with Powerwalls have made $100 over 10 days on average during the recent heatwave:
It’s still really early in the Tesla Electric program, but it would appear to be able to extract a lot of value for homeowners out of Powerwalls.
But that’s also because of the situation in Texas, which is basically becoming too hot for humans during the summer. For example, Austin hit 40 straight days in a row of triple-digit heat.
It will be interesting to see how Tesla Electric performs in other markets when Tesla starts expanding the offering.