Tesla is introducing a new retail plan, called Tesla Electric, to select Powerwall customers in Texas. This new plan was announced during Investor Day 2023, where Drew Baglino presented data from Tesla Electric in South Australia. Tesla Electric uses the company’s energy technology to decrease the cost of electricity for customers in Australia.
Customers using default utility services paid around $142 per month for power, while customers using Tesla Solar and Powerwall paid only $69 per month without interacting with the grid. Tesla Solar and Powerwall systems that interacted with the grid and enrolled in Tesla Electric were even cheaper and generated some income for customers.
Tesla Electric is rolling out to customers in Texas, but unfortunately, it is only available to customers who receive an invitation to join the retail plan. Customers must have a Powerwall and their home must have “retail electricity choice” to qualify for an invitation. Retail electricity choice is available in homes located in the Houston and Dallas metropolitan areas.
The retail plan uses Tesla Electric Mode, which monitors electricity prices in the area surrounding customers’ homes. This mode enables Powerwall customers to sell their excess energy when there is higher demand and it is more valuable. Customers have complete control of their Powerwall Backup Reserve, and Tesla recommends setting it to 20%. The more energy customers make available for Tesla Electric Mode to sell, the more sell-back credits they receive. These credits can be rolled over indefinitely or redeemed for cash with Tesla Electric.
Tesla Electric is an exciting development for Powerwall customers in Texas. With this new retail plan, they can not only save money on their electricity bills but also earn money by selling their excess energy. It’s a win-win situation for both the customers and the grid. By operating assets in an intelligent way, Tesla Electric can benefit the grid and pay customers for bringing their energy services to the grid.
