Tesla (TSLA) launches virtual power plant program 'Tesla Electric'

Electric vehicle maker, Tesla (NASDAQ: TSLA) recently launched a virtual power plant (VPP) program called “Tesla Electric”, where customers can sell electricity automatically from their Powerwall back to the grid. The program is currently only operating in Texas, and only select customers are invited to join.

It’s a special electric plan for Powerwall owners. Tesla writes about its new product on its website: “Solar and Powerwall can help you and your community accelerate the transition to sustainable energy. With Tesla Electric, your Powerwall automatically decides when to charge and when to sell electricity to the grid. Together with other Tesla Electric members, you can maximize the value of your solar energy while using your Powerwall storage to add more renewable electricity to the grid. You can also achieve your own sustainability goals when importing electricity from the grid, as Tesla Electric offsets your usage with energy from 100 percent renewable sources.”

Tesla has been working on this new product for a while, participating in several meetings and hearings with the utilities to demonstrate how a virtual power plant (VPP) would positively impact the state. Prior to this launch, the ERCOT board of directors unanimously approved a pilot project that allows Tesla VPPs.

Alex Guichet, head of Tesla’s Mobile App Product, tweeted on Thursday that he was “really excited to ship this: Tesla Electric in Texas, a retail electricity offer with real-time pricing for Solar and Powerwall exports.”

“It’s a pretty competitive rate offer. It has a peak pricing structure, but Powerwall and Tesla Electric Mode are your buffers to avoid peak prices,” he said. “And the best part of all: you can see the community power flow real-time, including Tesla’s sustainable power sources (in Texas) feeding your home,” he added.

For owners wanting to sign up, Tesla Electric is only available in select U.S. States. In Texas, owners need to live in an area of the state that offers retail choice and has a Powerwall installed at their home.

“To see if this plan is available for you, look for the Tesla Electric banner in the Tesla app,” Tesla said.

Shares of TSLA are down 4.17% in mid-day trading on Friday.

By Michael Elkins | [email protected]

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