Tesla Electric, a retail plan, is rolling out to select Powerwall customers in Texas. During Investor Day 2023, Tesla announced a new plan for Tesla Electric. It offers unlimited overnight home charging for $30 per month. The offer will be available to Tesla customers in Texas.
Drew Baglino talked about Tesla Electric during Investor Day 2023. Baglino presented data from Tesla Electric in South Australia, which serves around 5,000 customers. His presentation revealed how Tesla Electric utilizes the company’s energy technology, like Autobidder, to decrease the cost of electricity for customers in Australia.
Customers using default utility services paid around $142 per month for power. The cost of utility services halved to $69 per month for customers using Tesla Solar and Powerwall, not interacting with the grid. Tesla Solar and Powerwall systems that interacted with the grid and enrolled in Tesla Electric were cheaper monthly and generated some income for customers.
“If Tesla Electric is operating those assets in an intelligent way, to benefit the grid…We can actually pay the customers to bring their energy services to the grid,” Baglino commented.
Tesla Electric Enrollment & Benefits
Baglino mentioned that Tesla Electric is rolling out to customers in Texas. Unfortunately, Tesla Electric is only available to customers in Texas who receive an invitation to join the retail plan.
To qualify for an invitation, customers must have a Powerwall, and their home must come “with retail electricity choice.” Retail electricity choice is available in homes located in the Houston and Dallas metropolitan areas.
The retail plan utilizes Tesla Electric Mode, which monitors electricity prices in the area surrounding customers’ homes. Tesla Electric works similar to buyback plans, which allow customers to sell their excess solar energy. However, unlike other buyback plans, Tesla electric enables Powerwall customers to sell their excess energy when there is higher demand, and it is more valuable.
Tesla Electric customers have complete control of their Powerwall Backup Reserve. Tesla recommends setting their Backup Reserve to 20%. The more energy customers make available for Tesla Electric Mode to sell, the more sell-back credits they get. Customers can roll over their sell-back credits indefinitely or redeem them for cash with Tesla Electric.
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