Tesla has launched a home battery leasing option through its Texas electricity provider Tesla Electric. Homeowners can lease Powerwall batteries for $35/month and have a low, fixed electricity rate.
The offer includes two Powerwall units installed for $0 installation cost and a fixed electricity plan from Tesla Electric in areas of Texas with retail electric choice.
This is the first time Tesla is bunding residential energy storage with a retail electricity plan. Tesla Electric will actively manage the Powerwalls to store energy during low-cost periods and sell it back to the grid during high-cost periods, through a virtual power plant (VPP) contract. Tesla Electric will ensure the Powerwall units always maintain a minimum 20% storage reserve so the homeowner’s backup power is never compromised.
Included in the program is Storm Watch, a Powerwall feature that automatically charges the battery to full capacity before severe weather hits, so homeowners are protected before an outage even starts.
Tesla is not the first entity in the United States to offer battery leasing programs that do not require solar energy. Palmetto launched its Energy Backup Plan earlier this year to deliver dependable backup storage without the traditional financial or maintenance burdens.