Tesla's energy business expands with Sunrun partnership in Texas

AI generated summary

Tesla's energy business is teaming up with Sunrun in Texas to facilitate the creation of "virtual power plants" for homeowners. Through a collaboration between Sunrun and Tesla subsidiary Tesla Electric, the energy grid in Texas will be supported by Tesla Powerwall battery owners who can optimize their earnings by selling excess energy back to the grid. Sunrun mentioned that customers participating in this program will receive annual payments, currently set at $400 per Powerwall by 2024.

As a result of the partnership, Sunrun's stock surged by over 10%. The collaboration aims to enroll more than 150 Sunrun customers in an aggregated power program, utilizing stored solar energy from home batteries to bolster electricity reserves during peak consumption periods in Texas. Sunrun highlighted Tesla Electric as a preferred provider due to its favorable rate structure and the ability to create virtual power plants by aggregating Powerwall owners, ultimately enhancing the resilience of the Texas energy grid.