Electric vehicle (EV) manufacturer Tesla Inc (NASDAQ:TSLA) is also a clean energy provider. The Elon Musk-led company offers plans for customers to power their homes with solar energy.
Here’s a look at how Tesla Electric is paying off for homeowners.
What Happened: Benzinga shared in March that a homeowner was making $350 per month thanks to their Tesla solar roof. Now another consumer has come forward with a report that they had all their electricity paid for in 2023 and received a credit back from the company.
A Tesla Electric user in Texas took to Twitter to share news of their big win in 2023.
“First full year on Tesla Electric in TX. Ended the year with a credit of $1,098.76 that I’ve been given the option to cash-out. Between sell-back credits and VPP this is amazing,” the user tweeted.
The user said the home is equipped with three Powerwall+, which came after Tesla recommended having two during the setup online and later recommended three after analyzing the user’s utility bill.
The user said they had one bill during the year in February for $12.44, but otherwise received a statement credit every month before receiving a refund at the end of the year.
Related Link: Tesla Energy Passes 500,000 Powerwall Installations Worldwide — Here’s A Look At The Growth Of This Key Product
Why It’s Important: Owners of Powerwalls have been able to create virtual power plants of sorts. In some markets, they sell energy back to local electric utility companies.
Tesla Electric is currently only offered to Powerwall owners in Texas. Homeowners can buy and sell their electricity with the company, which makes Tesla similar to an energy operator.
Tesla is working to bring Tesla Electric to other markets, including Australia.
As mentioned above, a homeowner in the state of Hawaii was able to generate $350 per month thanks to the installation of a Tesla Solar Roof and six Tesla Powerwalls.
Tesla also experimented with using Powerwalls to help make utilities more affordable to a new low-income project built in Scotland.
Tesla dominates the EV sector, especially in the U.S. It could soon become known for its solar energy and utilities, too. This could add to the share price value or justify multiple that are higher than traditional automaker stocks.
TSLA Price Action: Tesla shares trade at $251.17 versus a…
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