Sunrun and Tesla Partner to Support Texas Power Grid Using Residential Solar-Plus-Battery Systems
SAN FRANCISCO, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Sunrun (NASDAQ:RUN), the nation's leading provider of clean energy as a subscription service, announced today that it has expanded its support for the energy grid in Texas with a partnership with Tesla Electric, a retail electricity provider operated by Tesla Energy Ventures LLC, a subsidiary of Tesla, Inc. (NASDAQ:TSLA). The partnership has already enrolled more than 150 Sunrun customers in an aggregated power program and will scale up enrollments while dispatching stored solar energy from at-home batteries to rapidly increase available electricity reserves on the grid during periods of high consumption.
The ongoing partnership marks Sunrun's first operational aggregated power plant program in the Lone Star State and comes just weeks after Hurricane Beryl caused widespread power outages impacting nearly 3 million homes and businesses. It also comes three years after the state's devastating and deadly power grid meltdown during the winter storm in February 2021. Since both catastrophic events, the Electric Reliability Council of Texas (ERCOT), the state's grid operator, has begun adopting ways to diversify and strengthen the power grid, including through the Aggregated Distributed Energy Resources Task Force.
"Texas grid has already experienced a traumatic spring and summer due to weather vulnerabilities and we know the state also needs more power to meet soaring demand on a daily basis. We're eager to bring Sunrun's on-demand battery response expertise to help make the grid more resilient against outages," said Sunrun CEO Mary Powell. "Texas families are increasingly opting to add batteries to their solar installations. On-site energy storage not only provides homeowners peace of mind with outage protection but also enables them to participate in programs like these by contributing to solutions that better the lives of those in their communities."
Severe weather events and soaring electricity demands in Texas highlight the importance of solar-plus-battery systems for residents seeking greater control, energy security, and independence. Sunrun will enhance these benefits through its partnership with Tesla Electric by enabling residents to receive compensation for sharing energy from their Tesla Powerwall batteries to help stabilize the electric grid for all Texans.
Sunrun customers who enroll will be participating in ERCOT's Aggregated Distributed Energy Resources pilot program aimed at strengthening grid reliability by networking together customer-sited storage devices to serve as a resource for the wholesale electricity market. Additionally, customer Powerwall batteries will also help to lower the costs of energy at the wholesale level. The resulting energy cost savings will be shared with customers.
Customers will be compensated for their participation in the form of yearly payments, currently calculated at $400 per Powerwall for 2024 participation. In addition, customers will retain a portion of the stored energy in their batteries to provide back-up power to their homes in the event of a power outage. Sunrun will also earn incremental recurring revenue for the program.
Tesla Electric is one of Sunrun's preferred Retail Electricity Providers for Sunrun customers in Texas because of its attractive rate structures and ability to participate in this power plant program. Sunrun customers with solar panels combined with a Tesla Powerwall battery are eligible to participate once they choose Tesla Electric as their electricity provider.
With nearly one million customers and more than 116,000 installed storage systems, Sunrun has a proven track record of incentivizing customers to support local power grids. Sunrun currently operates more than a dozen power plants across the country, including the largest single-owner virtual power plant program.
About Sunrun
Sunrun Inc. (NASDAQ:RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation's leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun's innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com
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