Tesla Inc TSLA will offer a new unlimited overnight home charging program for $30 per month, a senior executive said at the electric vehicle maker’s Investor Day on Wednesday.
What happened: Tesla’s senior vice president of engineering, Drew Baglino, said Tesla would provide retail electricity plans for Tesla owners by this summer.
The plan is expected to kickstart in July, in Texas, where Tesla built its most recent Giga Factory.
EV news portal Electrek reported the development earlier in the day.
See also: Best Electric Vehicle Stocks
Bagliano said Texas is supplied with ample wind power, especially at night, when demand sinks and makes it cheaper to draw electricity and charge EVs.
The announcement is part of Tesla Electric, which was launched late last year.
“With Tesla Electric, your Powerwall automatically decides when to charge and when to sell electricity to the grid,” Tesla says on its website.
Presently, Tesla Electric is limited to Texas consumers with a Powerwall at home. The Powerwall is an integrated battery system that stores solar energy for backup, acting as a guard against power outages or grid failures.
Why It Matters: The shift from charging units to monthly plans will mean significant savings for a Tesla owner who drives regularly. The move will reduce the costs of owning a Tesla and further hints at a turn in approach to electricity pricing as a whole. The decision will also incentivize night charging, thereby reducing the load on grids.
Also Read: Tesla’s Master Plan Part 3 Unveiled: Elon Musk Aims For Sustainable Energy For All Of Earth By 2050
Image and article originally from www.benzinga.com. Read the original article here.