Tesla’s (TSLA) energy business is expanding in Texas, partnering with solar and home energy infrastructure provider Sunrun (RUN) to help homeowners build “virtual power plants” and make money in the process.
In a statement, Sunrun said it was partnering with Tesla subsidiary Tesla Electric, a retail electricity provider in Texas, in order to support the energy grid in Texas via Tesla Powerwall battery owners.
Customers will be compensated in the form of yearly payments, Sunrun said, currently calculated at $400 per Powerwall for 2024.
Sunrun stock jumped over 10% on news of the partnership.