Tesla's Powerwall Paves Its Way To Vermont

Tesla joins hand with GMP to distribute its Powerwalls in Vermont

Green Mountain Power (GMP) is considered to be the pioneer company in terms of utility products and service that has now partnered with Tesla Motors Inc. to distribute the company’s domestic powered batteries to its consumers. The firm has collaborated with Tesla so that the company offers its Powerwalls in a purchase or lease contract.

The electric car giant has come up with a battery product earlier this annum; this will help them in changing the way consumers make use of electricity domestically. GMP wishes to lower the rate of dependency on the grid based electricity thus they are now offering Powerwall products. this will also help them in storing the energy. The consumers can preserve the energy through the solar panels that are installed on the roofs and can be utilized whenever required later. Moreover, the batteries will also be able to save the electricity generated from the grid stations and later be used as a backup whenever required.

Mary Powell who is the Chief Executive Officer at GMP stated in a press release, “This is a game changer that will help fully leverage solar to the benefit of all with cost savings, while empowering Vermonters to generate, store and use energy closer to the home.”

GMP is considered to be a supplier of grid electricity to almost 75% of the local residents in Vermont. At this point of time, the company wishes to initiate the home powering battery initiative at a relatively low scale. The firm is expecting almost 500 of its batteries to reach by January. They are optimistic about running the enterprise with only 10 customers initially in Rutland before they can actually supply it nationwide.

People are now devoted to using the home powered batteries which can be bought by the company at a price of $6,500. You can also get the access to this product by paying around $37.50 in a month with no upfront costs as believed.

Tesla at this point of time is extremely optimistic about its Tesla Energy venture. The company has estimated to gather $45-50 million from the batteries during the fourth trimester of this year. Tesla Energy on its own is expected to lure almost $450-500 million in terms of revenues. This is likely to accelerate to a billion dollars by the fiscal year of 2017.  The estimates were shared by the Chief Executive Officer of Tesla during the second quarter’s earnings call. This will make them a diverse company churning revenues from automotive and energy sector together.