Green Mountain Power (GMP), an electric utility servicing 265,000 residential and business customers in Vermont, announced today the details of the different options they are offering for the Tesla Powerwall. The company will let customers either lease or outright buy the home energy storage system starting at $37.50 a month.

GMP expects the first shipment to arrive in January, with a total of 500 units arriving over the next few months. Tesla recently moved its home battery production to the Gigafactory in order to accelerate output in early 2016. Customers can lease a Powerwall for $37.50 a month with no upfront cost, but by choosing this option they must allow GMP to access to battery in order to offset energy demand during peak hours.

Customers can purchase the system for $6,500. The owner of a Powerwall can choose to either share the access with GMP and receive $31.76 in monthly credit or simply use the system for backup power and to offset their own peak usage.

$6,500 seems a bit high considering the wholesale price is $3,000, but it presumably includes the inverter and installation.

MP President and CEO Mary Powell on the announcement:

“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. As Vermont’s energy company of the future, GMP is partnering with customers on an energy transformation that moves away from the 100-year-old grid system, to a new one that is more reliable, sustainable and cost-effective.”

Green Mountain Power customers in Vermont can go to GMP’s website to get more information about signing up for the Powerwall.

 

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