Tesla batteries save Vermont electricity ratepayers $3 million this year alone

Tesla batteries deployed in Vermont have saved local electricity ratepayers about $3 million this year alone, according to the local electric utility.

Green Mountain Power (GMP), a relatively small electric utility operating in Vermont, was one of the earliest adopters of Tesla Powerwall.

It has been leading the deployment of Tesla Powerwalls with 2,000 units deployed to date, and it has recently signed a deal to get up to 1,000 more Powerwalls from Tesla this year.

GMP installs the battery pack in the homes of its customers at a discounted rate, and in exchange, they get access to some of the power and energy from the packs when needed to reduce peak electricity demand.

They have also deployed Tesla Powerpacks on their grid to complement the distributed energy assets in the homes of their ratepayers.

Now GMP announces that the batteries have saved customers $3 million so far in 2020 alone:

Green Mountain Power (GMP) announced today that its growing network of stored energy reduced about $3 million in costs for all GMP customers so far in 2020 by cutting power demand during energy peaks, especially during the hot, dry summer. This network includes home batteries, utility-scale Tesla Powerpack batteries at solar sites, and carbon-reducing devices like electric vehicle smart chargers. This builds on more than $2 million in savings over the last two years as GMP pioneered industry-leading battery programs in partnership with its customers.

GMP president and CEO Mari McClure commented on the results:

We are focused on growing this innovative work, as it is a key part of an affordable energy future for Vermont. Energy storage programs like this are delivering meaningful results, showing a path to help the economy, while reducing costs and carbon at the same time.

On top of reducing peak rates, the electric utility also says that its battery programs provided more than 16,000 hours of backup power to customers in 2020.

The company says that its program under which it deploys two Powerwalls for free on lease for $55 per month is full for 2020, and people are now signing up for the 2021 waitlist.

However, it still has some spots left for 2020 in its Bring Your Own Device (BYOD) program under which homeowners can get a rebate up to $10,500 to bring their own Powerwall, or other home battery pack, into the program.

As we reported last week, Tesla increased the price of the Powerwall, as demand is going through the roof.