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Tesla Finds an Interesting Way to Reduce Home Charging Prices

Tesla sign on a buidling.
Vitaliy Karimov/Shutterstock.com

Last year, Tesla announced its entry into the retail electricity market with the launch of Tesla Electric. Now the clean-power company wants customers to charge their EVs overnight for a flat monthly rate of $30. However, you must live in Texas to take advantage of the new subscription plan.

Tesla senior vice president of engineering, Drew Baglino, announced the plans during the company’s Investor Day, stating, “This is part of reducing total cost of ownership of our vehicles and the reason why we can do this is because Texas has a ton of wind. And in Texas, the wind blows at night.”

The plan takes advantage of the fact that Texas generates the most wind power of all the U.S. states. The low price of $30 per month for unlimited overnight charging is designed to incentivize customers to use the wind energy generated by Tesla Electric in the Lone Star State. However, potential customers must subscribe to Tesla Electric and own a Tesla Powerwall energy-storage battery.

Business Insider reports that the average cost of charging an EV at home is $56 per month. So, a $26 per-month discount amounts to a near-50% savings on EV charging costs. Baglino stated that Tesla Electric intends to roll out the new program by summer 2023.

Sources: Business Insider, Electrek

Danny Chadwick Danny Chadwick
Danny has been a technology journalist since 2008. He served as senior writer, as well as multimedia and home improvement editor at Top Ten Reviews until 2019. Since then, he has been a freelance contributor to Lifewire and ghostwriter for Fit Small Business. His work has also appeared on Laptop Mag, Tom’s Guide, and business.com. Read Full Bio »