Tesla’s Energy division continues to demonstrate significant growth, marking a notable achievement in Q3 2024 with a record-breaking gross margin of 30.5%. The company announced that its global Powerwall installations have surpassed 750,000 units, with 100,000 of these now actively participating in Virtual Power Plants (VPPs).
According to Tesla’s Q3 2024 Update Letter: “As of Q3, over 100,000 Powerwalls were enrolled in Virtual Power Plant programs, delivering additional financial value to owners while providing much-needed support to the grid during periods of stress.”
Tesla Energy elaborated on this milestone through their official X account, highlighting that dozens of Tesla VPPs are currently operational worldwide. These Virtual Power Plants serve a dual purpose: supporting local electrical grids and helping balance supply and demand during peak usage periods.
The impact of these VPPs has been particularly noteworthy in California, where Tesla’s Virtual Power Plants contributed over 125 MW of energy during the state’s recent heat wave peak. Beyond community benefits, VPP participation offers Powerwall owners practical advantages, including reduced utility bills and enhanced protection against power outages.
The financial benefits for participants can be substantial. In September 2022, Sacramento resident and Tesla owner Mark Gillund shared with Teslarati that his solar and Powerwall system, enrolled in the California VPP, earned $510 by contributing 255 kWh of energy during a week of VPP events. Notably, these earnings were sufficient to cover his monthly solar and Powerwall system payment.
