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But now instead of being a large centralized battery system using Tesla's Powerpacks, the new project announced today is using Tesla's residential battery system, the Powerwall, to create decentralized energy storage, which basically results in creating a massive virtual power plant.
South Australia Premier Jay Weatherill announced the deal today – the biggest of its kind by far.
The 50,000 homes in the state will be fitted with 5 kW solar arrays and 13.5 kWh Tesla Powerwall 2 battery systems.
It will result in at least 650 MWh of energy storage capacity distributed in the state.
Tesla said in a statement:
"When the South Australian Government invited submissions for innovation in renewables and storage, Tesla's proposal to create a virtual power plant with 250 megawatts of solar energy and 650 megawatt hours of battery storage was successful. A virtual power plant utilises Tesla Powerwall batteries to store energy collectively from thousands of homes with solar panels. At key moments, the virtual power plant could provide as much capacity as a large gas turbine or coal power plant."
It will function much like Tesla's giant Powerpack system, which charges when demand and electricity rates are low and discharges when demand and prices are high.
Aims to install 5 kW solar arrays and 13.5 kWh Tesla Powerwall 2 battery systems in 50,000 homes by 2022.
Source: https://electrek.co/2018/02/04/tesla-powerwall-solar-virtual-power-plant/
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If Elon Musk can increase Tesla's market value 12-fold in the next 10 years, he may be entitled to a maximum of $56 billion in stock awards (likely lower if more shares are sold to the public). This, along with the ballooning of Musk's existing $12 billion share in his company, and his stake in SpaceX and other companies, could help Musk become a Kardashev I trillionaire alongside Jeff Bezos:
A new payment plan for the CEO was approved by Tesla (TSLA) shareholders Wednesday, a spokesperson confirmed. The incentive-based package essentially states that if Musk hits a series of performance milestones between now and January 2028, and he drives his electric car company's market value 12 times higher — taking it from $54 billion to $650 billion — he'll become astronomically rich.
Now, if Musk does drive a 12-fold increase in Tesla's market value, that doesn't necessarily mean the price of a single share in the company will be 12 times larger. The company can do things like issue new stock that could dilute the value of existing shares. But let's assume Musk's Tesla stock would grow at least 10 times more valuable. That would mean just the shares Musk owns today would be worth $120 billion.
Plus, reaching the agreed upon milestones means Musk would get additional stock awards. According to the new compensation plan, Tesla estimates the value of the stock awards to be $2.6 billion, using accounting methods for estimating the cash value of stock options. But if Tesla's market value balloons just as the payment plan hopes, those stock awards could be worth nearly $56 billion, according to a public filing.
Also at Reuters, Fortune, and CNBC.
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(Score: 2) by PiMuNu on Monday February 05 2018, @11:00AM
Sounds like a good idea to me
(Score: 2) by Runaway1956 on Monday February 05 2018, @11:31AM (2 children)
We just don't push solar energy very hard. Sure, the government offers a tax break, if you install solar. But, mostly, it's the wealthy and corporations that can afford to go that route. There is a large capital investment to get up and runnning, and after the job is complete, you get the tax break. South Australia is being very proactive here - putting money up front, and cooperating in drawing up the specs for the whole thing. SA is apparently pushing hard for energy cost relief for the less wealthy, as opposed to just giving a tax break to the wealthy, after the fact.
I know - Trump, blah blah blah. But, we don't have some legacy program left over from the previous administration, either. The US has historically been the largest consumer of energy. We have a real rival today, but even they are moving toward solar more quickly than we are. What is wrong with us?
(Score: 2) by c0lo on Monday February 05 2018, @02:14PM
I don't get why it is so in US.
In Australia (not only South Australia), you can get 5kW-PV packages around $1-$1.4/W installed and with inverter included.
RoI in 2.5-3.5 years.
Storage battery solutions are expensive for the moment though. The effect of adding a PowerWall2 in the equation brings the RoI in 7.5 - 10 years (and the PowerWalls are guaranteed for a lifetime of 10 years)
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by bob_super on Monday February 05 2018, @05:43PM
> What is wrong with us?
Give me my cut and I'll tell you.
(Score: 2) by realDonaldTrump on Monday February 05 2018, @10:09PM (2 children)
If you don't have a reliable Grid, your country is a shithole. Like Puerto Rico. As Australia found out -- they have huge problems with their Grid. They're trying to make it reliable with a big battery. The biggest. And it's costing them tremendously. We're very lucky. Because we have reliable Coal & Nuclear Power, already built. But we don't pay them enough, they're closing right and left. When they're gone we'll be sorry, because we'll have to build a big battery too. Or suffer very badly. So I had Secretary Perry ask my FERC, my Federal Energy Regulatory Commission, he said let's give a little subsidy to our Coal & Nuclear, so they stay in business. So our grid stays stable -- very important. Not a lot $10.6 billion a year. I'd offer to pay it myself, I could only pay for the first year. But my FERC, get this, they told us "no." It's 5 Commissioners, I appointed 4 of them. So you'd think they'd be loyal to my will. The will of the American people. But every one voted "no." Very sad situation!
(Score: 0) by Anonymous Coward on Monday February 05 2018, @11:07PM (1 child)
Um, calling Puerto Rico's country a shithole is a little, um, counter to MAGA...
(Score: 2) by realDonaldTrump on Tuesday February 06 2018, @02:00AM
They built a terrible Grid, it failed very badly before Hurricane Maria even came. And it's still in terrible shape. We did so much to help them. I suspended the Jones Act for 10 days. At horrendous cost to our American shipping industry. And I went to Puerto Rico personally, I handed out paper towels, they needed so many paper towels to wipe up that terrible mess, more than Hillary used to wipe her EMAILS. And they survived amazingly well. The official death toll is what, 3 or 4? Versus in the thousands with Katrina. They can be very proud of all of their people and all of our people working together. Let me tell you, it would have been PERFECTO if they had a good Grid. Their Grid is a disaster, everything else is amazingly great. They're doing better than they ever have.
I don't want America to become like Puerto Rico. Our Coal & Nuclear, some of them can keep 90 days of fuel at the site. Which was how our subsidy was going to work. If they can keep 90 days of fuel, they get the subsidy. If they can't, no subsidy. Solar & wind, where do they keep the fuel? There's no fuel. The wind can stop blowing, the Sun can stop shining any time. And suddenly you have no lights. Just when you need them the most. You want your lights to stay on, you need a big battery. Or you need Coal & Nuclear. Australia, they have so much Coal. They have so much Uranium. They're being very foolish!