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Investing.com -- Sunrun (NASDAQ:RUN) stock soared 10% after announcing a partnership with Tesla (NASDAQ:TSLA) to offer a comprehensive home energy solution for Texas residents.
The collaboration, called Tesla Electric + Sunrun Flex (NASDAQ:FLEX), combines Sunrun’s solar and storage subscription service with a customized Tesla Electric retail plan. The partnership aims to provide Texas homeowners with lower electricity rates, backup power during outages, and maximized value from their solar production.
The new offering addresses challenges in Texas’ complex electricity market, where consumers face over 100 retail electric providers with various rate structures that aren’t typically optimized for home solar and storage systems. The joint solution includes Tesla Powerwall batteries for backup power during outages, a particularly valuable feature in Texas where severe weather has caused prolonged blackouts and grid instability.
"This partnership creates the most compelling and comprehensive home energy solution on the market for Texas consumers," said Sunrun CEO Mary Powell. "We’ve put customers first by combining the resources, technology, and knowledge of two companies that know energy best."
Key benefits of the plan include predictable monthly payments, coordinated battery settings and solar crediting, rollover credits for unused energy, and performance guarantees. The plan also enables participation in Tesla’s Virtual Power Plant program, allowing customers to share power during periods of grid strain.
The Tesla Electric + Sunrun Flex plan is now available to Sunrun Flex customers across Texas in areas with retail electric choices.
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