A House Equipped With Tesla Solar Roof Earns $350 A Month For Owner

This story is part of a new series of features on the subject of success, Benzinga Inspire.

There are many ways people can earn passive income whether through entrepreneurship, real estate, investing or other methods. One growing method in the U.S. is selling electricity generated from a home.

What Happened: Along with being a leader in electric vehicles, Tesla Inc TSLA has a large solar business that includes solar panels and solar roofs for customers.

Tesla also offers the Powerwall, which can store backup power and help in times of natural disasters with keeping lights and appliances running for customers.

Some states allow users to also sell the energy that the solar panels and powerwalls generate.

One customer has a Tesla Solar Roof and Powerwall that helps generate $350 in extra passive income monthly.

The homeowner in the state of Hawaii has a 50kW Tesla Solar Roof and six Tesla Powerwalls, according to Electrek. The solar roof and Powerwalls combined have a total of 81 kWh of energy storage.

The home is on the Big Island of Hawaii and was installed by Rising Sun Solar, a Tesla partner that installs solar roofs and Powerwalls in the island state.

Electrek reports that the size of the project puts the home close to the scale of commercial buildings that have solar power.

Rising Sun Solar’s Chief Revenue Officer Joti Mangat said on LinkedIn that his roof is part of a virtual power plant that is in partnership with Hawaiian Electric HE.

Related Link: Tesla Q4 Earnings Highlights: Revenue And EPS Beat, Cybertruck And Crypto Holdings Update 

Why It’s Important: Solar panels can have high upfront costs, but can also in some cases be a life saver when used as a way to help store energy that can be used in the case of blackouts, power outages, or natural disasters.

The ability to sell unused power to state utility companies can be a revenue source for some.

Mangat says the homeowner will earn around $350 per month every month for the next five years.

In five years, the homeowner will have generated $21,000 in income while also potentially lowering home energy costs, having backup power in case needed for the home and helping the environment.

While the costs for the installation could be higher than the $21,000 made in five years, the home could continue to generate revenue for the homeowner. The creation of the virtual power plant has also helped the homeowner enjoy some level of freedom from one less monthly bill.

For more on Benzinga stories about people doing things for good and finding new revenue sources, check out Benzinga Inspire.

Next: Tesla Solar Projects Being Canceled, Is A Future Growth Segment Under Pressure At Company? 

Image by Maria Godfrida from Pixabay