GM offers new home energy storage options for US electric vehicle owners By Reuters

By David Shepardson

(Reuters) – General Motors (NYSE: ) said on Thursday its GM Energy unit is offering electric vehicle owners a home storage option to store and transfer solar energy, part of the company’s sales pitch to potential vehicle owners electrical.

The largest U.S. automaker said it is launching the GM Energy PowerBank, which comes in 10.6 kilowatt-hour and 17.7 kWh variants and will expand access to energy management products in all 50 states. GM said the stationary storage product can provide power to a home during outages or offset higher electricity rates during peak periods.

Wade Sheffer, vice president of GM Energy, said the tool “gives our customers more control over their energy use, helping mitigate the impact of power outages, integrating renewable energy options and unlocking additional value.”

The unit allows owners to store and use captured solar energy and provide power without an EV present. Homeowners could store enough energy to power an average US home for up to 20 hours with two PowerBank units.

The energy storage units are part of an effort by automakers to convince reluctant electric vehicle buyers to consider an electric vehicle. “The energy grid is becoming less reliable and it’s affecting us all,” GM says on its website.

GM rival Tesla (NASDAQ: ) has a successful energy storage business called Tesla Energy, which includes a home power backup Powerwall system and Megapack aimed at large-scale commercial and utility projects.

Energy storage and generation accounted for 6 percent of Tesla’s revenue in 2023, according to Reuters data. In July, Morgan Stanley raised its rating on Tesla’s storage business.