Lennar and Base Power to Provide Homeowners a Battery-Powered Home Energy Service in Key Texas Markets

Rhea-AI Summary

Lennar has announced a partnership with Base Power to provide home backup battery systems in select communities in Austin and Dallas-Fort Worth, Texas. Through this collaboration, Lennar homeowners can register for Base's monthly electricity service and receive a complimentary backup battery, offering both outage protection and energy bill savings.

The program will initially launch in multiple communities including Firefly Pointe (Hutto), Rancho del Cielo (Jarrell), and Rancho Canyon (Haslet). Base, operating as a Virtual Power Plant, improves grid stability during normal operations and provides backup power during outages. The system is designed to last 15 years, withstand extreme weather, and includes maintenance by Base.

Positive

• Partnership provides new revenue stream through Base Power's electricity service
• Enhances property value proposition in key Texas markets
• No additional costs for homeowners while providing energy savings
• Potential for program expansion across more Lennar communities in Texas

Negative

• initial rollout to only select communities
• Program success dependent on homeowner enrollment

News Market Reaction

-1.43%

1 alert

-1.43% News Effect

On the day this news was published, LEN declined 1.43%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

DALLAS, Dec. 5, 2024 /PRNewswire/ -- Lennar, one of the nation's leading homebuilders, today announced plans to equip select Lennar communities in the Austin and Dallas-Fort Worth area with home backup battery systems by Base Power. Through this collaboration, Lennar homeowners will have the opportunity to register for Base's monthly electricity service and receive a complimentary Base backup battery. This will provide outage protection and energy bill savings for the homeowners.

Base, a licensed electricity provider in Texas, operates as a Virtual Power Plant: when the grid is up and running, the Base battery improves grid stability, and, when the grid goes down, Base protects customers' homes from power outages. Base customers gain access to reliable backup and competitive energy rates, without the high upfront costs of traditional home batteries or generators.

"Over the past summer, more than 3.5 million Texans lost power due to extreme weather and other factors," said Eric Feder, president of LEN^x, which manages Lennar's innovation and venture capital investing.  "Our investment in Base helps Lennar homeowners avoid this increasingly common occurrence with a worry-free solution. Lennar is always innovating and the inclusion of Base in select markets gives buyers peace of mind that their new home can weather almost any storm – literally and figuratively."

Lennar's collaboration with Base will pilot in multiple communities across North Austin and DFW, beginning with Firefly Pointe (Hutto), Rancho del Cielo (Jarrell), and Rancho Canyon (Haslet). When homeowners enroll with Base, their Lennar home will come outfitted with a Base battery. The program is expected to expand across Lennar communities in Texas.

"Lennar is a leader and innovator in homebuilding, always on the forefront of the details homebuyers want. In Texas, homeowners want an amazing home - and they want reliable and affordable power each and every day. We're thrilled to be working with Lennar to make good on both of those needs for more Texans," said Zach Dell, CEO and Co-Founder of Base. "Together, our efforts will uplevel the experience today's homebuyers want, providing reliable and affordable power to more Texas homeowners while also bringing additional capacity to Texas's power grid, supporting growth in the state."

Base is available today in select regions of Texas with energy choice. Sign up to be notified when Base is available in your area here.

Base customers save on their monthly electric bills and enjoy power without interruption. Lennar customers can benefit from Base's energy and battery service and consistently low energy bills. Base also integrates with existing solar panels to add backup power and offer the best solar buyback rates across Texas.

Base offers transparent monthly billing with no hidden fees and no misleading rebate programs. Base batteries are designed to last 15 years and withstand extreme temperatures and weather, and Base owns the battery and handles any maintenance on the system.

About Lennar Corporation
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LEN^X drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

About Base Power
Founded in 2023 and headquartered in Austin, Texas, Base is the modern power company for the electric era. Base is led by a team of engineers and operators from companies including SpaceX, Tesla, Anduril, Blackstone, and Apple. The company has raised capital from Thrive Capital, Valor Equity Partners, Altimeter Capital, Trust Ventures, Terrain, and others. Base is building distributed battery storage for customers and the grid — unlocking reliable and affordable energy for Texans. Their service supports the grid during times of peak need and protects customers during outages — for a fraction of the cost of other solutions. With Base, customers don't have to worry about their power going out or their bill going up. Learn more about Base here.

Contact: Danielle Tocco
Vice President Communications
Lennar Corporation
Danielle.Tocco@Lennar.com
Direct Line: 949.789.1633

Base Power Contact: press@basepowercompany.com 

 

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SOURCE Lennar Corporation

FAQ

What communities will Lennar (LEN) offer Base Power battery systems in Texas?

Lennar will initially offer Base Power battery systems in Firefly Pointe (Hutto), Rancho del Cielo (Jarrell), and Rancho Canyon (Haslet) communities in North Austin and DFW areas.

How long are Base Power batteries expected to last in Lennar (LEN) homes?

Base Power batteries are designed to last 15 years and are built to withstand extreme temperatures and weather conditions.

What benefits do Lennar (LEN) homeowners get from Base Power partnership?

Lennar homeowners receive a complimentary backup battery, protection from power outages, energy bill savings, and competitive energy rates without upfront costs.

When will Lennar (LEN) and Base Power partnership begin in Texas?

The partnership begins December 2024 in select communities across North Austin and DFW, with plans to expand across more Lennar communities in Texas.