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Goldman Sachs abandoned an ill-fated push into consumer banking in late 2022, but an investment in a Texas energy retailer means its reach into American homes is about to grow.

Rhythm Energy, a Houston-based electricity provider overseen and owned by a Goldman Sachs private equity fund, has won approval from federal authorities to expand from its home market into the more than dozen states where deregulated power firms operate, CNBC has learned.

That covers energy networks, mostly in the Northeast, that provide electricity for 190 million Americans, according to federal data.

The idea that a Goldman-linked company aims to make waves by providing an essential service to Americans could invite scrutiny on the bank and its efforts to grow revenue though so-called alternative investments. It also gets Goldman into an industry, albeit through an intermediary, that critics have called a hotbed of consumer abuse.

Bad actors

A wave of energy deregulation that began in the 1990s gave rise to a new group of retailers promising savings versus existing utilities. State attorneys general, consumer groups and industry watchdogs have alleged that some of these retailers use deceptive marketing and billing practices to saddle customers with higher costs. One estimate is that customers paid $19.2 billion more than they needed to in deregulated states over a decade.

Rhythm, which calls itself the biggest independent green energy provider in Texas, positions itself as an honest company in a field of less scrupulous players. The startup, which began offering retail energy plans to Texans in 2021, avoids the teaser rates and hidden fees of rivals, it has said.

“While some of our competitors like to charge up to 18 hidden fees, we’re proud to charge exactly 0,” Rhythm says on its website.

But Rhythm’s Texas customers paid an average rate of 18 cents per kilowatt hour in 2022, five cents per hour more than what customers of the state’s regulated providers paid, according to data from the U.S. Energy Information Administration.

That figure doesn’t include the impact of credits provided to solar customers, which reduces their costs, according to a person with knowledge of the company who wasn’t authorized to speak on the record.

Source: Rythym

Although there have been “bad actors” in the residential power field, there have also been “great retailers with innovative products,” James Bride, an energy consultant, said in an interview. “Realizing the potential there depends on ethical company behavior.”

Nothing found in online reviews, interviews with current and former customers and conversations with watchdogs contradicts Rhythm’s claims of fair dealings and good service.

“Goldman Sachs invests in numerous industries across our private funds on behalf of clients,” a spokeswoman for the New York-based bank said in response to this article. “Many of those companies operate businesses that serve retail customers. This is not new.”

Goldman’s growth engine

Goldman’s record of dealings with the American consumer is checkered: The bank was accused of profiting off the 2008 housing bubble by betting against subprime securities. Years later, the bank named its consumer effort Marcus in part to distance itself from that memory. But the consumer division was dragged down by ballooning losses, a talent exodus and unwanted regulatory attention.

Goldman CEO David Solomon has now hitched his fortunes to the bank’s asset management division, calling it the “growth engine” after the retail banking bust. As part of that effort, Goldman aims to raise more client money for private equity funds to help his goal of generating $10 billion in fees this year.

Private equity firms have transformed the energy landscape in the nation’s largest power markets. For instance, in the PJM zone including Pennsylvania, New Jersey and Maryland, private capital owns about 60% of the fossil fuel generators and enjoy less regulatory oversight than legacy utilities, according to an August report from the Institute for Energy Economics and Financial Analysis.

“Ownership status is important,” the report’s author Dennis Wamsted wrote. “Utilities are overseen by state regulators who have a vested interest in keeping costs for ratepayers in check; private capital is largely free from that oversight.”

Rhythm, which buys energy on wholesale markets and sells it to consumers, first appeared in headlines in November, after its application to the Federal Energy Regulatory Commission surfaced.

The move made Goldman Sachs, via its private equity arm, one of the first Wall Street firms involved in selling retail energy contracts to households, according to Tyson Slocum, energy and climate director of consumer watchdog Public Citizen.

Possible conflict?

Slocum noted that Goldman’s trading arm deals in energy contracts and owns, along with other creditors, a fleet of fossil fuel generators along the Northeast corridor, while a separate division formed a solar power firm named MN8 Energy. The possibility of influence over retail sales, energy generation and trading in power contracts could lead to abuses, he said.

“Goldman knows how to execute, they own and operate energy assets and they’re involved in the futures and physical market,” Slocum said. “They’ll be able to manage this well. Will the customers do as well? I’m not convinced.”

Goldman has “strict information barriers between its public and private businesses” that prevent such self-dealing, the company spokeswoman said.

In a statement provided to CNBC, Rhythm CEO P.J. Popovic said his firm “has never purchased power from Goldman Sachs or any Goldman Sachs owned or affiliated power generation asset, nor has Rhythm ever purchased physical or financial power from Goldman Sachs or any of its affiliates in the commodity markets.”

Rhythm operates “autonomously” from West Street Capital Partners, the Goldman Sachs private equity fund that is listed in federal filings as an owner, according to the person who wasn’t authorized to speak on the record for the company.

Still, Goldman Sachs has been involved with Rhythm since the year it was founded in 2020, and the bank has placed at least one director on Rhythm’s board, a typical arrangement in the private equity industry, according to this person.

Private equity funds can exert influence on portfolio companies in a number of ways, including by hiring and firing of CEOs and signing off on acquisitions and company sales, according to Columbia Business School finance professor Michael Ewens.

But the main focus of Goldman Sachs managers — ensuring a profitable result for investors of West Street Capital Partners and boosting the odds they will participate in future rounds — should instill discipline in its stewardship of companies, Ewens added.

“People tend to think a lot of bad things about private equity, but Goldman is always going to have one overriding concern,” Ewens said. “Will somebody buy this company for more than they paid for it five years from now?”

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Rad Power expands e-bike Black Friday Sale with more savings + lows from $999, Anker smart security devices 50% off, GE appliance, more

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10 hours ago

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November 27, 2025

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Rad Power expands e-bike Black Friday Sale with more savings + lows from 9, Anker smart security devices 50% off, GE appliance, more


Happy Thanksgiving, everyone! To celebrate the day, we’ve got another jam-packed edition of Green Deals, with plenty more that you can browse in our official Black Friday Green Deals hub here, encompassing all the sales/deals we’ve collected over the last few weeks that are still alive and well. Headlining today’s features is Rad Power’s expanded Black Friday Sale, which is seeing increased prices to new lows, like the RadExpand 5 Plus Folding e-bike at $1,399, among others. From there, we also have a large collection of Anker eufy solar cams, and other smart security devices starting from $50, as well as GE’s Profile Smart Electric Ventless Heat Pump Washer/Dryer Combo at $2,000, the next EcoFlow 48-hour flash sale, Aiper’s robot pool cleaners, smart composters, hydroponic gardens, and so much more waiting for you below. And don’t forget about the hangover deals that are collected together at the bottom of the page (and also in our Green Deals hub), like yesterday’s first post-launch price cuts on the Heybike Mars 3.0 and Ranger 3.0 Pro e-bikes, the Tesla universal EV charger retaining a $50 discount, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Rad Power expands Black Friday e-bike lineup and increases savings to new lows starting from $999

Rad Power Bikes has expanded its Black Friday Sale with additional offers while retaining the previous lineup of new lows and more. Among the bunch, we’re seeing the biggest price cut yet on the RadExpand 5 Plus Folding e-bike at $1,399 shipped. Coming down from the full $1,899 price tag that it has spent much of 2025 keeping to, we’ve mostly seen a mix of free bundle offers (without price cuts) and occasional discounts as low as $1,699. Now, for Black Friday, this newer model is getting a larger-than-ever $500 markdown to a new all-time low price. Head below to learn more about it and the expanded/increased Rad Power Black Friday savings.

The Rad Power RadExpand 5 Plus comes as the latest iteration of the brand’s space-saving, folding series, able to condense down to 29 inches high by 25 inches wide by 41 inches long to fit inside closets, car trunks, on RVs, and more. The 750W rear hub motor is paired with a 720Wh battery to carry you for up to 60+ miles with its five PAS levels activated at up to 20 MPH top speeds (supported by a torque sensor). Among its updated features, you’ll be getting a hydraulic suspension fork alongside hydraulic disc brakes for smoother rides and greater stopping power. There’s also the puncture-resistant tires, fenders to go over top of them, a rear cargo rack for added versatility, an LED headlight, a brake-activated taillight, a Shimano 7-speed derailleur, a color display with a USB-C port, and more.

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With the brand going through financial turmoil, now’s your chance to cash in on some of Rad Power’s deep clearance-meets-Black Friday savings.

Rad Power’s full Black Friday Sale lineup:

anker eufy solar security camera outside in rain

Anker’s eufy solar security cameras, smart locks, more get up to 50% Black Friday savings to new lows starting from $50

With Amazon’s Black Friday Week Sale in full momentum, Anker’s official eufy storefront is offering up to 50% discounts across its lineup of smart security devices, and the best rate yet on the SoloCam S220 Wireless Solar Security Camera that starts from $49.99 shipped, while its 4-camera package is a great get for multi-point coverage at $179.99 shipped. Normally going for $100 without any discounts, we’ve seen the cost get taken down as low as $60 previously in the year, with this holiday deal bringing even more savings to the mix by cutting the price in half. You’ll save $50 off the going rate for a 50% markdown on the single-cam package, while the 4-camera kit is seeing a 36% cut of $100 – dropping both options to new all-time lows.

If you want to learn more about this model, or check out the full lineup of deals on other cameras, video doorbells, smart locks, and more – be sure to check out our original coverage of these Black Friday deals here.

woman doing laundry with GE 2-in-1 washer dryer

GE’s 2-in-1 Profile smart ventless electric washer/dryer combo with heat pump at $2,000 (Reg. $2,700)

As part of its Black Friday Appliance Sale, Best Buy is offering the GE Profile 4.8 Cubic-Foot Smart Combo Electric Washer & Dryer with Ventless Heat Pump at $1,999.99 shipped. While it carries a $2,999 MSRP direct from the brand, at Best Buy we normally see it starting lower at $2,700, with the discounts we’ve spotted over the year regularly dropping the rate between $2,200 and $2,000, with things having gone as low as $1,750 once this year back during July’s Prime Day event. You’re still looking at a solid $700 markdown off the going rate (and $999 off the MSRP) to land at the third-lowest price we have tracked. There are also alternate options in Samsung’s massive Black Friday Appliance Sale here to weigh your options.

If you want to learn more about this specific model, be sure to check out our original coverage of these savings here.

ecoflow delta pro power station outside with extra battery and solar panel
banner for Aiper robot pool cleaner black friday sale
Govee smart electric composter being used to make soil for garden
AeroGarden Harvest Elite 360 indoor hydroponic system

Best Fall EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.


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Tesla faces class action over Powerwall recall that leaves people with bricked batteries

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11 hours ago

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November 27, 2025

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Tesla faces class action over Powerwall recall that leaves people with bricked batteries

Sunrun residential solar battery storage

Image: Sunrun

Tesla’s poorly handled Powerwall 2 recall is now turning into a potential class action lawsuit over for leaving people with bricked batteries until Tesla replaces them.

We previously reported on Tesla recalling thousands of Powerwall 2 units built between 2020 and 2022 due to a fire risk. We noted several problems with it, as it took months between the recall in Australia and the US, despite the units being identical and affected by the same issue.

We also noted that Tesla has been aware of the problems for years and tried to sneakily replace some units rather than doing a broader recall.

Now, some affected Powerwall owners are also taking issue with how Tesla is handling the recall.

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Tesla’s ability to address issues via over-the-air (OTA) software updates is usually a massive advantage, but not everyone is happy with how Tesla is using its OTA capability in this case.

According to a new class action filing in the Middle District of Florida, Jacksonville Division, that “fix” has left owners with expensive wall decorations instead of backup power systems.

The lawsuit, Brown v. Tesla, Inc., was filed yesterday. It alleges that rather than providing swift replacements for the potentially dangerous hardware, Tesla used its software backdoor to effectively shut down customer installations.

From the complaint:

“Rather than immediately providing full refunds or prompt replacement with non-defective units, Tesla has remotely accessed affected Powerwall 2 systems and discharged or limited their battery charge to near-zero levels to reduce the risk of overheating.”

The result, according to the filing, is that many owners have been “deprived of the core functions for which they purchased Powerwall 2, including backup power and energy storage.”

Imagine paying upwards of $8,000 for peace of mind during a grid outage, only to find out Tesla remotely drained your backup battery to 0% because it might otherwise catch fire.

The lawsuit further alleges that the actual physical replacement process is dragging out. The complaint argues that the replacement process “has been slow, burdensome, and incomplete,” leading to “lengthy periods” where consumers have partially or fully disabled units.

The core legal argument here is about merchantability. The plaintiffs argue that a home energy storage system that must be remotely “bricked” to prevent it from burning down a house is clearly “not fit for its ordinary purpose as a safe and reliable residential battery.”

Tesla has not yet commented on the suit or provided a timeline for when all affected customers will receive physical replacements.

Electrek’s Take

Ever since the first recall in Australia came out, I knew this thing would snowball into something much bigger.

In the Australian recall, Tesla noted that it was “considering compensating people” for revenue lost or higher utility bills due to Powerwalls being down for an extended period.

It looks like this class action lawsuit is trying to ensure that Tesla is not just considering it but actually does the right thing and compensates owners.

Tesla has up to 10,000 Powerwalls to replace in the US alone. We understand that this is a tremendously difficult task and it will take some time, but that’s not the fault of the customers and Tesla needs to own up to it.

Leaving customers in limbo with a dead battery on the wall, especially as we head into winter storm season in many parts of the US, is a massive customer service failure. Tesla needs to accelerate the replacement program and prioritize these recall replacements over new sales immediately.


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Diesel? Gas? New Holland hybrid uses METHANE to charge its batteries

Published

15 hours ago

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November 27, 2025

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Diesel? Gas? New Holland hybrid uses METHANE to charge its batteries

New Holland Reveals Methane Hybrid Telehandler Prototype

The latest hybrid telehandler from New Holland packs a range-extending combustion engine to boost its battery power during longer shifts – but it doesn’t run on gas or diesel. Instead, this farm-friendly machine is built to run on METHANE.

By collecting pig, cow, or poultry waste (poop), silage waste (corn husks and grass clippings), and food waste from composting and putting into a manure digester, farmers can generate valuable biogas – a renewable, low-carbon fuel that can be burned for heat, electricity, or used as fuel. And because large farming operations can produce huge amounts of biogas at an incredibly low cost compared to conventional grid and fuel costs, any machine that can run on biogas is going to have a real total cost of ownership (TCO) advantage.

Biogas generator

Manure digester, via Ag Marketing Resource Center.

CASE and New Holland (collectively, CNH) understands its customers’ desire to put that biogas to good use. They also understand that nothing is quite as efficient as battery-electric power, though; but big farms have weird duty cycles: 4-6 hour shifts most of the year, then critical, un-skippable, non-negotiable round-the-clock running during harvest.

That need to run 24 hour shifts limits the appeal of pure electric machines, and has led to companies like ZQUIP developing power-agnostic modules that swap-out, power tool-style, to keep the machines going. With its new methane hybrid, New Holland is going a more recognizable EREV and hybrid route.

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“With this prototype, New Holland shows its continuous commitment to the ‘Clean Energy Leader‘ strategy, building on our leadership in alternative fuel machines,” says Marco Gerbi, New Holland T4 and T5 tractor, loader and telehandler product management. “Our aim is to help our customers boost farm productivity and profitability by broadening our range of alternative fuel machines that do not compromise efficiency or productivity yet help to minimize agriculture’s carbon footprint.”

Primarily driven by a 70 kWh lithium-ion battery, the telehandler uses a methane-fueled version of Fiat Powertrain’s four-cylinder F28 engine as a range-extending backup whenever jobs demand more uptime. On the energy stored in the battery alone, New Holland says the machine can handle a full day’s worth of typical farm work — roughly a “350-day duty cycle,” and it can recharge from the grid, a biogas generator, or even rooftop (barntop?) solar.

It’s still just a prototype, but New Holland claims the hybrid setup cuts fuel use by up to 70% compared to a conventional diesel telehandler while delivering 30% better performance and uptime for its operators.

No word yet on availability and pricing.

SOURCE | IMAGES: CNH, via Equipment World.

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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.


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