My back of the envelope calculations elsewhere in the thread were $1571/yr savings per car (10% overall reduction in grid cost); the Model S battery replacement insurance is $12k per car, which is a ~7.5 year payback (by which time, they claim the pack will be at 70% effectiveness).

Elsewhere someone corrected me that the peak grid usage in a year is actually significantly higher - the figures I was looking at were average daily figures - which may make grid savings quite a bit higher than 10%.

I don't think it necessarily is a clear financial win now; I'm just saying, if you squint just right it kind of makes sense now, and with the march of battery technology and PV, not to mention the inevitable adoption of EVs whether or not this scheme exists, it's going to look better and better from here on in.