A sharp drop in prices of photovoltaic (PV) cells and an increase in government subsidies have fueled the demand for solar systems. Since solar PV systems require battery subsystems to store their reserve electrical energy, demand for batteries is also growing.
This demand is providing a ready and waiting market for storage batteries. Keeping this in mind, Tesla is developing a battery that can power homes with stored solar energy.
Tesla’s CEO Elon Musk recently announced that Tesla has completed work on their home battery system. Though production wouldn’t start for another six months, they would be ready to unveil the design a couple of months from now.
Utility companies are obviously a bit edgy about Tesla’s $5 billion battery factory.
Tesla is building a battery gigafactory at a site outside Reno, Nevada. The facility will also manufacture stationary battery packs to pair with rooftop solar panels to store power.
Leveraging Tesla’s expertise in battery technologies, SolarCity Cop, a second company led by Musk, is manufacturing sleek, wall-mounted storage batteries that are small and powerful.