Friday, May 01, 2015

Tesla Wants to Power Your Home: Elon Musk Launches New Battery for Houses

Tesla Motors unveiled its project to provide energy for home and businesses as part of its ambitious plan to encourage the world to move towards renewable energy.

Tesla Motors CEO Elon Musk announced on Thursday the company's newest invention, the 'Powerwall Home Battery,' the first offering from its new Tesla Energy arm of the company, which plans to produce battery systems for homes, businesses and utilities, as a way to help "wean the world off fossil fuels."

"The issue with existing batteries is that they suck," said Tesla CEO Elon Musk at an event on California on Thursday night to unveil the new batteries. "They're expensive, they're unreliable, they're sort of stinky, ugly, and bad in every way."

The Powerwall, Tesla Energy's first offering, is a lithium-ion home battery which connects to both the energy grid and solar panels. It "increases the capacity for a household’s solar consumption" with its ability to store surplus solar energy not used when the sun is shining, for later use when the sun is not shining.

As well as storing solar power, Tesla claims the battery also offers consumers "load shifting," by charging from the grid during periods of low rates and discharging during more expensive rate periods, and also offers back-up power in the event of a shortage.

The battery comes in two models, a 10 kWh weekly cycle optimized for backup applications, costing $3,500 and 7 kWh daily cycle model costing $3,000, excluding the cost of installation, or a power inverter.

The product is available for pre-order on the company's website, and Tesla hopes to begin shipping the units to installers in the US "in late summer," according to a statement from the company.

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