CEO of Tesla Motors, Elon Musk announced last week that the company has developed a home electric storage unit. Musk announced that a satisfactory design for the lithium-ion battery is complete. Production is expected to begin in six months. Speculation about the consumer storage device began as early as May of last year when Musk spoke of the beginnings of the project during an earnings call.
“We are trying to figure out what would be a cool stationary (battery) pack. Some will be like the Model S pack: something flat, 5 inches off the wall, wall mounted, with a beautiful cover, an integrated bi-directional inverter, and plug and play,” said Elon Musk last May.
The product is meant to serve as a back-up energy storage device during electric outages, but can also be used to power solar homes at night. The energy storage device could also be useful in keeping consumer energy prices down by allowing users to avoid high prices during peak utility usage times. Consumers can simply charge the device during off peak times, then when prices increase users can use their storage device to power their homes.
Read More – Elon Musk’s Next Business Venture: Home Energy Storage (TriplePundit, Alexis Petru)