Tesla Working On A Lithium-Ion Battery To Power Homes, Businesses

Pricey electric-car manufacturer Tesla plans to use its technology to revamp the way we power our homes.

Bloomberg reports that Tesla is eyeing an entrance into the residential energy-storage market with the development of home and business batteries using its lithium-ion technology.

Officials with the company say designs for the new products are already done and could be in production within the next six months.

“We are going to unveil the Tesla home battery, the consumer battery that would be for use in people’s houses or businesses fairly soon,” Tesla CEO Elon Musk said during an earnings call this week.

Combining solar panels with large, efficient batteries could provide homeowners with significant savings, Bloomberg reports.

This combination of energy collection and storage could ultimately replace the electricity currently supplied by utility companies.

“A lot of utilities are working in this space and we are talking to almost all of them,” JB Straubel, chief technology officer for Tesla said. “This is a business that is gaining an increasing amount of our attention.”

Bloomberg reports that the new batteries would be in addition to Tesla’s residential energy-storage units available to select customers through a partnership with SolarCity Corp. The company has also already installed a business energy-storage system unit at its supercharge station in California.

Tesla Wants to Build a Battery for Your House [Bloomberg]