At the company's annual shareholders meeting last week, Tesla CEO Elon Musk announced that Powerwall output will more than double, yet pricing for the revolutionary home battery will stay the same, according to Gas2.org.
The Tesla Powerwall is a lithium-ion battery that charges using electricity generated from solar panels, or when utility rates are low, and powers your home in the evening. It also protects you against power outages by providing a backup electricity supply, the company says.
Tesla will prioritize deliveries to customers who already have a solar system at home or who are installing one. Why? Because an inverter will already be included in their system, so the addition of a Powerwall will cost only about $4,000 USD total.
At the same time, Musk cautioned that the Powerwall battery is still not economically viable for most people, except in places like Hawaii where the cost of electricity is triple the U.S. average. Tesla is instead targeting utilities and large corporations like Walmart and Target as the economics of battery storage make the most sense to them.