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Elon Musk, Chief executive of Tesla has unveiled the new product; the battery is designed to work in conjunction with solar powered homes.
Elon Musk is the founder of the private spaceflight company SpaceX. It is one of the successful private companies. SpaceX sends cargo to International Space Station.
One of the goals of Musk at SpaceX is to colonize Mars.
Musk at the event said, “Our goal here is to fundamentally change the way the world uses energy.”
The battery will be manufactured by Tesla but it will be sold by several companies that install and maintain solar panels in commercial and residential environments.
Musk is the largest shareholder and chairman of SolarCity, a national company funded by two of the entrepreneur’s family members Lyndon and Peter Rive.
The price of the battery is from $3,000 to $3,500 depending on the capacity of battery. So the price range of the battery at present makes it difficult for the customers to afford it.
Peter Rive, chief technology officer of SolarCity said, “I don’t believe this product in its first incarnation will be interesting to the average person,” he also believes that there can be enough demand to increase the number of batteries in homes.
Musk by looking at the initial demand believes that Tesla and other future entrants can sell 2 billion battery packs around the world.
But for the prediction to come true it will take a lot of time. Tesla is thinking to ship some powerwall batteries this summer in US before they expand international in 2016.
The goal of the company is to reduce energy demand from fossil fuels while creating regional networks of home batteries that can be controlled like a power plant. So it can give utilities another way to ensure that they can provide power at times of peak demand.