Tesla announces new battery storage system to power homes

LOS ANGELES, May 1 (UPI) -- Tesla Motors on Thursday announced that it's broadening its aim of revolutionizing your car to revolutionize your home -- with a new battery system that might save you a lot of money on your power bill.

Tesla CEO Elon Musk announced the Powerwall Home Battery system at midnight Thursday in the company's Los Angeles area design studio. In accordance with its automotive philosophy, Tesla intends the new devices to improve homes and businesses and reduce dependence on fossil fuels.

"This is within the power of humanity to do," Musk told an audience gathered at Tesla's design center in a Los Angeles suburb. "We have done things like this before. It is not impossible."

The 10 kilowatt-hour Powerwall system will sell for $3,500, Musk said, and uses similar rechargeable technology found in Tesla's vehicles. The system is designed for residents to harness solar electricity during the day and power their homes with the batteries after dark, USA Today reported.

A less expensive version will sell for $3,000, Tesla said.

The batteries, Musk said, are about six inches thick and can be mounted on walls, and will be marketed under the new Tesla Energy division. The batteries are expected to go on sale later this year.

Musk, a technological visionary who also operates SpaceX and is chairman of solar energy provider SolarCity, has a reputation for radical change in the interest of humanity and the environment.

"What Tesla is doing is an all-in strategy to bring the clean-air revolution to the state. And as California goes, so goes the nation," energy expert Roland Hwang said.

Tesla says the batteries can substantially cut residents' power bills and will pay for themselves in about five or six years. A 10 kilowatt-hour storage battery is said to be able to power a home for about 10 hours.

"We are talking about trying to change the fundamental energy infrastructure of the world," Musk said.