Tesla owners of the Powerwall home battery around the world generated a staggering 4.5 terawatt-hours (TWh) of solar energy this year. To put this into perspective, the energy generated could power a Tesla Model 3 EV sedan for 700,000 trips around the world. Powerwall owners also saved over $800 million on their utility bills.
Powerwall’s Impact
Powerwall is a powerful home battery that stores solar energy for use when the grid goes down. Tesla’s capacity to build Powerwalls has increased significantly over the years. A single Powerwall 3 can be built in just 25 seconds, which translates to over 700,000 units per year. A Powerwall system is capable of powering an entire home, including large appliances.
Energy Segment Growth
In the three months through the end of September, Tesla’s energy generation and storage revenue reached $2.38 billion, marking a growth of 52% as compared to the corresponding period of last year. This was achieved after deploying 6.9 GWh of energy storage products.
Energy Business Milestones
The energy business achieved a record gross margin of 30.5% and the Powerwall product achieved record deployments. Tesla manufactures two energy storage products – the Powerwall and the Megapack. The company currently operates a Megafactory in Lathrop, California, capable of making 10,000 Megapack units in a year. Another Megafactory is being built in Shanghai, which is expected to start shipping Megapacks in the first quarter of 2025.
2024 Expectations
For 2024, Tesla expects to deploy more than twice the energy storage deployed last year, or over 29.4 GWh of energy storage.
About Tesla Energy
Tesla Energy is a leader in providing sustainable energy solutions through its Powerwall and Megapack products. With a focus on innovation and customer satisfaction, Tesla Energy continues to grow and expand its presence in the energy market.