Home batteries are suddenly cheap and everywhere. Here’s why.
Competition is heating up in the race to install home battery systems, with heavy hitters and nimble startups all vying for a piece of the market.
Tesla may have led the pack for years, but recently it has been feeling the heat from upstarts like Base Power, which has raised $2 billion in less than a year. The automaker-cum-energy company recently introduced a new Powerwall battery leasing plan that cuts the monthly price by more than two-thirds, an apparent response to all that competition.
Just how steep is that price cut? Home batteries typically cost more than $10,000 installed, making them attractive only to people with deep pockets who already have solar panels generating more power than they can use. But now, homeowners in Texas can lease either 27 kilowatt-hours of worth of Tesla Powerwalls for $35 per month or 39.2 kilowatt-hours of Base Power batteries for $19.
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