• Elon Musk

Elon Musk (Photo : Reuters)

Tesla Motors is currently developing a battery system that can store solar-generated energy to power homes.

During an investor call on Feb. 18, Wednesday, Tesla Motors CEO Elon Musk said the battery system designs for home and business use are in place and could be shown to the public to month from now.

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"We are going to unveil the Tesla home battery, the consumer battery that would be for use in people's houses or businesses fairly soon," Musk said in a report by The Express Tribune.

"Production could be as little as six months away", he added.

When available to the public, this battery and charging technology could definitely cut down consumers' electric bill expenses, the Washington Post noted.

Most home presently draw power from the electricity grid.

Recent advances in solar technology have made this form of renewable energy use for affordable. The mechanism of storing such energy, however, has proven to be the most challenging part of tapping into solar energy.

This is what Tesla aims to address. Tesla battery could change the way electric power is traded and marketed.

The company is currently laying out the groundwork to ensure efficient wider distribution of its stationary batteries.

 "A lot of utilities are working in the space, and we're talking to almost all of them," JB Straubel, Tesla's chief technical officer, said in a report by Quartz.

"It's early stage stuff and a lot of these projects are very far out since the procurement cycle for utilities is so long". Straubel said. "This is a business that certainly is gaining an increasing amount of our attention", he added.

The new battery is based on Tesla's lithium-ion battery technology. This is expected to make the company, otherwise know of its electric vehicles, a market leader in home energy-storage sector.

"I really love batteries. I might love batteries more than cars", Straubel said in a report by Greentech Grid.