Tesla's Chief Executive Officer Elon Musk announced his company has developed a battery that can provide enough power to power a home.
Musk added the design phase of the battery is finished and production can start as early as six months from now, Bloomberg reported. The date for the official presentation of the new battery is still being decided.
The announcement was made amid a disappointing quarter earnings call for its electric cars that use lithium-ion batteries to power up.
While there haven't been any pictures or images of the battery, this may have some similarities to the Toyota Mirai's hydrogen fuel cell battery, The Verge reported.
Toyota has told Mirai car owners they can use the battery to power their homes. It's said that a fully charged Mirai battery can supply an average home's electrical for about a week.
Tech companies located in Silicon Valley even offer their employees the use of electric charging stations free of charge.
During the 2014 earnings call, Musk announced he would like to develop a battery that can provide electrical energy to a home. This year, that plan is now a reality.
A battery for the home directly complements Musk's other business. SolarCity is Tesla's sister company that develops solar panels for residential homes and business establishments.
A lot of residential homes are using SolarCity's products. The combination of solar panels and battery for electrical use will have a bigger impact on utilities, however.
JB Straubel, Tesla's Chief Technology Officer said "this is a business that is gaining an increasing amount of our attention." Straubel also adds the demand for this kind of technology will be long-term.
States such as California are increasingly using energy storage in the proper management of its electrical power. California is also encouraging the development of electric generating technologies that will not contribute to the greenhouse gas effect.