Tesla's new home battery could save consumers 25 percent on electric bills. Elon Musk, the billionaire CEO of Tesla, will announce details about the energy storage device on Thursday night.
Elon's brother Kimbal has provided some details about major event. He says that the new battery will be a smarter use of energy.
Besides being used in residences, the battery could also be used in office spaces and industrial spaces, according to Ars Technica.
Musk has said that the new battery is a "profound thing," according to KSPR. At 3 a.m. the battery will charge itself.
This will be a major difference in states such as California. Peak rates during the afternoon are about 35 cents per kilowatt hour, but only 8 cents in the hours leading up to daybreak.
One drawback of the new Tesla batteries is that they will cost thousands of dollars. However, utility companies usually offer rebates for such batteries.
Wall Street is already excited about Tesla's entering the home electricity sector. The e-car company shares surged over 7 percent on Monday due to analysts' projections.
Musk also shared some interesting insights about his CEO brother's personality. He praised his engineering skills but criticized his social skills. Still, Kimbal implied that his brother is a "great guy."
One challenge Tesla will face is that the use of stationary batteries has not become widespread yet. That is due in part to the low home demand and high development cost.
Tesla will also have some competition in the stationary battery market. Other companies that already produce them are Samsung SMI, LG Chem, and AES Corp.