Tesla confirmed that it installed its 100,000th Powerwall, the automaker’s home battery pack, during the last quarter.
With the introduction of Powerwall 2 in 2016, Tesla took the home energy storage business by storm with a leading cost per kWh of energy capacity.
The automaker received tens of thousands of reservations for the device, but the production ramp-up over the last few years has been slow since Tesla focused its efforts and battery supply on Model 3 production.
Last year, Tesla started to ramp up production of all its energy storage product with the Powerwall, Powerpack, and the new Megapack.
With the release of its Q1 2020 results, Tesla gave an update on demand for the Megapack:
Megapack, a battery pack of up to 3 MWh that is preassembled at Gigafactory Nevada as a single unit, is gaining traction. We have seen an inflection point in interest for utility level storage, primarily driven by progress in reducing costs. At the moment, the demand level for this product remains above our capacity. Our order book continues to expand due to multiple projects in the pipeline that are far bigger than our Hornsdale battery in South Australia which is still the largest Li-ion battery in the world.
We previously reported on some of those large projects including a massive 1 GWh Megapack battery project with PG&E in California.
Powerwall deployments also accelerated with large-scale projects, like a virtual power plant in Australia and with an electric utility in Vermont.
Last month, we reported on Tesla Powerwall becoming extremely hard to get as demand increases due to home battery pack incentives.
Now Tesla is confirming that it is seeing strong demand for Powerwall and that it installed its 100,000th Powerwall in Q1:
We have also seen an increase in cross-selling within the energy business as more than 40% of our residential solar customers opt for at least one Powerwall. In Q1, we installed our 100,000th Powerwall.
As we previously reported, on top of Powerwall buyers having access to the Federal Investment Tax Credit (ITC) when buying with a solar power system, the California Self-Generation Incentive Program (SGIP), which gave rebates of up $5,800 per Powerwall, has been significantly increasing demand for the Powerwall.
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