Tesla planning to rent rather than sell batteries

Tesla’s home battery pack will not be available to purchase outright, instead customers will be able to lease the pack for a decade before handing it back into the company, according to The Guardian.

That way, customers will be able to pay monthly installments instead of one down payment. Tesla will use the older batteries for analysis and research, to make future battery packs even better.

It is similar to the way SolarCity offers its experimental solar panels, through a lease system. Tesla’s CEO Elon Musk is also the chairman of SolarCity, so it would make sense for them to copy the system already in place for new home energy technologies.

Customers will pay one down payment of $1,500 (£988) with 10 years of $15 (£9.88) monthly payments. Considering the price of a normal Tesla battery is $13,000 (£8500), it is an excellent deal cutting $10,000 (£6,500) off the price.

The battery will keep a house online during a blackout, which is more frequent in the US than the UK. It will also be able to store energy from renewable sources like solar panels.

It might also be a way for a household to keep tabs on how much energy it is using, by filling the battery and then setting a meter for a few days, which could save homeowners hundreds in electric bills.

All of this is further down the line, we suspect the event at Tesla’s Hawthorne Design Studio will be all about the possibilities of a home battery pack, both present and future.

Tesla will also announce a utility battery pack for businesses, much larger than the consumer option. This will be able to keep a store running if a blackout happens, and will also be able to tap into renewables.