Tesla Powerwall is quietly dominating the US residential battery storage market
The US residential solar landscape is changing, with batteries steadily becoming essential companions for solar installations. As noted by Wood Mackenzie in a recent post, 11% of US homes with solar installations now include a battery storage system. And among these batteries, the Tesla Powerwall is starting to quietly dominate the sector.
A graphic published by Wood Mackenzie showing the market share of solar-plus-battery companies by installation count highlights Tesla’s notable presence in the segment. As could be seen in the graphic, it would appear that about half of residential batteries that have been installed in 2023 so far were Tesla Powerwalls. This bodes well for Tesla Energy, as well as its potential to become a primary division of the company.
So far, Tesla, Sunrun, and SunPower have installed 55.3% of residential solar-plus-battery projects this year. Wood Mackenzie noted that Tesla claims the top spot in the solar-plus-storage rankings with a market share of 30.2% in 2023 through the third quarter.
Tesla is followed by Sunrun at 20.5% and SunPower at 4.6%. It should be noted that both Sunrun and SunPower also install Tesla Powerwall batteries for their consumers.
A potential reason behind the Powerwall’s strong market share could be Tesla’s strategy of bundling the residential battery with its solar installations. Tesla has also made the Powerwall more attractive to consumers by releasing the Powerwall 3 in September, which features an integrated solar inverter and more power than before.
Tesla Energy typically takes a backseat to the company’s electric vehicle division, but Elon Musk has maintained a very optimistic stance on the business. During the third quarter, Tesla Energy storage deployments increased by 90% year-over-year to 4.0 GWh, the company’s highest quarterly deployment ever. Musk highlighted this momentum in the Q3 earnings call.
“Regarding energy storage, we deployed 4 GWh of energy storage products in Q3. And as this business grows, the (Tesla) Energy division is becoming our highest-margin business. Energy and service now contribute over $0.5 billion to quarterly profit,” Musk said.
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The post Tesla Powerwall is quietly dominating the US residential battery storage market appeared first on TESLARATI.
Source: https://www.teslarati.com/tesla-powerwall-quietly-dominates-us-residential-battery-storage/
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