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Electric companies should be terrified of Elon Musk’s revolutionary batteries

Published Dec 5th, 2014 5:15PM EST
Elon Musk Gigafactory Batteries
Image: Wikipedia

Although oil prices have been plummeting recently, the future of energy is likely still from renewable sources such as solar power, if only because they make generating electricity insanely cheap. With this in mind, Bloomberg’s Mark Chediak writes that Elon Musk’s new gigafactory should scare electric companies to death because of it will have the ability to mass produce “stationary battery packs that can be paired with rooftop solar panels to store power.”

RELATED: Rooftop solar power is making coal obsolete in Australia

Amory Lovins, the co-founder of energy consultancy firm Rocky Mountain Institute, tells Chediak that energy storage packs such as the ones Musk and his factory are making pose “a mortal threat” to electric utilities because they are “an unregulated product you can buy at Home Depot that leaves the old business model with no place to hide.”

Of course, we’re still a long way away from the days when we can tear up our monthly electric bills and at this point Musk’s Tesla insists that electric companies are its partners, not its rivals. But it looks like we’re definitely headed in a direction where cheap solar power becomes at least an easy supplement to our electricity consumption and that should be welcome news for anyone who wants to pay less money for power every month.

Prior to joining BGR as News Editor, Brad Reed spent five years covering the wireless industry for Network World. His first smartphone was a BlackBerry but he has since become a loyal Android user.