Solar power has been around for many years and as of recently we have begun to see more frequent solar panel installations on residential dwellings. This may be in part to the higher quality, less expensive, and more efficient solar panels being produced.
When we think of solar power one of the first companies that come to mind is Tesla, and in this article we are going to be speaking about the Tesla Powerwall system.
In 2015 Elon Musk announced that two models of the Tesla Powerwall will be brought to the public market. This included a Powerwall with a 10 kWh capacity and a similar version with a 7 kWh capacity. However, today’s version of the Powerwall includes a usable capacity of approximately 13.5 kWh which is perfect for the standard household.
|Usable Capacity||13.5 kWh||Power||7kW peak 5kW continuous|
|Efficiency||90%||Applications||Solar, backup, off-grid|
So what makes the Powerwall so desirable?
To start, the Powerwall is a work of art. It’s sleek, shiny, it has the Tesla branding, and it is a conversation piece for any tech junkie! Aside from that, the Powerwall can be used for many applications and at the end of the day, can help you save money on your hydro bill.
The Powerwall is weatherproof which means it can be mounted on the exterior of a house. The unit is also touch safe and does not produce any heat which also means you can install it inside your house.
The Powerwall is also a cutting edge smart home device. The Powerwall is able to monitor energy consumption in real time and provides you with up to date telemetry through the Powerwall Mobile app. If you have a Tesla vehicle or the Tesla solar panels, you can even get live updates on them through the Powerwall app too!
Will the Powerwall Break the Bank?
At the end of the day, most consumers want to know if the Powerwall is financially sustainable for their lifestyle.
The Powerwall is a huge investment. The Powerwall itself will run most Canadians around $10,000 and the installation plus all safety signoffs will cost around $5,000. That brings us to a total of approximately $15,000 to install a single Powerwall system in a Canadian home.
The Cost Comparison
In Ontario the approximate cost of Hydro is approximately $0.132/ kWh during peak times and roughly 0.065 / kWh during off-peak time (after 7pm). For someone like me, a person who is at work all day and really only uses power in the evenings, my average Hydro bill is around $120.0 per month. I am fortunate enough to have high efficient air conditioner/appliances, which helps keep my power consumption lower. So, in light of the above, every year I am stuck with paying approximately $1,500 to my local utility company for power.
In my situation the Powerwall is not a good fit, only because I rarely use power during peak times; therefore, I would not see much savings from using banked power. However, if I were to operate a home business, the Tesla Powerwall would be a much great fit for me. In this situation, the Powerwall will charge itself during the off-peak time when Hydro rates are lower, and I would be able to draw from the Powerwall during the day when Hydro rates are higher. In my situation, this would result in a Powerwall payback of approximately 20 years.
Tesla is a great company with amazing visions for our planet and even beyond. The Powerwall is a relatively basic concept with some very cool integrated technology. For places like Toronto, Canada where most homeowners use power during off-peak times, and where Hydro is not yet absurdly priced, the breakeven time for the Powerwall is slightly high. It is important to note that most people will have a break even within 10 to 15 years. Notwithstanding, I foresee this product being very useful in areas where power is sporadic, expensive, or non-existent, and once the price becomes a bit more favorable for my application, I will ordering one for my home.