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Tesla Motors Inc Leading The Energy Storage Transition

Tesla Motors Inc (NASDAQ:TSLA) CTO JB Straubel talked about the company’s vision of using clean energy storage options to bring a paradigm shift in transportation and everyday living. On Monday, speaking at a solar conference in San Francisco, Straubel noted that with more clean energy storage options, we will soon a witness a transition.

Battery prices still very high

Energy companies across the world are looking to innovate and enhance capacity with the intention of increasing supply and reducing costs through economies of scale. Thus, over the past decade, overall production costs of lithium-ion batteries have come down. Straubel believes battery costs will come down substantially compared to current cost levels, which are still high.

According to Straubel, a transition in every sense will be visible when vehicles running on batteries are cheaper than the gasoline guzzling ones. Similarly, when a combination of solar panels and batteries costs less for households and businesses compared to direct electricity from the grid, the transition will be evident. The Tesla executive stated that it could take around 10 years to achieve this.

Read full story at ValueWalk