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IKEA Launches Battery Storage Product to Compete With Tesla

Even as it charges up production for its first mainstream electric car – the Model 3 – Tesla, Inc. is already facing competition on other fronts. Swedish furniture maker IKEA became the latest unlikely competitor for Tesla after a recent announcement that it would retail battery storage power packs in the United Kingdom at a price cheaper than that for Tesla’s Powerwall series. The storage packs are made by Solarcentury, the U.K.’s largest solar company.

IKEA’s battery packs will begin retailing for 3,000 pounds ($3,913). In comparison, Tesla’s Powerwall series sells for approximately 5,900 pounds. The catch? IKEA’s battery packs are 3.3 kWh versus Tesla Powerwall’s 14 kWh. The prices mentioned above also do not take into account the installation costs for both systems. (See also: How IKEA Makes Money.)

IKEA is the first mass retailer to sell battery packs in its stores. In a video accompanying the release, IKEA stated that “sustainable living shouldn’t be a luxury.” Hege Saebjornsen, country sustainability manager for IKEA U.K. and Ireland, added that “there’s never been a better time for customers to take back control of their electricity bills and maximize their savings by switching to solar and solar storage.”

Read full article at Investopedia