Tesla Energy Passes 500,000 Powerwall Installations Worldwide — Here's A Look At The Growth Of This Key Product

While Tesla Inc (NASDAQ: TSLA) is best known for its electric vehicles, the company also has an energy division led by its Powerwall. First launched in 2015, Powerwall recently passed an impressive milestone.

What Happened: Energy storage for Tesla has seen impressive growth with a reported 3.9GWh in the first quarter, a figure that was up 360% year-over-year.

A tweet from Tesla Energy, which has since been deleted, said the company has installed over 500,000 Powerwalls worldwide.

The key milestone is impressive when looking at the history of the energy storage system, which didn’t see huge growth until Powerwall 2 was launched in 2016.

Tesla passed the 100,000-Powerwall-installation milestone in May 2020, as reported by Electrek. Here’s a look at some of the previous and current milestones:

• 100,000 installations: May 2020
• 200,000 installations: May 2021
• 250,000 installations: November 2021
• 500,000 installations: June 2023

Though the Powerwall launched in 2015, it took Tesla six years to hit the 250,000 milestone. The company hit the 500,000 milestone less than two years after.

Electrek reported that Tesla’s partnerships with more third-party installation companies could be leading to an increased production of the Powerwall. Another factor could likely be Tesla's increased production capabilities, with an estimated 6,500 Powerwall units per week coming from the company's Gigafactory in Nevada.

The news comes as Tesla is reportedly ready to launch Powerwall 3.

Related Link: A House Equipped With Tesla Solar Roof Earns $350 A Month For Owner

Why It’s Important: Tesla recently confirmed virtual power plants in Texas and Puerto Rico that will be backed by Powerwall.

As reported by Electrek, virtual power plants could be an underappreciated product from Tesla.

There have been numerous reports of Powerwalls and Tesla energy storage providing a critical service during power outages or allowing people to live off the grid.

Owners of Powerwalls and Tesla solar products can also be compensated for their energy.

While Tesla is pushing the needle forward in the electric vehicle market, the same could be said for its clean energy solutions in other segments like energy storage and virtual power plants.

Read Next: Can Tesla Solar Help Low Income Housing, New European Test Will Find Out 

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