Tesla says batteries and solar will usher in cheap electricity soon

Tesla has come along way from being an electric vehicle manufacturer, as it is now stepping out into the limelight of battery technology, and so much more. It wasn't too long ago that Tesla unveiled Powerwall, its Internet-connected home battery.

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Now we have Tesla Motors' Chief Technology Officer, JB Straubel, taking to the stage of Intersolar's opening ceremony talk about energy density and other benefits of lithium-ion batteries for electronic cars. The Tesla CEO also said that the company is confident in renewable energy to make solar and wind available on-demand after sunset, or when the wind starts to slow down.

Straubel said that battery costs will tumble much quicker than expected, and that demand for energy storage equipment will expand rather quickly, with the same going for solar panels. This one-two punch will create a great path for cheaper electricity, especially when compared to what the world currently pays from fossil fuel-based power plants. Straubel added that "we are within grasping distance of that goal". He added: "I'm quite certain that it will happen in the next 10 years".