Tesla founder Elon Musk unveiled plan to power the world with a new design of home battery called the Powerwall.

The Tesla Powerwall produced at Tesla's new Nevada Gigafactory being represented as a breakthrough in ‘distributed energy’. Musk said that Tesla Energy would help reduce carbon footprint as consumers will be less dependent on the grid and can generate energy with their solar panels.

The battery would be available in ‘three or four months’ via various installation partners and cost around $3500.

The Tesla Powerwall can be used to charge up battery on solar panels or windmills during the day. It could also be used to run house overnight or provide backup power in the event of a regular grid power outage.

Musk pointed out it will also work for non-solar consumers as well. It would allow them to avoid drawing on outside electricity during peak periods, when utility prices are highest.

Powerwal has the potential to so cut capacity on electricity transmission and distribution networks to the extent that they will be oversupplied for years to come.

The 10 kilowatt-hour Powerwall is available in a range of colors. It functions best as a system of storage for solar power in cases of power outage.

Where solar alone could easily take 20-40% of volume away from the market for each customer, Musk’s battery solution can increase that to 80-90% initially and 100% in the future.

For an electricity company to remain reasonably profitable and enter the new efficient all-electric age, it has got to get its customers to a point where they have solar batteries, and electric cars.

Once customers identify with solar and with an efficient house, they will be ready for a quick transition to renewable powered electric vehicles.