EV giant Tesla Inc. (NASDAQ:TSLA) said on Wednesday that the owners of its Powerwall home battery around the globe generated 4.5 TWh of solar energy this year.

What Happened: The energy generated together by the owners could power the company's Model 3 EV sedan for 700,000 trips around the world, the company said in a post on social media platform X. Powerwall owners also saved over $800 million on their utility bills, the company said.

Powerwall is a powerful home battery that stores solar energy for use when the grid goes down. The company has previously said that it has the capacity to build a Powerwall 3- the latest iteration of the product- every 25 seconds, or more than 700,000 units per year.

A powerwall system, Tesla says, can power an entire home including large appliances.

Why It Matters: In the three months through the end of September, Tesla's energy generation and storage revenue touched $2.38 billion, marking a growth of 52% as compared to the corresponding period of last year, after deploying 6.9 GWh of energy storage products.

The energy business achieved a record gross margin of 30.5% and the powerwall product achieved record deployments.

Tesla manufactures two energy storage products – the Powerwall and the powerful battery called Megapack.

Tesla currently operates a Megafactory in Lathrop, California, capable of making 10,000 Megapack units in a year. The company is also putting up a Megafactory in Shanghai which it expects to start shipping Megapacks in the first quarter of 2025.

For 2024, Tesla now expects to deploy more than twice the energy storage deployed last year, or over 29.4 GWh of energy storage.

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Photo courtesy: Tesla