Tesla’s energy storage business continues to expand.
The automaker announced on Wednesday that its home and utility-scale battery deployments totaled 6.5 gigatonne hours (GWh) during fiscal 2022, naming it “by far the highest level of deployments we have achieved.” This change is an increase from around 4 GWh in 2021.
According to the US Energy Department, the typical American home takes up 10,632 kilowatt hours — a little over 0.01 GWh — annually.
Tesla reported that energy storage deployments totaled 2.5 GWh in the fourth quarter, up from 2.1 GWh in Q3. Tesla’s energy storage business consists of its Powerwall home batteries and significantly larger Megapacks.
Tesla’s solar deployments drop in Q4 of 2022
Tesla also updated investors on its solar business, stating that deployments will total 348 megawatts in 2022. The company’s solar deployments fell short of a record high in the fourth quarter, reaching 100 MW.
The announcements bring Tesla’s fiscal 2022 to a close.
Throughout July, the automaker’s solar energy division reported its “best” quarter in four years, as all 106 megawatts deployed in Q2. Tesla just said similar about its energy storage business in Q3, announcing in October that it had achieved “by far the highest level [of growth] ever,” with household and utility-scale battery deployments increasing 62% year on year.
Tesla also dabbled in the Texas retail electricity sector with Tesla Electric, an invite-only plan.
Nonetheless, Tesla reportedly halted solar roof installations during this time. One of its Megapack batteries caught on fire at a California power storage site in September, according to state utility PG&E.
Tesla has also fallen short of some Wall Street experts’ expectations in recent quarters, falling short on revenue in the third quarter and shipments in the third and fourth quarters. Earlier on Wednesday, Tesla’s stock traded at a two-year low.
