The growth continues to come for Tesla’s energy storage business.
On Wednesday, the automaker said it has home and utility-scale battery deployments reached 6.5 gigawatt hours (GWh) during fiscal year 2022, calling it “by far the highest level of deployments we’ve achieved.” That’s more than about 4 GWh in 2021.
For context, the average American home consumes 10,632 kilowatt hours – just over 0.01 GWh – per year, according to the US energy department.
In the fourth quarter alone, Tesla said energy storage deployment reached 2.5 GWh — up from 2.1 GWh in the third quarter. Tesla’s energy storage business includes its Powerwall home batteries and its much larger Megapacks.
Tesla has also updated investors on its solar business, saying deployments will total 348 megawatts by 2022. In the last quarter of the year, the automaker’s solar deployments fell just short of recent highs, reaching 100 MW in the fourth quarter.
The revelations cap an extremely shaky fiscal 2022 for Tesla.
In July, the automaker’s solar power business announced its “strongest” quarter in four years, deploying 106 megawatts in the second quarter. Tesla said something similar about its energy storage business in the third quarter, stating in October that it recorded “by far the highest level” [of growth it has] ever achieved,” with home and utility battery deployment up 62% year over year. Tesla also dipped his toes in Texas retail electricity market with an invite-only plan called Tesla Electric.
Yet Tesla reportedly states solar roof installations on ice during this period, and one of its Megapack batteries caught fire in September at a California energy storage site, state-owned PG&E said. Tesla also missed some Wall Street analysts’ expectations in recent quarters, coming up short on sales in Q3 and deliveries in Q3 and Q4. Earlier on Wednesday, Tesla’s share price traded at a two-year low.