LG Chem steals a march on Tesla

Share

South Korean appliance manufacturer LG Chem may have out-Tesla’d its illustrious U.S. rival with its new residential battery storage system.

The 6.4 kWh RESU (residential energy storage unit) will be available to Australian customers "in the next few weeks", according to a report run by the One Step Off The Grid website yesterday (Thursday), good news for customers who want an affordable battery system, given Tesla’s ultra-sexy Powerwall is reportedly sold out until at least the middle of next year.

LG Chem has stolen a march on its rivals in price too, and is offering its 6.4 kWh system for AUD$6,898 ($5,029) plus the Australian goods and services tax (GST) of 10 per cent and the cost of an inverter, which can account for up to a third of the total system cost.

That price is near the magical $1,000/kWh at which residential battery storage becomes affordable and LG Chem’s new product passes that test, according to Jeff Wehl, of Brisbane-based installer Ecoelectric.

In the One Step article, Wehl estimates a home solar system featuring 5 kW of Trina solar panels, a 6.4 kW RESU and an SMA inverter will be available for $24,000, equating to 18c/kWh over the 15 to 20-year, 6,000-cycle-plus life of the RESU claimed by its manufacturer.

With LG Chem’s headline-grabbing Tesla rival able to be doubled in storage capacity with the addition of two 3.2 kWh expansion units, costing roughly half the basic RESU cost each, the South Korean manufacturer is staking out its territory early in Australia.

The attractiveness of Australia’s energy storage market is evident with AGL Energy launching its AU Optronics system in its domestic market against rival offerings from Samsung, Enphase, Panasonic and SMA, and with German company Sonnenbatterie planning to enter the fray next year.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.