At the EEI convention, Tesla's chief technical officer, JB Straubel, noted prices could dip "much faster than most people expect."
"What we're going to see the most in the next few years is a massive increase in scale," Straubel said.
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Both Musk and Straubel touted the potential for alternative energy development to play into the widespread adoption of batteries similar to the Powerwall or those in Tesla's vehicles. Musk believes electric and solar power generation and consumption will ramp up as regulation and other factors squeeze the use of carbon-producing energy sources.
"The long term is very positive for electric power generation," he said. "My rough guess would be that there is more than a doubling of utility-level electricity in the long term."
Musk added that the progression would happen with developments that increase both the affordability and efficiency of alternative sources, which he said was fundamentally better for consumers in the long term.