Tesla is expected to unveil two new battery-charging units, one for the home and one utility version, which the company has said will be more compelling than those on the market right now. There are reports that Tesla has already been testing these new products in a pilot program in California with both residential and corporate customers.
This week, Deutsche Bank analyst Rod Lache argued the technology has the potential to completely change how consumers and investors look at the electric automaker.
"Based on preliminary work on the economics of stationary storage, we believe that this has potential to be more significant than the Street currently expects," he wrote in a note to investors.
Read More Tesla hack turns personal for one Illinois family
Lache said the stationary storage business could add $5 to his firm's $20 earnings-per-share estimate for Tesla in 2020. He went on to say that if Tesla trades with a price to earnings ratio of 20, then the battery business would be worth $100 a share.
There are plenty of suppositions behind Lache's estimate. But his optimism is noteworthy, as the battery business will be critical to Tesla's future.
Tesla plans to build the battery packs at its Gigafactory just outside of Reno, Nevada. The massive plant will employ 6,500 workers and has the potential to crank out a half-million lithium-ion batteries by 2020.
Since it was announced last year, most have focused on the importance of the Gigafactory for Tesla's electric vehicle business. But now, some are zeroing in on the potential of the stationary storage business.
"While the stationary storage market is still in its infancy, we believe that there are clear indications that significant growth lies ahead," Lache wrote.
Read MoreDrivers here pay double for insurance
Most of that growth is expected to come from Tesla working with solar energy companies such as SolarCity. Tesla CEO Elon Musk is the chairman of that firm.
Still, questions remain about Tesla's plans for the stationary storage business, including how much demand there will be.
Colin Langan, auto analyst at UBS, told CNBC last week that he doesn't forecast his firm ratcheting up earnings per share or revenue estimates given new plans for the batteries. Still, he said it's a positive that the firm is building momentum in the area.
"I think if you look at what Tesla's indicated for the Gigafactory, about a third of the capacity by 2020 if they hit their plan would be dedicated to stationary storage," he said. So even at that point it would still be two-thirds auto."
Tesla will announce its first-quarter earnings results May 6.
Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.
Questions? Comments? BehindTheWheel@cnbc.com.