Tesla may have been known for its electric cars but the company is also focusing on selling-off another innovation -the Tesla Powerwall 2. The product was unveiled by the company's CEO Elon Musk at an event a year ago and the new product has significant differences from its predecessor. Here's what buyers can expect from the Powerwall 2.

Tesla Powerwall 2

As detailed in one source, the Tesla Powerwall 2 is bigger than its predecessor. This means that this new product from Tesla is going to be more expensive. At the same time, however, it is also capable of storing more energy. Tesla Powerwall 2 will have a higher production than the first Powerwall product from the company.

As to price, the Powerwall 2 is going to 14kWh which will be priced at $5,500 while the installation price is $1,500. This price is almost twice as much as the original Powerwall, which was sold in two versions. The Powerwall was available at 10 kWh and 7 kWh and the said products were priced at $3,500 and $3,000.

In Musk's presentation, the Tesla CEO noted that the Powerwall 2 will be able to power up a fridge, the lights and the sockets in a four-bedroom house. He added that the aim of the project is to create self-sufficient homes and to provide affordable power sources.

Tesla Powerwall 2 vs Nissan xStorage

Tesla Powerwall 2 works just like any other home battery systems and it will use a high-capacity lithium-ion battery. Tesla's main competitor in the market is Nissan xStorage. While Tesla makes use of new batteries, Nissan often uses second life or reconditioned batteries for allowing consumers to save up solar energy for use during the night or when there are emergency power cuts.

Tesla Powerwall 2 installations are expected to start early on 2017 although the price for Tesla's solar panels is yet to be released.