It won't eliminate your entire bill. The battery is a storage device, not an electricity generator (like a solar array). All that it can do is store electrical energy from the grid during low-priced periods (off-peak times, i.e at night, increasing your off-peak usage) and release it during high-priced periods (peak times, i.e. on weekdays, decreasing your peak usage). If you have time-of-day-based billing set up with your utility, this has the potential to reduce your bill by shuffling up to 10kWh per day from on-peak to off-peak pricing tiers. This assumes that you use at least 2kW of load for at least 5 hours during peak times, every day. This would use the full 10kWh of storage in the battery daily and takes into account the 2kW sustained power delivery limit of the battery. Under these conditions, you could save the (Rpk - Ropk)*Epd*Keff, where Rpk and Ropk represent the peak and off-peak rates, Epd is the energy shuffled per day (10kWh max), and Keff is the charge/discharge cycle efficiency, including the inverter which is extra and NOT built-in to Tesla's battery (about 90%). Assuming an on- / off-peak price differential of $0.10 / kWh, that yields a max daily savings of $0.90. Keep in mind that on-peak rates typically only apply during weekdays, so that's only 5 days of savings per week, or $4.50 / week. Over a year, that $234 in potential savings, max. At a cost of $3,500 for the battery, it will not even pay for itself over its warranteed 10 year life, and this doesn't include the cost of the required inverter and installation! Basically, this has no value for consumers as an investment. The only beneficiaries are energy companies, since it would allow them to smoothe-out their generation profiles, increasing their usage of cheaper, base-load generating plants and allowing them to put-off distribution network upgrades to handle peak loading. The conclusion: it will need to be massively subsidized by utilities for it to make financial sense for non-generating customers. Utility customers with solar, wind, or fossil fuel-based generating capacity will benefit more, but that's a tiny fraction of residential customers presently.