Australia's electricity industry is about to undergo a massive transformation, with the advent of cheap storage...

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Australia's electricity industry is about to undergo a massive transformation, with the advent of cheap storage batteries for solar energy.

US billionaire Elon Musk, a co-founder of PayPal, this month launched a lithium-ion battery called the Powerwall that is expected to sell in Australia next year for about $5,500.

"You can actually go, if you want, completely off-grid," Mr Musk said of the batteries.

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