1 ) World's biggest battery developed by Tesla is powering 30,000 homes in Australia and has saved residents $116 MILLION in energy costs over two years

2 ) Elon Musk owned Tesla installed a battery farm in South Australia in 2017 and has since helped residents save $116 million in energy costs, Bloomberg reports

3 ) The company installed the world's biggest lithium-ion batter to help reduce the risk of blackouts as the country moved to renewable power generation

4 ) Operating via the Hornsdale Power Reserve, it has helped to restore stability to the network and lower the costs of running the power grid, according to reports

5 ) The decision to install the battery came after a Twitter 'bet' between Musk Australian software billionaire Mike Cannon-Brookes where Musk promised he could build the battery 'in 100 days or its free'

6 ) Two years on and the battery farm has slashed the costs required to regulate the South Australian grid by about 90 per cent, Bloomberg claims

7 ) The 129 megawatt system installed by Tesla offers a way to tackle the variable power generated by wind and solar generators - it stores up the energy until it is needed and distributes it through the grid during lower generation periods

8 ) They smooth out the power flows that can threaten the stability of a network made up primarily of renewable sources of energy

9 ) This is what was happening in Australia until the Tesla battery was installed - but since then it has helped respond to those issues quickly

10) The battery was built at a wind farm operated by France's Neoen that is located about 225 km (141 miles) from the South Australian capital of Adelaide and will supply power to the lithium-ion storage cells

11 ) It was installed near Jamestown, in South Australia's mid-north

12 ) A state-wide blackout in 2017 was blamed by opponents of renewable energy on the rush to embrace wind and solar power - this led to the Musk bet on Twitter

13 ) 'The grid has a heartbeat that needs to be regulated,' Garth Heron told Bloomberg.

14 ) He is the head of development for Neoen - the company behind the grid in South Australia and said 'there will be a faster battery roll-out than most people expect

15 ) 'They really are able to solve a multitude of problems.'

16 ) The battery has been designed to help cover temporary dips in wind power, say for 15 minutes, or help control frequency on the grid at times when natural gas-fired plants are unable to help balance generation and power demand

17 ) The battery helped Hornsdale reduce network costs by about $116 million in 2019 which Heron says will be passed on to households and businesses in the area