Vehicle to Grid (V2G) technology could generate additional revenue of up to $2 billion for global utilities by 2025, according to a new study conducted by ABI Research.
The study says the technology could enable consumers to save up to $272 per year on their energy bills.
V2G is not only expected to help consumers save up to 15% on their bills but also to help them shift heavy energy use from peak to off-peak, therefore ensuring grid reliabilities.
Up to 21TWh of the 585TWh of spare energy from electric vehicles is expected to be distributed to the grid via V2G in 2025.
V2G is expected to help the industry to expand renewable energy use, provide grid-critical additional resources for primary and secondary frequency control, as well as help grid operators better manage line constraints and forecast demand. Read more: Several leading companies join global electric vehicle campaign
Shiv Patel, a research analyst at ABI Research, said: “V2G could be a real game-changer in how energy is not only consumed but also generated”.
Lack of Original Equipment Manufacturer support is the biggest barrier to adoption.
However, stakeholders are coming together to develop roadmaps and solutions on how to improve technology uptake.
For instance, the China Electricity Council and the CHAdeMO association have decided to unify their charging standards to allow V2G to become available on the most popular charging standard in the world, GB/T.
OVO Energy, a UK energy supplier is working on launching a home-charger for V2G in partnership with Nissan later this year.
Meanwhile, aggregator, Nuvve and charging infrastructure supplier New Motion are both trialling frequency control services with grid operator TenneT, while also working to ensure that these services are optimised for the grid.
On the increasing popularity of the vehicle to grid technology, Smart Energy International hosted a webinar that explored the increasing popularity of electric vehicles (EVs) and the effects of this phenomenon on our electric grid networks. Watch it today.
This article was published on our sister website Smart Energy International.